STOCK BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2013

STOCK BASED COMPENSATION

Schedule of assumptions used to estimate fair value of stock options granted to employees and directors

Risk free rate	1.40% - 2.16%
Expected life	5.7 — 7.8 years
Expected volatility	84% - 89%
Expected dividend yield	0.0%

Summary of stock options outstanding and changes during the period

	Outstanding Options
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2013	317,270		$	24.62
Granted	60,000		2.85
Exercised	—		—
Canceled or forfeited	(72,791	)	25.90
Options outstanding at September 30,2013	304,479		$	20.02	4.1	$	—
Options exercisable at September 30, 2013	226,980		$	25.57	2.3	$	—

Schedule of stock options outstanding and currently exercisable

	Outstanding Options				Options Exercisable
Stock Option Plan	Number of Options Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number of Options Exercisable	Weighted Average Exercise Price
1995 Stock Incentive Plan	145,906	0.9	$	13.46	145,906	$	13.46
2004 Stock Incentive Plan	85,241	7.8	13.92		29,408	34.74
2004 Director’s Plan	73,332	6.1	40.19		51,666	54.57
	304,479	4.1	$	20.02	226,980	$	25.57