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SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2014

1.

SHARE-BASED COMPENSATION

Share-Based Compensation – Employees and Directors

For the three months ended September 30, 2014 and 2013, share-based compensation expense totaled approximately $-0- and $2,000, respectively. For the nine months ended September 30, 2014 and 2013, share-based compensation expense totaled approximately $2,000 and $18,000, respectively.

There was no related income tax benefit recognized because our deferred tax assets are fully offset by a valuation allowance.

We determine the fair value of option grant share-based awards at their grant date, using a Black-Scholes-Merton Option-Pricing Model.

During the nine months ended September 30, 2014, options to purchase 417,500 shares expired and no options were granted or exercised, 7,426 restricted stock units vested and no restricted stock units were granted or forfeited; no restricted stock awards were granted or exercised or forfeited. At September 30, 2014, options to purchase 102,000 shares of common stock with an average exercise price of $0.57 per share were outstanding.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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