SHARE BASED COMPENSATION

9 Months Ended

Sep. 30, 2015

SHARE BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

2. SHARE-BASED COMPENSATION

Share-Based Compensation – Employees and Directors

For the three months ended September 30, 2015 and 2014, share-based compensation expense totaled approximately $-0- and $-0-, respectively. For the nine months ended September 30, 2015 and 2014, share-based compensation expense totaled approximately $-0- and $2,000, 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, 2015, no options to purchase stock were granted, exercised, forfeited or expired; no restricted stock units were granted, vested or forfeited; and no restricted stock awards were granted, vested or forfeited. At September 30, 2015, options to purchase 32,000 shares of common stock with an average exercise price of $0.51 per share were outstanding.