STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2013

Weighted-average assumptions used for options granted

The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model. The following weighted-average assumptions were used for the options granted during the three months ended March 31, 2013 and 2012:

	2013			2012
Risk-free interest rate		0.72	%		0.9	%
Expected volatility		106	%		102	%
Dividend yield		0	%		0	%
Expected option term	5 years			5 years

Stock option activity

A summary of the status of the Company's stock option plans as of March 31, 2013 and changes during the three months ended March 31, 2013 is as follows:

		Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value
	Options	Weighted average Exercise Price	Weighted average remaining contractual term (in years)	Aggregate Intrinsic Value

Outstanding at beginning of period	495,517	$9.33
Granted	44,217	10.62
Exercised	(20,000)	8.20
Forfeited	(35,000)	8.20
Outstanding and vested at end of period	484,734	$9.58	2.99	$406,648