STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2014

STOCK-BASED COMPENSATION [Abstract]

Weighted-average assumptions used for options granted

The following weighted-average assumptions were used for the options granted during the six months ended June 30, 2014 and 2013:

	2014	2013
Risk-free interest rate	1.45%	0.72%
Expected volatility	102%	106%
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 June 30, 2014 and changes during the six months ended June 30, 2014 is as follows:

		Weighted  average  Exercise  Price	Weighted  average  remaining  contractual  term (in years)	Aggregate  Intrinsic Value
	Options
Outstanding
at beginning of period	461,919	$9.80
Granted	36,292	15.04
Exercised	(130,000)	9.00
Outstanding and vested
at end of period	368,211	$10.60	2.52	$1,024,729