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STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION

The stock based compensation cost that has been charged against income by the Company was $332,266, $175,152, and $178,968 for the years ended December 31, 2014, 2013, and 2012 respectively, for options previously awarded by the Company.

Stock option activity for the years ended December 31, 2014, 2013, and 2012 are summarized as follows:

 
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (in Years)
 
Grant Date Fair Value
Outstanding at December 31, 2011
 
3,073,334

 
$
5.46

 
7.00

 
$
990,995

Options granted
 
225,000

 
1.91

 
10.00

 
197,146

Options exercised
 
(65,000
)
 
(1.47
)
 
—

 
(5,239
)
Options cancelled/forfeited/expired
 
(294,167
)
 
(1.21
)
 
—

 
(38,878
)
Outstanding at December 31, 2012
 
2,939,167

 
$
5.70

 
6.50

 
$
1,144,024

Vested at December 31, 2012
 
2,283,237

 
$
6.89

 
6.41

 
$
709,902

Exercisable at December 31, 2012
 
2,283,237

 
$
6.89

 
6.41

 
$
709,902

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2012
 
2,939,167

 
$
5.70

 
6.50

 
$
1,144,024

Options granted
 
711,667

 
2.46

 
8.78

 
420,796

Options exercised
 
(405,000
)
 
(1.19
)
 
—

 
(89,080
)
Options cancelled/forfeited/expired
 
(185,000
)
 
(0.68
)
 
—

 
(148,577
)
Outstanding at December 31, 2013
 
3,060,834

 
$
5.89

 
6.07

 
$
1,327,163

Vested at December 31, 2013
 
2,268,334

 
$
6.97

 
5.20

 
$
722,143

Exercisable at December 31, 2013
 
2,268,334

 
$
6.97

 
5.20

 
$
722,143

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
3,060,834

 
$
5.89

 
6.07

 
$
1,327,163

Options granted
 
325,000

 
7.61

 
9.69

 
622,272

Options exercised
 
(637,750
)
 
(0.88
)
 
—

 
(264,990
)
Options cancelled/forfeited/expired
 
(99,501
)
 
(12.17
)
 
—

 
(29,804
)
Outstanding at December 31, 2014
 
2,648,583

 
$
7.07

 
5.81

 
$
1,654,641

Vested at December 31, 2014
 
1,820,480

 
$
8.27

 
4.64

 
$
654,948

Exercisable at December 31, 2014
 
1,820,480

 
$
8.27

 
4.64

 
$
654,948

 
A summary of the Company’s stock warrant activity and related information for the years ended December 31, 2014, 2013, and 2012 are as follows: 

 
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (in Years)
 
Grant Date Fair Value
Outstanding at December 31, 2011
 
1,245,311

 
$
12.48

 
1.41

 
$
142,065

Warrants granted
 
—

 
—

 
—

 
—

Warrants exercised
 
(37,500
)
 
(1.08
)
 
—

 
(10,626
)
Warrants canceled/forfeited/expired
 
(44,503
)
 
(25.00
)
 
—

 
(2,550
)
Warrants at December 31, 2012
 
1,163,308

 
$
12.37

 
0.40

 
$
128,889

Vested at December 31, 2012
 
1,150,808

 
$
12.50

 
0.41

 
$
123,289

Exercisable at December 31, 2012
 
1,150,808

 
$
12.50

 
0.41

 
$
123,289

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2012
 
1,163,308

 
$
12.37

 
0.40

 
$
128,889

Warrants granted
 
—

 
$
—

 
0

 
$
—

Warrants exercised
 
(631,250
)
 
(1.65
)
 
—

 
(30,029
)
Warrants canceled/forfeited/expired
 
(524,975
)
 
(25.38
)
 
—

 
(95,960
)
Warrants at December 31, 2013
 
7,083

 
$
2.72

 
1.57

 
$
2,900

Vested at December 31, 2013
 
833

 
$
10.00

 
0.25

 
$
100

Exercisable at December 31, 2013
 
833

 
$
10.00

 
0.25

 
$
100

 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
7,083

 
$
2.72

 
1.57

 
$
2,900

Warrants granted
 
219,868

 
$
3.01

 
5.00

 
$
140,149

Warrants exercised
 
(833
)
 
(10.00
)
 
—

 
(100
)
Warrants canceled/forfeited/expired
 
(6,250
)
 
(1.75
)
 
—

 
(2,800
)
Warrants at December 31, 2014
 
219,868

 
$
3.01

 
5.00

 
$
140,149

Vested at December 31, 2014
 
109,934

 
$
3.01

 
5.00

 
$
140,149

Exercisable at December 31, 2014
 
109,934

 
$
3.01

 
5.00

 
$
140,149

 
 
The following table summarizes the assumptions used in assessing the above described option and warrant valuations: 

 
 
YEAR ENDED DECEMBER 31, 2014
 
YEAR ENDED DECEMBER 31, 2013
 
YEAR ENDED DECEMBER 31, 2012
Expected volatility
 
16-17%
 
20%
 
35-39%
Expected dividends
 
—%
 
—%
 
—%
Expected term (in years)
 
10
 
5-10
 
10
Risk-free rate
 
.67%
 
.64%
 
.35-.39%