CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION [Abstract]

Summary of the status of options under the Company's Plans

Summary of the status of options under the Company’s total Plans and a Non-Qualified Stock Option Agreement (which was forfeited in the second quarter of 2013), as of December 31, 2013 and 2012, and changes during the years ending on those dates is presented below, giving the effect to the reverse stock split:

	2013							2012
	Shares			Weighted Average Exercise Price		Intrinsic Value ^(a)		Shares			Weighted Average Exercise Price		Intrinsic Value ^(a)
1993 Non-qualified Stock Option Plan
Balance at beginning of year		70,500		$	10.95				71,600		$	10.95
Exercised		—			—	$	—		—			—	$	—
Forfeited		(70,500	)		10.95				(1,100	)		10.95
Balance at end of year		—			—	$	—		70,500			10.95	$	—
Options exercisable at year end		—			—	$	—		70,500			10.95	$	—
1992 Outside Directors Stock Plan
Balance at beginning of year		3,000		$	10.10				11,000		$	12.23
Forfeited		(3,000	)		10.10				(8,000	)		13.65
Balance at end of year		—			—	$	—		3,000			10.10	$	—
Options exercisable at year end		—			—	$	—		3,000			10.10	$	—
2003 Outside Directors Stock Plan
Balance at beginning of year		163,200		$	10.19				151,200		$	10.56
Granted		24,000			2.89				12,000			5.50
Forfeited		(18,000	)		9.95				—			—
Balance at end of year		169,200			9.18	$	5,850		163,200			10.19	$	—
Options exercisable at year end		145,200			10.22	$	—		151,200			10.56	$	—
2004 Stock Option Plan
Balance at beginning of year		182,100		$	10.55				264,167		$	10.17
Forfeited		(48,500	)		10.05				(82,067	)		9.33
Balance at end of year		133,600			10.73	$	—		182,100			10.55	$	—
Options exercisable at year end		133,600			10.73	$	—		182,100			10.55	$	—
2010 Stock Option Plan
Balance at beginning of year		60,000		$	7.85				60,000		$	7.85
Granted		—			—				—			—
Balance at end of year		60,000			7.85	$	—		60,000			7.85	$	—
Options exercisable at year end		40,000			7.85	$	—		20,000			7.85	$	—
Non-Qualified Stock Option Agreement
Balance at beginning of year		50,000		$	6.75				50,000		$	6.75
Forfeited		(50,000	)	$	6.75				—			—
Balance at end of year		—			—	$	—		50,000			6.75	$	—
Options exercisable at year end		—			—	$	—		12,500			6.75	$	—

(a)

Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price.

Summary of total Stock Options

The summary of the Company’s total Plans (as noted above) as of December 31, 2013, and changes during the period then ended are presented as follows (giving effect of the reverse stock split):

		Shares				Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Options outstanding January 1, 2013			528,800			$	9.82
Granted			24,000				2.89
Exercised	─				─							─
Forfeited/Expired			(190,000	)			9.51
Options outstanding End of Period ⁽¹⁾			362,800			$	9.53		3.3		$	5,850
Options Exercisable at December 31, 2013⁽²⁾			318,800			$	10.14		2.8	─
Options Vested and expected to be vested at December 31, 2013			362,800			$	9.53		3.3		$	5,850

⁽¹⁾Options with exercise prices ranging from $2.79 to $14.75

⁽²⁾Options with exercise prices ranging from $5.50 to $14.75