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Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2013
Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted average exercise price

 

Weighted average remaining contractual life (in years)

 

Aggregate intrinsic value

Outstanding at December 31, 2012

 

 

516,332 

   

$

7.06 

   

 

5.4 

   

$

327,725 

Options granted

 

 

25,000 

   

   

6.02 

   

 

   

   

   

   

Options exercised

 

 

 -

   

   

 -

   

 

   

   

   

   

Options forfeited

 

 

(8,333)

   

   

6.56 

   

 

   

   

   

   

Options expired

 

 

(2,617)

   

   

8.86 

   

 

   

   

   

   

Outstanding at June 30, 2013

 

 

530,382 

   

$

7.01 

   

 

4.8 

   

$

560,237 

Exercisable at June 30, 2013

 

 

433,884 

   

$

7.18 

   

 

3.9 

   

$

478,262 

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Number of options granted

 

 

 -

 

 

 -

 

 

25,000 

 

 

 -

 

Weighted average exercise price

 

$

 -

 

$

 -

 

$

6.02 

 

$

 -

 

Weighted average fair value of options

 

$

 -

 

$

 -

 

$

2.91 

 

$

 -

 

Expected life in years (1)

 

 

 -

 

 

 -

 

 

5.11 

 

 

 -

 

Expected volatility (2)

 

 

 -

%

 

 -

%

 

52.81 

%

 

 -

%

Risk-free interest rate (3)

 

 

 -

%

 

 -

%

 

0.77 

%

 

 -

%

Dividend yield (4)

 

 

 -

%

 

 -

%

 

 -

%

 

 -

%

 

(1)

The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2)

The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. 

(3)

The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4)

The expected dividend yield is the projected annual yield based on the grant date stock price.

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2013

 

2012

 

2013

 

2012

Compensation expense

 

$

39,625 

 

$

35,249 

 

$

74,645 

 

$

75,464 

Income tax benefit

 

 

15,826 

 

 

14,079 

 

 

29,813 

 

 

28,397 

 

Information About Options Exercised [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

For the three months ended June 30,

 

For the six months ended June 30,

   

 

2013

 

2012

 

2013

 

2012

Number of options exercised

 

 

 -

 

 

 -

 

   

 -

   

   

3,841 

Total intrinsic value of options exercised

 

$

 -

 

$

 -

 

 -

   

$

6,055 

Cash received from options exercised

 

 

 -

 

 

 -

 

   

 -

   

   

17,046 

Tax deduction realized from options exercised

 

 

 -

 

 

 -

 

   

 -

   

   

513 

 

Information About Stock Options Outstanding [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

Options outstanding

 

Options exercisable

Range of exercise prices

 

Options outstanding

 

Weighted average remaining contractual life (in years)

 

Weighted average exercise price

 

Options exercisable

 

Weighted average exercise price

$

0.004.00

   

   

119,750 

 

   

5.5 

 

$

3.87 

 

   

119,750 

   

$

3.87 

 

4.018.00

   

   

248,342 

 

   

6.7 

 

   

6.46 

 

   

151,844 

   

   

6.60 

 

8.01 - 12.00

   

   

117,639 

 

   

0.7 

 

   

9.23 

 

   

117,639 

   

   

9.23 

 

12.01 - 16.00

   

   

44,651 

 

   

3.4 

 

   

12.62 

 

   

44,651 

   

   

12.62 

 

Total

   

   

530,382 

 

   

4.8 

 

$

7.01 

 

   

433,884 

   

$

7.18 

 

Restricted Stock Grants [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2013

 

2012

 

2013

 

2012

Number of shares granted

 

 

 -

 

 

 -

 

 

14,000 

 

 

 -

Average grant date fair value

 

$

 -

 

$

 -

 

$

6.02 

 

$

 -

 

Restricted Stock [Member]
 
Transactions Under The Company's Stock Option Plans [Table Text Block]

 

 

 

 

 

 

 

   

 

Shares

 

Average grant date fair value

Nonvested restricted stock at December 31, 2012

 

   

90,975 

 

$

6.10 

Granted

 

   

14,000 

 

 

6.02 

Vested

 

   

(5,375)

 

 

6.66 

Forfeited

 

   

(6,650)

 

 

6.16 

Nonvested restricted stock at June 30, 2013

 

   

92,950 

 

$

6.06 

 

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

2013

 

2012

 

2013

 

2012

Compensation expense

 

$

46,450 

 

$

37,754 

 

$

94,386 

 

$

81,112