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Stock Options
3 Months Ended
Mar. 31, 2013
STOCK OPTIONS [Abstract]  
Stock Options
STOCK OPTIONS

In accordance with ASC 718, the Company had no stock option expense for the three months ended March 31, 2013 and March 31, 2012. The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. The Company did not issue any stock options for the three months ended March 31, 2013.

The following table summarized options outstanding at March 31, 2013
   
 
Number of Shares
Weighted Average Exercise Price
Balance, December 31, 2012
425,965

$
1.82

Granted


Forfeited


Exercised


 
 
 
Outstanding options at end of quarter
425,965

1.82

 
 
 
Outstanding exercisable options at end of quarter
425,965

1.82

 
 
 


The intrinsic value of outstanding and exercisable options at March 31, 2013 was approximately $124,000.