Share-Based Compensation

12 Months Ended

Dec. 31, 2013

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

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

17.  Share-Based Compensation

The Company accounts for all share-based payments to employees and directors, including grants of employee stock options, at fair value and expenses the benefit in the Consolidated Statements of Operations over the service period (generally the vesting period).  The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes pricing valuation model, which requires various assumptions including estimating stock price volatility, expected life of the stock option, risk free interest rate and forfeiture rate.  All option amounts, share amounts and share prices noted are shown after effect of the reverse and forward stock splits that occurred in 2013 (see Note 14 - Redeemable Convertible Preferred Stock and Stockholders’ Equity).

The Company has three stock option plans.  During 2012, shareholders approved the 2012 Long-Term Incentive Plan authorizing 200,000 shares of Common Stock for grant to key employees and directors.  As of December 31, 2013, 200,000 shares of Common Stock were available for grant under the 2012 Long-Term Incentive Plan; 800 shares of Common Stock were available for grant under the Non-Employee Director Stock Option Plan; and no shares of Common Stock were available for grant under the 1995 Stock Option Plan.

Changes in the stock option plans are as follows:

	Number of Shares				Weighted Average Exercise
	Authorized	Granted	Available		Price
Balance January 1, 2012	1,160	480	680	$	124.75
Authorized	200,000	-	200,000		-
Expired	(100)	(220)	120		107.50
Granted	-	-	-		-
Balance December 31, 2012	201,060	260	200,800		139.25
Authorized	-	-	-		-
Expired	(200)	(200)	-		175.00
Granted	-	-	-		-
Balance December 31, 2013	200,860	60	200,800		19.58

Under the 2012 Long-Term Incentive Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  Exercise periods are for ten years from date of grant and terminate at a stipulated period of time after an employee’s termination of employment.  At December 31, 2013, no options were outstanding or exercisable.  During 2013, no options were granted, exercised or expired.  During 2012, no options were granted, exercised or expired.

Under the 1995 Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  No option may be exercised prior to one year after date of grant.  Exercise periods are for ten years from date of grant and terminate at a stipulated period of time after an employee’s termination of employment.  At December 31, 2013, no options were outstanding.  During 2013, no options were granted or exercised and 200 options expired.  During 2012, no options were granted or exercised and 100 options expired.  No additional options can be granted under the 1995 Plan.

Under the Non-Employee Director Stock Option Plan, option prices must be at least 100% of the market value of the Common Stock at time of grant.  No option may be exercised prior to one year after date of grant and the optionee must be a director of the Company at time of exercise, except in certain cases as permitted by the Compensation Committee.  Exercise periods are for six years from date of grant and terminate at a stipulated period of time after an optionee ceases to be a director.  At December 31, 2013, options for 60 shares with exercise prices ranging from $16.25 to $26.25 per share were outstanding, all of which were exercisable.  During 2013, no options were granted, exercised or expired.  During 2012, no options were granted or exercised and options for 120 shares expired.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2013:

Exercise Prices	Number Out-standing and Exercis-able	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Aggre-gate Intrinsic Value
$16.25	40	2	$16.25	$ -
26.25	20	1.4	26.25	-
Total	60	1.8	19.58	-

All outstanding option prices are over the current market price.  As of December 31, 2013, there was no unrecognized compensation cost related to non-vested options granted under the Plans.

No options were granted in 2013 and 2012.  The fair value of options granted under the Company’s stock option plans will be estimated on dates of grant using the Black-Scholes model using the weighted average assumptions for dividend yield, expected volatility, risk free interest rate and expected lives of options granted.