Annual report pursuant to section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v2.4.0.8
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2013
SHARE-BASED COMPENSATION [Abstract]  
Black-Scholes Option Valuation Assumptions
 The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility
85%
Expected dividends
None
Expected term (in years)
6.25
Risk free interest rate
1.33%

 The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility
87%
Expected dividends
None
Expected term (in years)
6.5
Risk free interest rate
0.92%

The fair value of the 2011 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility
96% to 413%
Expected dividends
None
Expected term (in years)
5-10
Risk free interest rate
1.26% to 3.34%

The fair value of the 2010 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility
338% to 467%
Expected dividends
None
Expected term (in years)
5-10
Risk free interest rate
2.37% to 3.68%

Summary Of Status Of Stock Option Awards
A summary of the status of the Company’s stock option awards is presented below:

   
Stock Options
   
Weighted
Average
Exercise
Price
Per Share
   
Weighted
Average
Remaining
Contractual
Life
   
Intrinsic
Value
(in thousands)
 
Outstanding at December 31, 2012
    1,173,180     $ 4.04              
   Granted
    90,000       7.71              
   Expired
    -       -              
   Exercised
    (36,820 )     3.41              
   Forfeited
    -       -              
Outstanding at December 31, 2013
    1,226,360     $ 4.32       6.7     $ 10,093  
Expected to vest
    585,504     $ 5.07       7.7     $ 4,380  
Exercisable at December 31, 2013
    440,856     $ 3.74       6.1     $ 3,884  

Summary Of Status Of Non-Vested Options
A summary of the status of the Company’s non-vested options is presented below:

   
Shares
   
Weighted
Average
Grant-Date
Fair Value
Per Share
 
Non-vested at January 1, 2013
    673,252     $ 4.31  
   Granted
    90,000       7.71  
   Expired
    -       -  
   Vested
    (177,748 )     4.57  
Non-vested at December 31, 2013
    585,504     $ 5.07