Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)

v2.4.1.9
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2014
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS [Abstract]  
Restricted stock activity
The following table reflects the outstanding restricted stock awards and activity related thereto for the years ended December 31, 2014, 2013 and 2012:

   
Year Ended
   
Year Ended
   
Year Ended
 
   
December 31, 2014
   
December 31, 2013
   
December 31, 2012
 
   
Number
   
Weighted-
   
Number
   
Weighted-
   
Number
   
Weighted-
 
   
of
   
Average
   
Of
   
Average
   
Of
   
Average
 
   
Shares
   
Price
   
Shares
   
Price
   
Shares
   
Price
 
Restricted Stock Awards:
                                   
  Restricted Shares Outstanding at the
    Beginning of the Year
    592,565     $ 16.84       777,437     $ 18.93       1,216,992     $ 19.87  
  Shares Granted
    299,416       12.09       353,596       15.33       837,239       19.91  
  Shares Forfeited
    -       -       (39,049 )     16.78       (628,550 )     19.08  
  Lapse of Restrictions
    (353,482 )     17.84       (499,419 )     19.03       (648,244 )     21.83  
  Restricted Shares Outstanding
    at the End of the Year
    538,499     $ 13.54       592,565     $ 16.84       777,437     $ 18.93  
Stock option activity
Changes in stock options for the years ended December 31, 2014, 2013, and 2012 were as follows:

   
Number
of
Shares
   
Weighted Average Exercise Price
   
Remaining Contractual Term
(in Years)
   
Intrinsic Value
 
2014:
                       
                         
Beginning Balance
    241,872     $ -       -     $ -  
Granted
    -       -       -       -  
Exercised
    (100,000 )     5.18       -       -  
Forfeited
    -       -       -       -  
Outstanding at December 31
    141,872       5.18       2.8       66,680  
Exercisable
    141,872       5.18       2.8       66,680  
Ending Vested
    141,872       5.18       2.8       66,680  
Weighted Average Fair Value of Options Granted During Year
          $ -                  
                                 
2013:
                               
                                 
Beginning Balance
    251,963     $ -       -     $ -  
Granted
    -       -       -       -  
Exercised
    (10,091 )     5.18       -       -  
Forfeited
    -       -       -       -  
Outstanding at December 31
    241,872       5.18       3.8       2,392,000  
Exercisable
    241,872       5.18       3.8       2,392,000  
Ending Vested
    241,872       5.18       3.8       2,392,000  
Weighted Average Fair Value of Options Granted During Year
          $ -                  
                                 
2012:
                               
                                 
Beginning Balance
    262,463     $ -       -     $ -  
Granted
    -       -       -       -  
Exercised
    (10,500 )     5.18       -       -  
Forfeited
    -       -       -       -  
Outstanding at December 31
    251,963       5.18       4.8       2,933,000  
Exercisable
    251,963       5.18       4.8       2,933,000  
Ending Vested
    251,963       5.18       4.8       2,933,000  
Weighted Average Fair Value of Options Granted During Year
          $ -