Annual report pursuant to section 13 and 15(d)

CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION (Tables)

v2.4.0.8
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2013
CAPITAL STOCK, STOCK PLANS, WARRANTS AND INCENTIVE COMPENSATION [Abstract]  
Summary of the status of options under the Company's Plans
Summary of the status of options under the Company’s total Plans and a Non-Qualified Stock Option Agreement (which was forfeited in the second quarter of 2013), as of December 31, 2013 and 2012, and changes during the years ending on those dates is presented below, giving the effect to the reverse stock split:
 
 
 
2013
   
2012
 
 
Shares
   
Weighted
Average
Exercise
Price
   
Intrinsic
Value (a)
   
Shares
   
Weighted
Average
Exercise
Price
   
Intrinsic
Value (a)
 
1993 Non-qualified Stock Option Plan
 
   
   
   
   
   
 
Balance at beginning of year
   
70,500
   
$
10.95
   
     
71,600
   
$
10.95
   
 
Exercised
   
     
   
$
     
     
   
$
 
Forfeited
   
(70,500
)
   
10.95
             
(1,100
)
   
10.95
         
Balance at end of year
   
     
   
$
     
70,500
     
10.95
   
$
 
Options exercisable at year end
   
     
   
$
     
70,500
     
10.95
   
$
 
1992 Outside Directors Stock Plan
                                               
Balance at beginning of year
   
3,000
   
$
10.10
             
11,000
   
$
12.23
         
Forfeited
   
(3,000
)
   
10.10
             
(8,000
)
   
13.65
         
Balance at end of year
   
     
   
$
     
3,000
     
10.10
   
$
 
Options exercisable at year end
   
     
   
$
     
3,000
     
10.10
   
$
 
2003 Outside Directors Stock Plan
                                               
Balance at beginning of year
   
163,200
   
$
10.19
             
151,200
   
$
10.56
         
Granted
   
24,000
     
2.89
             
12,000
     
5.50
         
Forfeited
   
(18,000
)
   
9.95
             
     
         
Balance at end of year
   
169,200
     
9.18
   
$
5,850
     
163,200
     
10.19
   
$
 
Options exercisable at year end
   
145,200
     
10.22
   
$
     
151,200
     
10.56
   
$
 
2004 Stock Option Plan
                                               
Balance at beginning of year
   
182,100
   
$
10.55
             
264,167
   
$
10.17
         
Forfeited
   
(48,500
)
   
10.05
             
(82,067
)
   
9.33
         
Balance at end of year
   
133,600
     
10.73
   
$
     
182,100
     
10.55
   
$
 
Options exercisable at year end
   
133,600
     
10.73
   
$
     
182,100
     
10.55
   
$
 
2010 Stock Option Plan
                                               
Balance at beginning of year
   
60,000
   
$
7.85
             
60,000
   
$
7.85
         
Granted
   
     
             
     
         
Balance at end of year
   
60,000
     
7.85
   
$
     
60,000
     
7.85
   
$
 
Options exercisable at year end
   
40,000
     
7.85
   
$
     
20,000
     
7.85
   
$
 
Non-Qualified Stock Option Agreement
                                         
Balance at beginning of year
   
50,000
   
$
6.75
             
50,000
   
$
6.75
         
Forfeited
   
(50,000
)
 
$
6.75
             
     
         
Balance at end of year
   
     
   
$
     
50,000
     
6.75
   
$
 
Options exercisable at year end
   
     
   
$
     
12,500
     
6.75
   
$
 

(a) Represents the difference between the market price at the date of exercise or the end of the year, as applicable, and the exercise price.
Summary of total Stock Options
The summary of the Company’s total Plans (as noted above) as of December 31, 2013, and changes during the period then ended are presented as follows (giving effect of the reverse stock split):

 
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
Options outstanding January 1, 2013
   
528,800
   
$
9.82
 
 
 
Granted
   
24,000
     
2.89
 
 
 
Exercised
 
 
 
 
 
Forfeited/Expired
   
(190,000
)
   
9.51
 
 
 
Options outstanding End of Period (1)
   
362,800
   
$
9.53
     
3.3
   
$
5,850
 
Options Exercisable at December 31, 2013(2)
   
318,800
   
$
10.14
     
2.8
 
 
Options Vested and expected to be vested at December 31, 2013
   
362,800
   
$
9.53
     
3.3
   
$
5,850
 
 
(1) Options with exercise prices ranging from $2.79 to $14.75
(2) Options with exercise prices ranging from $5.50 to $14.75