|
STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| STOCK BASED COMPENSATION |
|
| Summary of employee and nonemployee stock based compensation |
|
|
|
|
|
|
|
|
Amounts in (000's)
|
|
December 31,
2012 |
|
December 31,
2011 |
|
|
Employee compensation: |
|
|
|
|
|
|
|
|
Stock options |
|
$ |
486 |
|
$ |
212 |
|
|
Employee warrants |
|
|
229 |
|
|
594 |
|
| |
|
|
|
|
|
|
Total option and warrants compensation |
|
|
715 |
|
|
806 |
|
|
Board restricted stock |
|
|
176 |
|
|
— |
|
| |
|
|
|
|
|
|
Total Employee Compensation Expense |
|
$ |
891 |
|
$ |
806 |
|
| |
|
|
|
|
|
|
Non-employee compensation: |
|
|
|
|
|
|
|
|
Warrants |
|
$ |
859 |
|
$ |
434 |
|
|
Less: Deferred financing and prepaid services |
|
|
(783 |
) |
|
(330 |
) |
|
Amortization of prepaid services |
|
|
696 |
|
|
108 |
|
| |
|
|
|
|
|
|
Total Nonemployee Compensation Expense |
|
$ |
772 |
|
$ |
212 |
|
| |
|
|
|
|
|
|
| Summary of the Company's stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2012 |
|
|
575,277 |
|
$ |
3.90 |
|
|
|
|
|
|
|
|
Stock Dividend |
|
|
73,393 |
|
$ |
4.25 |
|
|
|
|
|
|
|
|
Granted |
|
|
996,200 |
|
$ |
4.46 |
|
|
|
|
|
|
|
|
Exercised |
|
|
(66,867 |
) |
$ |
1.39 |
|
|
|
|
|
|
|
|
Forfeited |
|
|
(186,483 |
) |
$ |
4.31 |
|
|
|
|
|
|
|
|
Expired |
|
|
(40,659 |
) |
$ |
2.78 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012 |
|
|
1,350,861 |
|
$ |
4.57 |
|
|
6.6 years |
|
|
900,426 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012 |
|
|
268,457 |
|
$ |
4.22 |
|
|
5.2 years |
|
|
260,123 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2011 |
|
|
212,404 |
|
$ |
1.79 |
|
|
|
|
|
|
|
|
Stock Dividend |
|
|
16,298 |
|
$ |
3.79 |
|
|
|
|
|
|
|
|
Granted |
|
|
487,000 |
|
$ |
4.77 |
|
|
|
|
|
|
|
|
Exercised |
|
|
(37,338 |
) |
$ |
1.74 |
|
|
|
|
|
|
|
|
Forfeited |
|
|
(98,807 |
) |
$ |
4.53 |
|
|
|
|
|
|
|
|
Expired |
|
|
(4,280 |
) |
$ |
2.26 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2011 |
|
|
575,277 |
|
$ |
3.90 |
|
|
8.3 years |
|
|
370,606 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2011 |
|
|
213,178 |
|
$ |
2.66 |
|
|
5.7 years |
|
|
370,606 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Summary of the Company's restricted stock activity |
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted Avg.
Grant Date
Fair Value |
|
|
Unvested at January 1, 2012 |
|
|
— |
|
|
— |
|
|
Granted |
|
|
320,000 |
|
$ |
3.25 |
|
|
Stock Dividend |
|
|
16,000 |
|
$ |
3.25 |
|
|
Vested |
|
|
(52,500 |
) |
$ |
3.50 |
|
|
Forfeited |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
Unvested at December 31, 2012 |
|
|
283,500 |
|
$ |
3.20 |
|
| |
|
|
|
|
|
|
|
Employee
|
|
| Stock based compensation |
|
| Schedule of assumptions used in calculating fair value of warrants using the Black Sholes Merton option-pricing model |
|
|
|
|
|
|
|
2012 |
|
2011 |
|
Dividend Yield |
|
0.0% |
|
0.0% |
|
Expected Volatility |
|
40.0% - 46.1% |
|
65.6% |
|
Risk-Free Interest Rate |
|
.25% - 1.05% |
|
1.23% |
|
Expected Term |
|
4.0 - 6.5 years |
|
4.7 years |
|
|
Employee | Warrant
|
|
| Stock based compensation |
|
| Schedule of common stock warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2012 |
|
|
1,720,020 |
|
$ |
3.10 |
|
|
|
|
|
|
|
|
Stock Dividend |
|
|
86,004 |
|
$ |
2.99 |
|
|
|
|
|
|
|
|
Granted |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012 |
|
|
1,806,024 |
|
$ |
2.99 |
|
|
5.6 years |
|
|
3,181,251 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012 |
|
|
1,539,126 |
|
$ |
2.79 |
|
|
5.1 years |
|
|
3,014,103 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2011 |
|
|
1,289,412 |
|
$ |
2.64 |
|
|
|
|
|
|
|
|
Stock Dividend |
|
|
71,162 |
|
$ |
2.93 |
|
|
|
|
|
|
|
|
Granted |
|
|
450,000 |
|
$ |
4.18 |
|
|
|
|
|
|
|
|
Exercised |
|
|
(70,433 |
) |
$ |
2.08 |
|
|
|
|
|
|
|
|
Forfeited |
|
|
(20,121 |
) |
$ |
2.38 |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2011 |
|
|
1,720,020 |
|
$ |
3.10 |
|
|
6.6 years |
|
|
1,676,791 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2011 |
|
|
1,345,020 |
|
$ |
2.78 |
|
|
5.8 years |
|
|
1,666,991 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Nonemployee
|
|
| Stock based compensation |
|
| Schedule of assumptions used in calculating fair value of warrants using the Black Sholes Merton option-pricing model |
|
|
|
|
|
|
|
2012 |
|
2011 |
|
Dividend Yield |
|
0.0% |
|
0.0% |
|
Expected Volatility |
|
38.5% - 47.8% |
|
62.0% |
|
Risk-Free Interest Rate |
|
0.25% - 0.72% |
|
0.86% |
|
Expected Term |
|
3 - 10 years |
|
1.7 years |
|
|
Nonemployee | Warrant
|
|
| Stock based compensation |
|
| Schedule of common stock warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2012 |
|
|
1,153,574 |
|
$ |
3.85 |
|
|
|
|
|
|
|
Stock Dividend |
|
|
94,054 |
|
$ |
3.85 |
|
|
|
|
|
|
|
Granted |
|
|
777,500 |
|
$ |
3.82 |
|
|
|
|
|
|
|
Exercised |
|
|
(28,941 |
) |
$ |
1.26 |
|
|
|
|
|
|
|
Expired |
|
|
(34,730 |
) |
$ |
3.82 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2012 |
|
|
1,961,457 |
|
$ |
3.78 |
|
1.7 years |
|
|
1,934,826 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2012 |
|
|
1,950,957 |
|
$ |
3.77 |
|
1.7 years |
|
|
1,930,836 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contract Life |
|
Aggregate
Intrinsic
Value |
|
|
Outstanding at January 1, 2011 |
|
|
953,074 |
|
$ |
3.13 |
|
|
|
|
|
|
|
Stock Dividend |
|
|
86,236 |
|
$ |
3.84 |
|
|
|
|
|
|
|
Granted |
|
|
300,000 |
|
$ |
4.91 |
|
|
|
|
|
|
|
Exercised |
|
|
(179,452 |
) |
$ |
1.78 |
|
|
|
|
|
|
|
Expired |
|
|
(6,284 |
) |
$ |
3.11 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2011 |
|
|
1,153,574 |
|
$ |
3.85 |
|
2.0 years |
|
|
437,432 |
|
| |
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2011 |
|
|
1,153,574 |
|
$ |
3.85 |
|
2.0 years |
|
|
437,432 |
|
| |
|
|
|
|
|
|
|
|
|
|