|6 Months Ended|
Jun. 30, 2017
|Stock Compensation [Abstract]|
NOTE 10 – STOCK COMPENSATION
Equity Incentive Plan
The Company increased the number of shares available for issuance under its 2012 Equity Incentive Plan (as amended, the “Plan”) from 550,000 to 850,000 in November 2016, which was approved by the Company’s shareholders in December 2016. The Plan provides for grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. As of June 30, 2017 588,260 shares of common stock were available for future issuances.
The Company granted an aggregate of 30,000 options to purchase restricted common stock to certain directors prior to the adoption of the Plan. Stock options generally vest and become exercisable with respect to 100% of the common stock subject to such stock option on the third (3rd) anniversary of the date of grant. Any unvested portion of a stock option shall expire upon termination of employment or service of the participant granted the stock option, and the vested portion shall remain exercisable in accordance with the provisions of the Plan.
The following table summarizes stock option activity for the six months ended June 30, 2017:
At June 30, 2017 and December 31, 2016, the exercisable options had no intrinsic value.
The following table summarizes information about options outstanding and exercisable at June 30, 2017 that were granted under the Plan:
As of June 30, 2017, 236,310 options have vested and 25,430 options remain unvested. The vesting terms range from 4.0 to 7.5 years and the vested options have a weighted average remaining term of 6.06 years and weighted average exercise price of $15.72 per share.
The following table summarizes restricted stock awards activity for the six months ended June 30, 2017:
At June 30, 2017, the weighted-average remaining vesting period of unvested restricted stock awards was .15 years.
Stock-based compensation was $41 and $129 for the three months ended June, 2017 and 2016, respectively, and $82 and $226 for the six months ended June, 2017 and 2016, respectively. Stock-based compensation consists of expenses related to the issuance of stock options and restricted stock.
The aggregate unrecognized compensation expense of stock options and restricted stock at June 30, 2017 was $277, which will be recognized through January 2019.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://www.xbrl.org/2003/role/presentationRef