Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.10.0.1
Stock-based Compensation
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation [Text Block]
Note 9 - Stock-based Compensation
 
As of September 30, 2018, the Company had 597,608 shares available for issuance under the 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Equity Plan”).
 
Stock-based compensation expense for the three months ended September 30, 2018 and 2017 was $0.3 million and $0.2 million, respectively, and is included in general and administrative expenses in the consolidated statement of operations and comprehensive (loss) income. Stock-based compensation expense for the nine months ended September 30, 2018 and 2017 was $1.0 million and $0.7 million, respectively, and is included in general and administrative expenses in the consolidated statement of operations and comprehensive (loss) income. The Company has not granted any stock options in 2018.
 
The Company granted 49,179 shares of its common stock to independent members of the Board of Directors (the “Board”) in June 2018 as part of their compensation for serving on the Board. The Company recorded the $0.1 million of expense associated with these grants as a component of stock-based compensation expense.
 
Stock Option Activity
 
Changes in outstanding stock options for 2018 were as follows:
 
 
 
Shares
 
 
Weighted
Average
Exercise
 
Price
 
 
 
Weighted
Average
Remaining
Contractual
 
Life (Years)
 
 
 
 
Intrinsic
Value
 
 
Outstanding at December 31, 2017
 
 
2,315,035
 
 
 
3.41
 
 
 
 
 
 
 
 
 
2018 Grants
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Forfeited
 
 
(285,527
)
 
 
4.19
 
 
 
 
 
 
 
 
 
Outstanding at September 30, 2018
 
 
2,029,508
 
 
 
3.30
 
 
 
7.13
 
 
$
1,743,600
 
Exercisable at September 30, 2018
 
 
940,357
 
 
 
4.41
 
 
 
5.81
 
 
$
242,080
 
 
A summary of the status of the Company’s non-vested stock options as of September 30, 2018 and changes for the nine months then ended is presented below:
 
 
 
Shares
 
 
Weighted
Average
Grant Date
 
Fair Value
 
Non-vested shares at December 31, 2017
 
 
1,424,651
 
 
$
0.99
 
Granted
 
 
—
 
 
 
—
 
Vested
 
 
(265,000
)
 
 
1.27
 
Forfeited
 
 
(70,500
)
 
 
1.10
 
Non-vested shares at September 30, 2018
 
 
1,089,151
 
 
$
0.92
 
 
 
 
 
 
 
 
 
 
 
As of September 30, 2018, there are 579,402 options outstanding that vest based on the achievement of Company and individual objectives as set by the Board.
 
As of September 30, 2018, there is approximately $1.0 million of total unrecognized compensation cost related to non-vested awards, which will be recognized over a weighted-average period of 2.4 years.
 
Restricted Stock Award Activity
 
The fair value of restricted stock awards is determined based upon the closing fair market value of the Company’s common stock on the grant date.
 
A summary of the status of restricted stock awards and changes for the six months ended September 30, 2018 is presented below:
 
 
 
Shares
 
 
Weighted
Average
Grant Date Per
Share Fair Value
 
 
 
 
 
 
 
 
 
Non-vested at December 31, 2017
 
 
985,000
 
 
$
2.26
 
Granted
 
 
126,781
 
 
 
2.71
 
Vested
 
 
(342,622
)
 
 
1.85
 
Forfeited
 
 
(15,000
)
 
 
2.73
 
Non-vested at September 30, 2018
 
 
754,159
 
 
$
2.51
 
 
As of September 30, 2018, 150,000 restricted shares subject to performance-based vesting were still outstanding. As of September 30, 2018, the Company had approximately $1.9 million of total unrecognized compensation costs related to restricted stock awards, which will be recognized over a weighted average period of 2.5 years.