Stock Options and Restricted Stock (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumption Categories Used to Determine Value of Option Grants

The following assumption categories are used to determine the value of any option grants.


	Six Months Ended June 30,
	2018			2017
Risk free interest rate		2.82	%		1.84	%
Expected dividend yield		4.86			7.39
Expected life of option in years ⁽¹⁾		6.00			6.00
Expected volatility ⁽²⁾		30.00			30.00

(1)	Expected life is calculated using the simplified method.

(2)	We determine our expected volatility based on our historical volatility.

Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the 2018 quarters and the 2017 full year.


	Number of Options			Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2016		345,518		$	7.10-13.84	$	9.67
Granted		29,666			2.14-2.61		2.35
Cancelled		(54,558	)		10.76-11.21		10.94
Exercised ⁽¹⁾		—			—		—

Outstanding at December 31, 2017		320,626			2.14-13.84		8.78

Number of Options

Exercise
Price Per
Share

Weighted
Average
Exercise Price

Granted

—

Cancelled

—

Exercised ⁽¹⁾

—

Outstanding at March 31, 2018

320,626

2.14-13.84

8.78

Granted

24,000

5.58

Cancelled

(214,960

)

9.22-9.24

9.22

Exercised ⁽¹⁾

—

Outstanding at June 30, 2018 ⁽²⁾

129,666

2.14-13.84

7.45

Options exercisable at June 30, 2018 ⁽²⁾

76,000

2.22-13.84

9.78

(1)	The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was $0 and $0 for the 2018 and 2017 second quarter and six months.

(2)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at June 30, 2018 and the related exercise price of the underlying options, was $93,000 for outstanding options and $13,000 for exercisable options as of June 30, 2018. The remaining contractual life was 7.17 years for outstanding options and 5.59 years for exercisable options at June 30, 2018.

Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the 2018 quarters and the 2017 full year.


	Number of Shares			Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2016		167,703		$	3.95-13.46	$	8.88
Granted		327,251			2.06-3.93		2.48
Cancelled		(8,988	)		2.14-10.08		3.07
Vested ⁽¹⁾		(77,384	)		9.08-13.46		11.09

Outstanding at December 31, 2017		408,582			2.06-10.38		3.45
Granted		97,952			4.39		4.39
Cancelled		(2,226	)		3.93-9.08		5.86
Vested ⁽¹⁾		(296,313	)		2.06-10.38		3.24

Outstanding at March 31, 2018		207,995			2.06-7.98		4.16
Granted		212			3.93		3.93
Cancelled		(199	)		3.93		3.93
Vested ⁽¹⁾		—			—		—

Outstanding at June 30, 2018 ⁽²⁾		208,008		$	2.06-13.84	$	7.45

(1)	The aggregate fair value of the restricted stock vested was $0 and $1,209,000 for the three and six months ended June 30, 2018, and was $15,000 and $151,000 for the comparable 2017 periods.

(2)	The aggregate fair value of the restricted stock was $1,140,000 as of June 30, 2018. The remaining vesting period was 1.75 years at June 30, 2018.

Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans for the quarter ended June 30, 2018.


	Number of Options			Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2017 and March 31, 2018		46,666		$	2.14-9.38	$	4.52
Granted		24,000			5.58		5.58
Cancelled		—			—		—
Vested		(17,000	)		2.22-9.38		7.16

Outstanding at June 30, 2018		53,666		$	2.14-7.10	$	4.16