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Stock-Based Compensation
3 Months Ended
Mar. 31, 2015
Stock based Compensation  
Stock-based Compensation

 

NOTE (8)  Stock-based Compensation

 

In 2008, the Company adopted the 2008 Long-Term Incentive Plan (“2008 LTIP”), which was approved by its stockholders.  The 2008 LTIP permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards to the Company’s non-employee directors and certain officers and employees for up to 2,000,000 shares of common stock.  Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; the option awards have vesting periods ranging from immediate vesting to 5 years and have 10-year contractual terms.

 

No options were granted during the three months ended March 31, 2015 and 2014.  The Company recorded no stock-based compensation expense during the three months ended March 31, 2015 and $11 thousand of stock-based compensation expense during the three months ended March 31, 2014.