Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9 — Stock-Based Compensation

Stock compensation consisted of the following:

		Years Ended December 31,
		2019		2018
		(In millions)
Stock compensation expense	$	—	$	—

The 2011 Incentive Plan was approved and adopted by our shareholders on May 4, 2011 and became effective immediately. The 2011 Incentive Plan was amended and approved by our shareholders on May 8, 2013. The 2011 Incentive Plan permits the grant of stock options, SARs, restricted stock, restricted stock units, dividend equivalents, performance awards, stock awards and other stock-based awards. The aggregate number of shares of our common stock that may be issued under all stock-based awards made under the 2011 Incentive Plan is 4,671. The number of shares available for awards, as well as the terms of outstanding awards, is subject to adjustments as provided in the 2011 Incentive Plan for stock splits, stock dividends, recapitalization and other similar events. Awards may be granted under the 2011 Incentive Plan until the earlier to occur of May 3, 2021 or the date on which all shares available for awards under the 2011 Incentive Plan have been granted; provided, however, that incentive stock options may not be granted after February 10, 2021.

Stock-based compensation awards issued under the 2011 Incentive Plan generally have a term of ten years and, for employees, vest over a three-year period. Exercise prices of awards issued under these plans are equal to the fair value of the Company’s stock on the date of grant.

As of December 31, 2019, there were 879 outstanding stock-based compensation awards under the 2011 Incentive Plan. As of December 31, 2019, there were no shares available for grant under our 2011 Incentive Plan.

Stock Options

The following table summarizes our stock option activity:

	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding December 31, 2017		947		$	16,962.00		1.8
Canceled		(834	)		16,992.00
Outstanding December 31, 2018		113		$	16,734.00		0.2
Canceled		(113	)		16,734.00		0.2
Granted		1,360			106.00		9.7
Vested		(481	)		106.00		9.7
Outstanding December 31, 2019		879		$	106.00		9.7
Exercisable as of December 31, 2019		481		$	106.00		9.7

The Company granted 1,360 options during the year ended December 31, 2019. As of December 31, 2019 there are 879 shares outstanding and 481 exercisable stock options remaining. The aggregate intrinsic value of all outstanding stock options was $0.0 million as of December 31, 2018. There were no options exercised in 2019. No options were granted or exercised during the year ended December 31, 2018.

Total stock-based compensation expense associated with stock options related to continuing operations recognized in our Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 was $0.0 million and (0.3) million, respectively. As of December 31, 2019, unrecognized compensation expense related to outstanding stock options was immaterial.

No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2019 or 2018.

Restricted Stock

The following table summarizes our restricted stock activity:

	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Nonvested as of December 31, 2017		1,070		$	706.00
Granted		801			226.00
Vested		(1,491	)		336.00
Forfeited		(230	)		972.00
Nonvested as of December 31, 2018		150		$	1,406.00
Vested		(75	)		1,406.00
Forfeited		(75	)		1,406.00
Nonvested as of December 31, 2019		—		$	—

Of the restricted stock granted during the year ended December 31, 2018, none of the shares were performance-based. There were no shares granted during the year ended December 31, 2019.

The total fair value of shares that vested during the years 2019 and 2018 was $0.1 million and $0.5 million, respectively.

Total stock-based compensation expense associated with restricted stock relating to continuing operations recognized in our Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 was $0.0 million and $0.3 million, respectively. This expense would result in a related tax benefit of $0.0 million and $0.1 million for the years ended December 31, 2019 and 2018, respectively. However, these tax benefits are included in the U.S. deferred tax assets which are subject to a full valuation allowance, and, due to the valuation allowance, we did not recognize the related tax benefit in 2019 or 2018. As of December 31, 2019, there was no longer any unrecognized compensation expense related to outstanding restricted stock.

No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2019 or 2018.

Stock Appreciation Rights (SARs)

The Company’s remaining SARs expired on December 31, 2017, and were cancelled in 2018 since the stock price and performance conditions were not met. We had not recorded any compensation expense associated with these SARs based on the applicable accounting rules. The Company did not grant any SARs for the years ended December 31, 2019 and 2018.