Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9 — Stock-Based Compensation

The Company had no stock compensation expense for the years ended December 31, 2022 and 2021.

The 2011 Incentive Plan was approved and adopted by our stockholders on May 4, 2011 and became effective immediately. The 2011 Incentive Plan was amended and approved by our stockholders on May 8, 2013. The 2011 Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance awards, stock awards and other stock-based awards. 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 were able to 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. Prior to its expiration, the aggregate number of shares of our common stock issuable under all stock-based awards made under the 2011 Incentive Plan was 4,671.

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, 2022, there were 1,360 outstanding stock-based compensation awards under the 2011 Incentive Plan. As of December 31, 2022, 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, 2020		1,360	$	106.00		8.7
Outstanding December 31, 2021		1,360	$	106.00		7.7
Outstanding December 31, 2022		1,360	$	106.00		6.7
Exercisable as of December 31, 2022		1,360	$	106.00		6.7

The Company did not grant any options during the years ended December 31, 2022 and 2021. There were no options exercised in 2021 or 2022. As of December 31, 2022 there are 1,360 shares outstanding and exercisable. The aggregate intrinsic value of all outstanding stock options was $0.0 million as of December 31, 2022.

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, 2022 and 2021 was $0.0 million. As of December 31, 2022, there is no unrecognized compensation expense related to outstanding stock options.

No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2022 or 2021.