EQUITY COMPENSATION PLANS

6 Months Ended

Jun. 30, 2015

Equity Compensation Plans

EQUITY COMPENSATION PLANS

(8)  EQUITY COMPENSATION PLANS

In March 2003, the Company’s shareholders approved its 2003 Stock Option and Incentive Plan (the “2003 Plan”). Pursuant to the 2003 Plan, the Company’s Board of Directors (or its committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options, restricted stock, and other stock-based awards to the Company’s employees, officers, directors, consultants and advisors.  As of June 30, 2015, there were 5,000 restricted shares of Common Stock issued and options to purchase an aggregate of 26,500 shares of Common Stock outstanding under the 2003 Plan and no shares are available for future grants due to the 2003 Plan’s expiration.

In May 2008, the Company’s shareholders approved the 2008 Equity Compensation Plan, as amended (the “2008 Plan”). The 2008 Plan provides for grants of incentive stock options to employees and nonqualified stock options and restricted stock to employees, consultants and non-employee directors of the Company. The maximum number of shares available under the 2008 Plan is 10,000,000 shares.  As of June 30, 2015, there were 27,805 restricted shares of Common Stock issued and options to purchase 1,640,733 shares of Common Stock outstanding under the 2008 Plan and 8,318,462 shares available for future grants.

The following table shows the remaining shares available for future grants for each plan and outstanding shares:

	Equity Compensation Plans						Not Pursuant
	2003 Plan			2008 Plan			to a Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		160,000			10,000,000
Net restricted stock issued net of cancellations		(5,000	)		(27,805	)
Stock options granted		(154,449	)		(3,070,883	)
Add back options cancelled before exercise		92,349			1,417,150
Less shares no longer available due to Plan expiration		(92,900	)		—
Remaining shares available for future grants at June 30, 2015		—			8,318,462
Stock options granted		154,449			3,070,883			310,000
Less:Stock options cancelled		(92,349	)		(1,417,150	)		(243,333	)
Stock options exercised		(35,600	)		(13,000	)		(66,667	)
Net shares outstanding before restricted stock		26,500			1,640,733			—
Net restricted stock issued net of cancellations		5,000			27,805			6,485
Outstanding shares at June 30, 2015		31,500			1,668,538			6,485