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STOCK OPTION PLAN (Tables)

12 Months Ended

Dec. 31, 2015

A summary of changes in stock options outstanding during the year ended December 31, 2015, is as follows:

	2015
	Numberof Options (in thousands)			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding at beginning of year		249			16.71
Granted		37			19.18
Exercised		(5	)		5.72
Forfeited or expired		(55	)		19.78
Outstanding at end of year		226			16.61		7.09		505
Options exercisable at year end		148			16.95		6.34		282

Assumptions used to calculate compensation expense and fair value of stock options granted

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted each year:

	2015			2014
Dividend yield:		—	⁽¹⁾		—	⁽¹⁾
Risk-free interest rate:		1.2 – 1.6	%		1.3 - 1.5	%
Expected market price volatility:		79.1 – 80.1	%		77.1 – 80.5	%
Average expected life of stock options:	4.5 years			4.5 years

⁽¹⁾ The Company declared no dividends in 2015 or 2014.

Share-based compensation expense

The Company recorded the following amounts related to the expense of the fair values of options during the years ended December 31, 2015 and 2014 (in thousands):

	2015			2014
Selling, general and administrative expenses and income from operations before income taxes	$	575		$	512
Benefit for income taxes		(137	)		(137	)
Effect on net income	$	438		$	375

Unrecognized compensation cost

As of December 31, 2015, the Company had approximately $0.6 million of total unrecognized compensation expense related to stock options currently outstanding, to be recognized in future years, ending December 31,

as follows (in thousands):

	Total gross unrecognized compensation expense		Total tax benefit associated with unrecognized compensation expense		Total net unrecognized compensation expense
2016	$	352	$	54	$	298
2017		176		18		158
2018		99		—		99
	$	627	$	72	$	555