12. RESTRICTED STOCK, STOCK OPTIONS AND OTHER STOCK PLANS

On December 14, 2004, the Company adopted the 2004 Long-Term Compensation Plan (the “Plan”). The Plan provides for the issuance of stock options, stock appreciation rights, or SARs, restricted stock, deferred stock, dividend equivalents, bonus stock and awards in lieu of cash compensation, other stock-based awards and performance awards. Any shares issued under the Plan typically vest over service periods that range from one to five years. Stock options issued under the plan expire 10 years from the date they are granted.

The Plan provided an initial authorization of 0.4 million shares of Class A common stock for issuance and allows an automatic annual increase equal to the lesser of (i) 3% of the Class A common stock outstanding (ii) 107 shares or (iii) such lesser amount as may be determined by the Company’s board of directors. On April 27, 2012, the Company authorized an increase in the number of shares of our Class A common stock reserve to 1.0 million. On June 22, 2012, the Company’s stockholders approved the Amended and Restated 2004 Long-Term Incentive Compensation Plan, including an increase in the reserve, with an automatic annual increase on January 1 of each successive year of the lesser of (i) 3% of the Class A common stock outstanding or (ii) 107 shares. As of December 31, 2015 and 2014, there were 0.3 million shares available for issuance under the Plan (as amended). The authorization limits set forth in the Plan (as amended) have been proportionately reduced, as set forth above, as a result of the “Reverse Stock Split.”

The fair value of each option award is calculated on the date of grant using the Black-Scholes option pricing model and certain subjective assumptions. Expected volatilities are calculated based on our historical trading activities. We estimate forfeitures using a weighted average historical forfeiture rate. Our estimates of forfeitures will be adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from their estimate. The risk-free rate for the periods is based on the U.S. Treasury rates in effect at the time of grant. The expected term of options is based on the simplified method which assumes that the option will be exercised midway between the vesting date and the contractual term of the option. The Company is able to use the simplified method as the options qualify as “plain vanilla” options as defined by ASC 718, Stock Compensation.

The following table summarizes the assumptions used to calculate the fair value of options during 2015 and 2014:


	2015		2014
Weighted average fair value of options granted	$	—	$	6.12
Dividend yields		—		—
Expected volatility		N/A		79.4%-142.60	%
Weighted average expected volatility		N/A		107.19	%
Risk free interest rates		N/A		1.79	%
Weighted average expected term (in years)		N/A		6.25

The following table summarizes information about stock option activity:


	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2014		169	$	8.82
Granted		30		7.63
Exercised		(5)		5.26
Forfeited or Expired		(3)		12.40


Outstanding at December 31, 2014		191	$	8.68
Granted		—		—
Exercised		—		—
Forfeited or Expired		(17)		11.55


Outstanding at December 31, 2015		174	$	8.39
Exercisable at December 31, 2015		140	$	8.03

As of December 31, 2015 and 2014, the weighted-average remaining contractual term of unexercised stock options was 5.6 years and 6.7 years, respectively.

A summary of the Company’s restricted share activity is presented below:


	Shares		Weighted Average Exercise Price
Restricted outstanding at January 1, 2014		93	$	11.20
Granted		—		—
Vested		(44)		10.64
Forfeited or Expired		(18)		10.57


Outstanding at December 31, 2014		31	$	12.46
Granted		—		—
Vested		(15)		12.48
Forfeited or Expired		(4)		12.67


Outstanding at December 31, 2015		12	$	12.42

As of December 31, 2015 and 2014, there was $0.1 million and $0.5 million, respectively, of unrecognized compensation cost related to stock options and restricted stock issuances granted under the Plan. The Company intends to issue new shares of its common stock upon vesting of restricted stock grants or the exercise of stock options.

In November 2014, our board of directors approved a new share repurchase program authorizing the Company to repurchase up to three million shares of our Class A common stock in one or more open market or privately negotiated transactions depending on market price and other factors. We expect to use available cash on hand and cash generated from operating activities to fund the common share repurchase program.

For the years ended December 31, 2015 and 2014, we purchased 10,988 and 13,624 shares, respectively, of our Class A common stock under the repurchase program for approximately $79 and $103, respectively (including commissions of $2). At December 31, 2015 0.4 million shares of our Class A common stock remain available for repurchase pursuant to our share repurchase agreement.