COMMON STOCK

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

COMMON STOCK

10. COMMON STOCK

Director Annual Restricted Stock Grants

On April 1, 2021, the Board approved two restricted stock grants to Mr. Wheatley under the 2011 Stock Incentive Plan. The total number of shares granted was determined based on an award of $112,500, divided by the per share closing trading price on April 1, 2021. On the grant date, the shares had a per share fair value of $40.10 and 2,806 shares were granted, half of which will vest quarterly over three equal installments and half of which will vest quarterly over 11 equal installments. During the quarter ended June 30, 2021, 596 of these shares vested generating an expense of $23,864. At June 30, 2021, 2,210 shares are unvested representing $88,636 of unrecognized restricted stock grant expense which will be recognized through the quarter ending December 31, 2023.

On April 16, 2021, the Board appointed Nancy Floyd to the Company’s board of directors. Concurrent with her appointment, the Company, upon recommendation of the Compensation Committee, granted Ms. Floyd 5,592 shares of restricted stock which had a per share fair value of $33.34 on the date of grant and will vest quarterly through September 30, 2021. During the quarter ended June 30, 2021, 2,542 of these shares vested generating an expense of $84,739. At June 30, 2021, 3,050 shares are unvested representing $101,687 of unrecognized restricted stock grant expense which will be recognized in the quarter ending September 30, 2021.

On April 16, 2021, the Board appointed Mr. Posawatz as the Lead Independent Director. With this appointment, the Company, upon recommendation of the Compensation Committee, granted Mr. Posawatz 2,246 shares of restricted stock for this role which had a per share fair value of $33.34 on the date of grant and will vest quarterly through September 30, 2021. During the quarter ended June 30, 2021, 1,021 of these shares vested generating an expense of $34,035. At June 30, 2021, 1,225 shares are unvested representing $40,841 of unrecognized restricted stock grant expense which will be recognized in the quarter ending September 30, 2021.

On October 20, 2020, the Company granted each of our two non-employee directors annual restricted stock grants of 12,200 shares of our common stock and our then lead independent director an annual restricted stock grant of 17,100 shares of common stock, which vest quarterly in four (4) equal installments. On the grant date, these shares had a per share fair value of $14.95 based on the closing trading price of our common stock, or $620,425. During the three months ended March 31, 2021, upon the death of our lead independent director, 12,825 unvested shares of restricted stock were forfeited and returned to the Company, and 6,100 shares of restricted stock relating to the other two directors vested, generating an expense of $91,196. During the three months ended June 30, 2021, 6,100 of these shares vested generating an expense of $91,196. At June 30, 2021, there were 6,100 unvested shares of restricted stock representing $91,192 of unrecognized restricted stock grant expense which will be recognized through the quarter ending September 30, 2021.

On June 17, 2020, the Board approved two restricted stock grants to Mr. Wheatley under the 2011 Stock Incentive Plan. The total number of shares granted was determined based on an award of $150,000 divided by the per share quoted trading price on June 17, 2020. On the grant date, the shares had a per share fair value of $7.35 and 20,408 shares were granted, half of which vest quarterly over four equal installments and half vest quarterly over 12 equal installments. During the six months ended June 30, 2021, 4,251 of shares from this grant vested and 2,094 shares from an October 1, 2019 grant vested generating a total expense of $43,750. At June 30, 2021, 9,093 shares for these 2 grants are unvested representing $62,500 of unrecognized restricted stock grant expense which will be recognized through the quarter ending March 31, 2023.