Stock-Based Compensation

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

In 2008, the Company adopted a Stock Incentive Plan (the “Plan”) which, as amended, provides that up to 3,600,000 shares of the Company’s Common Stock (adjusted for the 2018 two-for-one stock split) shall be allocated for issuance to directors, officers and key personnel. Grants under the Plan can be made in the form of stock options, stock appreciation rights, performance shares or stock awards. During the three months ended September 30, 2018, the Company granted no shares under the Plan. During the nine months ended September 30, 2018, the Company granted 25,380 restricted share units and 180,000 stock options at a strike price of $7.46. During the three and nine months ended September 30, 2017, the Company granted no shares under the Plan. As of September 30, 2018 and December 31, 2017, there were 864,000 shares and 264,000, respectively available for future grant under the Plan.

Stock-based compensation expense for the three months ended September 30, 2018 and 2017 was $116,000 and $70,000, respectively, and for the nine months ended September 30, 2018 and 2017 was $341,000 and $285,000, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2018, the Company issued 56,636 shares and 65,112 shares, respectively, related to the vesting of restricted stock and the exercise of stock options. During the three and nine months ended September 30, 2017, the Company issued 12,500 and 200,776 shares, respectively, related to the vesting of restricted stock and the exercise of stock options.