Securities Authorized for Issuance under Equity Compensation Plans

9 Months Ended

Sep. 30, 2014

Securities Authorized for Issuance under Equity Compensation Plans [Abstract]

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

11. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

During the three months ended September 30, 2014, no stock options were exercised.

During the nine months ended September 30, 2014, stock options to purchase an aggregate of 145,000 shares were exercised. Following the withholding of an aggregate of 14,633 shares in connection with the net exercise feature of the stock options, the Company delivered an aggregate of 130,367 shares to the option holders who exercised their options.

There was no stock compensation expense related to stock awards during the three months ended September 30, 2014 and 2013. Stock compensation expense recognized during the nine months ended September 30, 2014 and 2013 attributable to stock awards totaled approximately $356,000 and $306,000, respectively. Stock compensation expense attributable to stock options was $0 and $3,000 for the three months ended September 30, 2014 and 2013, respectively, and $0 and $12,000 for the nine months ended September 30, 2014 and 2013, respectively.

At September 30, 2014, there was no unrecognized compensation expense related to stock options.

The following table provides information at September 30, 2014 regarding outstanding stock options under the Company’s stock option plans. As used in the table below, “2002 NQ” refers to the Company’s 2002 Non-Qualified Stock Option Plan and “2008 NQ” refers to the Company’s 2008 Non-Qualified Stock Option Plan.

Plan	Date Granted	Options Outstanding		Exercisable Options	Exercise Price		Expiration Date	Weighted Average Remaining Life
2002 NQ	4/03/06		40,000	40,000	$	1.08	4/02/16	1.5
2002 NQ	12/17/07		40,000	40,000	$	1.32	12/16/17	3.3
2008 NQ	1/11/09		40,000	40,000	$	0.69	1/10/19	4.3
2008 NQ	4/26/10		20,000	20,000	$	2.07	4/25/20	5.7
			140,000	140,000	$	1.18		3.4