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Equity Compensation Plans
12 Months Ended
Dec. 31, 2015
Equity Compensation Plans  
Equity Compensation Plans

Note 12: Equity Compensation Plans

 

There are stock-based awards outstanding under the Company’s 2008 Equity Incentive Plan (the “2008 Plan”) and the Company’s 2014 Equity Incentive Plan (the “2014 Plan,” and together with the 2008 Plan, the “Plans”).  The 2014 Plan was approved at the 2014 annual meeting of stockholders.  Following approval of the 2014 Plan, no further awards will be granted under the 2008 Plan or any other Company equity compensation plan.  A maximum of 375,000 shares may be issued under the 2014 Plan.  The Plan authorizes the granting of qualified stock options, non-qualified stock options, restricted stock, restricted stock units, and stock appreciation rights.  Awards may be granted to selected directors and officers or employees under the 2014 Plan at the discretion of the Compensation Committee of the Company’s Board of Directors.  As of December 31, 2015,  125,000 shares remained available for issuance under the 2014 Plan.

 

Total compensation cost that has been charged for the Plans was $613,000,  $295,000 and $167,000 for the years ending December 31, 2015, 2014 and 2013.

 

There were no stock options granted for the years ending December 31, 2015, 2014 or 2013. All stock options are granted for a term of ten years.  There were no stock options exercised during the years ending December 31, 2015 or 2014.  There is no unrecognized compensation cost related to unvested stock options as all stock options of the Company’s common stock have vested.

 

A summary of stock option activity in the Plans for the year ending December 31, 2015, is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

 

 

 

 

 

 

Exercise

 

Contractual

 

Aggregate

 

    

Shares

    

Price

    

Term (years)

    

Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

Beginning outstanding

 

229,000

 

$

28.28

 

 

 

 

 

Canceled

 

(36,500)

 

 

31.34

 

 

 

 

 

Expired

 

(30,000)

 

 

31.34

 

 

 

 

 

Ending outstanding

 

162,500

 

$

27.03

 

1.6

 

$

-

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

162,500

 

$

27.03

 

1.6

 

$

-

 

Generally, restricted stock and restricted stock units granted under the Plans vest three years from the grant date, but the Compensation Committee of the Company’s Board of Directors has discretionary authority to change some terms including the amount of time until the vest date.

 

Awards under the 2008 Plan will become fully vested upon a merger or change in control of the Company.  Under the 2014 Plan, upon a change in control of the Company, if (i) the 2014 Plan is not an obligation of the successor entity following the change in control, or (ii) the 2014 Plan is an obligation of the successor entity following the change in control and the participant incurs an involuntary termination, then the stock options, stock appreciation rights, stock awards and cash incentive awards under the 2014 Plan will become fully exercisable and vested.  Performance-based awards generally will vest based upon the level of achievement of the applicable performance measures through the change in control.

 

The Company granted restricted stock under its equity compensation plans beginning in 2005 and it began granting restricted stock units in February 2009.  Restricted stock awards under the Plans generally entitle holders to voting and dividend rights upon grant and are subject to forfeiture until certain restrictions have lapsed including employment for a specific period.  Restricted stock units under the Plans are also subject to forfeiture until certain restrictions have lapsed including employment for a specific period, and generally entitle holders to receive dividend equivalents during the restricted period but do not entitle holders to voting rights until the restricted period ends and shares are transferred in connection with the units.

 

There were 101,500 restricted awards issued during the year ending December 31, 2015There were 184,500 restricted awards issued for the year ending December 31, 2014.  Compensation expense is recognized over the vesting period of the restricted award based on the market value of the award on the issue date.

A summary of changes in the Company’s unvested restricted awards for the year ending December 31, 2015, is as follows:

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

Weighted

 

 

Restricted

 

Average

 

 

Stock Shares

 

Grant Date

 

    

and Units

    

Fair Value

Nonvested at January 1

 

325,000

 

$

4.15

Granted

 

101,500

 

 

5.38

Vested

 

(62,500)

 

 

4.13

Forfeited

 

(16,000)

 

 

4.43

Nonvested at December 31

 

348,000

 

$

4.50

 

Total unrecognized compensation cost of restricted awards was $733,000 as of December 31, 2015, which is expected to be recognized over a weighted-average period of 1.92 years.