OPTIONS

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

OPTIONS

The Company’s 2007 Long-Term Incentive Plan (the “Plan”) authorizes the grant of options to purchase up to an aggregate of 2,000,000 shares, subject to adjustment in certain circumstances. Both non-qualified options and options intended to qualify as “Incentive Stock Options” under Section 422 of the Internal Revenue Code may be granted under the Plan. A Stock Option Committee of the Board of Directors administers the Plan. The committee has the authority to determine when options are granted, the term during which an option may be exercised (provided no option has a term exceeding 10 years), the exercise price and the exercise period. The exercise price shall not be less than the fair market value on the date of grant. No option may be granted under the Plan after December 2017. Generally, employee options vest 20% per year for five years and expire ten years from the date of grant. At December 31, 2015, options for 1,760,000 shares of common stock are available for grant under the Plan.

A summary of the Company’s stock option transactions for the three years ended December 31, 2015 is presented below:

		2015				2014					2013
		Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding - beginning of the year			265,000		3.02		350,000			3.10		400,000			3.33
Cancelled							(60,000	)		3.05		—			—
Forfeited							—					(25,000	)		5.06
Expired							(25,000	)		4.04		(25,000	)		4.75
Outstanding - end of year	(a)		265,000		3.02		265,000			3.02		350,000			3.10
Fully vested and exercisable at end of year	(a)		265,000		3.02		265,000			3.02		350,000			3.10

(a) Weighted average remaining contractual terms of 2.51 years and no aggregate intrinsic value.

For the years ended December 31, 2015, 2014 and 2013, no stock options were granted.

As of December 31, 2015, there was no unrecognized compensation cost.