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Stock Options
12 Months Ended
Dec. 31, 2017
Stock Options [Abstract]  
Stock Options Disclosure [Text Block]
(9)
Stock Options
 
Through the Compensation Committee of the Company’s Board of Directors, the Company administers the 2011 Stock Option and Incentive Plan, which provides incentive and non-qualified stock option benefits for employees, officers, directors and independent contractors providing services to Enzon and its subsidiaries. Options granted to employees generally vest over four years from date of grant and options granted to directors vest after one year. The exercise price of the options granted must be at least 100 percent of the fair value of the Company’s common stock at the time the options are granted. Options may be exercised for a period of up to ten years from the grant date. As of December 31, 2017, the 2011 plan authorized equity-based awards for 5 million common shares of which about 4.4 million shares remain available for grant, however, there will be no further grants made pursuant to those plans.
 
2013 Outside Director Compensation Plan
 
In connection with the special cash dividend that was paid on September 26, 2017 to stockholders of record as of August 30, 2017 (see Note 7), the Compensation Committee of the Board approved equitable adjustments to the Company’s outstanding stock options and restricted stock units.
 
In connection with the special cash dividend declared and paid in 2016 (see Note 7), the Compensation Committee of the Board approved equitable adjustments to the Company’s outstanding stock options and restricted stock units.
 
The following is a summary of the activity in the Company’s outstanding Stock Option Plans, which include the 2011 Stock Option and Incentive Plan, the 2001 Incentive Stock Plan, and the 1987 Non-Qualified Stock Option Plan (options in thousands):
 
 
 
 
 
 
Weighted
 
Weighted
 
 
 
 
 
 
 
 
 
Average
 
Average
 
 
 
 
 
 
 
 
 
Exercise
 
Remaining
 
Aggregate
 
 
 
 
 
 
Price Per
 
Contractual
 
Intrinsic
 
 
 
Options
 
Option
 
Term (years)
 
Value ($000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2017
 
 
219
 
$
2.66
 
 
2.60
 
$
-
 
Granted at exercise prices which equaled the fair value on the date of grant
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expired and forfeited
 
 
(177)
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2017
 
 
42
 
$
3.11
 
 
3.23
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at December 31, 2017
 
 
42
 
$
3.11
 
 
3.23
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2017
 
 
42
 
$
3.11
 
 
3.23
 
$
-
 
 
As of December 31, 2017, there was no unrecognized compensation cost related to unvested options that the Company expects to recognize.
 
No options were granted during the years ended December 31, 2017 and 2016.
 
In the years ended December 31, 2017 and 2016, the Company recorded no stock-based compensation related to stock options. The Company’s policy is to use newly issued shares to satisfy the exercise of stock options.
 
The Company received no cash from exercises of stock options in either of the years ended December 31, 2017 and 2016.