XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock Based Compensation
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation

NOTE 6 – STOCK BASED COMPENSATION

 

The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $282,062 and $169,377 have been recognized for the three months ended March 31, 2018 and 2017, respectively.

 

As of March 31, 2018, there were options outstanding to purchase 1,766,100 shares. There were 611,500 shares available for grant under the 2013 Stock Option and Stock Award Plan. During the three months ended March 31, 2018, one participant exercised options to purchase a total of 12,000 shares of common stock at a weighted-average exercise price of $11.16 per share for total proceeds of $133,920. The aggregate intrinsic value of options outstanding as of March 31, 2018 was $4,077,983 and the aggregate intrinsic value of options exercised during the three months ended March 31, 2018 was $20,040.