(5) Stock Compensation Plans

Restricted Stock Units (RSUs)

On May 16, 2017, our Compensation Committee authorized the issuance and immediate vesting of 495,000 RSUs to our Chairman, President, and CFO. These shares were valued at $3.8 million, based on the May 16, 2017, closing stock price of $7.74.

By shareholder approval on May 25, 2017, our 2008 Restricted Stock Unit Plan (RSU Plan) was amended and restated to add 1,000,000 shares and extend its term through May 25, 2027.

On June 6, 2017, our Compensation Committee approved a Four-Year Compensation Plan for our Chairman, President, and CFO that granted them 645,000 RSUs. These shares vest/lapse 25% annually from December 16, 2018 through December 16, 2021, or earlier based on the terms of the RSU Plan and the applicable award agreements. The closing stock price on the date of grant was $8.23.

The table below shows the number of RSUs available for issuance at December 31, 2018:


Total authorized RSUs in Plan approved by shareholders	4,850,000
Stock issued out of the Plan from vested grants	(2,802,284)
Non-vested grants	(789,250)
RSUs available for future issuance	1,258,466



Non-vested grants at December 31, 2016	733,000
Granted – weighted average share price on grant date was $7.98	1,211,500
Vested – weighted average share price on vesting date was $7.22	(990,500	)
Forfeited	(9,500	)
Non-vested grants at December 31, 2017	944,500
Granted – weighted average share price on grant date was $5.76	202,000
Vested – weighted average share price on vesting date was $6.21	(344,750	)
Forfeited	(12,500	)
Non-vested grants at December 31, 2018 (1)	789,250

_______________________________________

(1)RSU Vesting Schedule



Vesting Year		No. RSUs Vesting
2019		304,750
2020		176,250
2021		308,250
		789,250

Vested shares had a value of $2.1 million for 2018, and $7.1 million for 2017 on their vesting dates. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

The outstanding RSUs have a value of $4.07 million based on the March 8, 2019 closing stock price of $5.16.

For the years ended December 31, 2018 and 2017 stock based compensation was $3.2 million and $7.3 million, respectively. For 2019, 2020, and 2021, based on existing RSUs outstanding, stock-based compensation expense is estimated to be $1.9 million, $1.2 million, and $1.1 million, respectively.

Stock Options

We have no stock options outstanding.

Stock Bonus Plan

Our stock bonus plan was authorized in late 2009 with 250,000 shares. Currently, we have 86,383 shares available for future issuance.