Stock Compensation Plans

12 Months Ended

Dec. 31, 2019

(10) STOCK COMPENSATION PLANS

Restricted Stock Units (RSUs)

The table below shows the number of RSUs available for issuance at December 31, 2019:


Total authorized RSUs in Plan approved by shareholders		4,850,000
Stock issued out of the Plan from vested grants		(2,977,652)
Non-vested grants		(488,500)
RSUs available for future issuance		1,383,848


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		789,250
Granted – weighted average share price on grant date was $3.98		17,000
Vested – weighted average share price on vesting date was $2.95		(297,250)
Forfeited		(20,500)
Non-vested grants at December 31, 2019		488,500

RSU Vesting Schedule


Vesting Year		RSUs Vesting
2020		176,250
2021		303,250
2022		9,000
		488,500

Vested shares had a value of $0.9 million for 2019, and $2.1 million for 2018, 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 $0.5 million based on the March 6, 2020 closing stock price of $0.95.

For the years ended December 31, 2019 and 2018 stock-based compensation was $1.8 million and $3.2 million, respectively. For 2020, 2021, and 2022 based on existing RSUs outstanding, stock-based compensation expense is estimated to be $1.2 million, $1.1 million, and $0.0 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.