Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

3. Stock-Based Compensation

The Company’s 2006 Equity Incentive Plan (“the Plan”) provides for cash based awards or the grant or issuance of stock-based awards including; options, restricted stock or stock unit awards (SUA’s). As of December 31, 2015, 70,232 shares remained available for future grant under the 2006 Plan. In February 2016, the Board approved an additional 350,000 shares available for grant, subject to shareholder approval at the 2016 annual meeting. There were no other changes to the plan from 2015 as described in the 10-K.

 

Activity for SUAs under the Plan for the three months ended March 31, 2016 is as follows:

 

			Aggregate
	Number of		Intrinsic
	Shares		Value (1)
			(000s)
Unvested, December 31, 2015		111,464
Granted		-
Forfeited/expired		-
Converted to common stock		-
Unvested, March 31, 2016		111,464	$	1,533

1) The aggregate intrinsic value on these tables were calculated based on the closing market value of the Company’s stock on March 31, 2016 ($13.75).

As of March 31, 2016, the Company also had outstanding an aggregate of 47,000 options to acquire common stock under the Plan. A summary of stock option activity for the Plan for the three months ended March 31, 2016 is as follows:

			Weighted		Weighted
			Average		Average
			Exercise		Remaining		Aggregate
	Number of		Price		Contractual		Intrinsic
	Shares		per Share		Life		Value (2)
Outstanding, December 31, 2015		47,000	$	10.21			$	-
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, March 31, 2016		47,000	$	10.21		9.5 years	$	-

(2) The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the March 31, 2016 ($13.75) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

As of March 31, 2016, a total of 578,696 shares of common stock were reserved for issuance under the 2006 Incentive Plan, subject to shareholder approval at the 2016 annual meeting. As of March 31, 2016, the unamortized fair value of awards relating to outstanding SUAs and options was $1.0 million, which is expected to be amortized over a weighted average period of 2.6 years.