9. STOCK-BASED COMPENSATION

Stock-based compensation awards consist of stock options, restricted stock units and restricted stock awards issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); the 2004 Stock Incentive Plan (the “2004 Plan”); and the 1995 Stock Incentive Plan (the “1995 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. As of September 30, 2014, 642,699 shares were available for future issuances under the 2013 Plan. For the three and nine months ending September 30, 2014, the Company recorded stock-based compensation cost of $273,996 and $737,270, respectively, which has been included in general and administrative expense.

Bonus Shares

In March 2014, in accordance with the Company’s short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company. The bonus shares were valued using the closing share price of the Company’s common stock on the date of grant. The bonus shares vested immediately and had a grant date fair value of $191,730.

Stock Options

The following table summarizes stock options outstanding and changes during the nine months ended September 30, 2014:

	Number of stock options		Weighted Average Exercise Price
Stock options outstanding at January 1, 2014	309,479		$	19.75
Granted	—		—
Exercised	—		—
Expired	(131,250	)	11.60
Canceled or forfeited	(14,000	)	31.31
Stock options outstanding at September 30, 2014	164,229		$	25.28
Stock options exercisable at September 30, 2014	117,564		$	34.01

The following table summarizes stock options outstanding and exercisable by stock option plan at September 30, 2014:

	Outstanding Options			Options Exercisable
Stock Option Plan	Number of Options Outstanding	Weighted Average Exercise Price		Number of Options Exercisable	Weighted Average Exercise Price
1995 Stock Incentive Plan	8,750	$	31.20	8,750	$	31.20
2004 Stock Incentive Plan	75,481	11.76		38,814	20.28
2004 Director’s Plan	74,998	39.68		70,000	41.98
2013 Omnibus Incentive Plan	5,000	2.99		—	—
	164,229	$	25.28	117,564	$	34.01

Total estimated unrecognized compensation cost from unvested stock options as of September 30, 2014 was approximately $107,589, which is expected to be recognized over a weighted-average period of 1.73 years.

Restricted Stock Units

Time-based and performance-based restricted stock units (“RSUs”) are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria.

The following table summarizes RSU activity during the period ended September 30, 2014:

	Number of restricted stock units		Weighted- Average Grant Date Fair Value
RSUs outstanding at January 1, 2014	280,000		$	3.31
Granted	431,941		2.61
Forfeited	(29,778	)	3.38
Vested	(76,886	)	3.20
RSUs outstanding at September 30, 2014	605,277		$	2.82

Total estimated unrecognized compensation cost from unvested RSUs as of September 30, 2014 was approximately $1,133,404, which is expected to be recognized over a weighted-average period of 2.37 years.

Restricted Stock Awards

Time-based and performance-based restricted stock awards (“RSAs”) are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings.

The following table summarizes RSA activity during the period ended September 30, 2014:

	Number of RSAs		Weighted- Average Grant Date Fair Value
RSAs outstanding at January 1, 2014	54,151		$	5.49
Forfeited	(5,601	)	5.39
Vested	(20,230	)	5.58
RSAs outstanding at September 30, 2014	28,320		$	5.44

The total estimated unrecognized compensation cost from the unvested RSA grants at September 30, 2014 was $118,380, which is expected to be recognized over the weighted-average vesting period of 1.15 years.