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Note 4. Stock Options and Restricted Stock Units
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Stock Options and Restricted Stock Units

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016, the shareholders of the Company approved an additional 200,000 awards to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 400,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of March 31, 2018, 299,000 awards had been granted under the 2014 Plan.

 

The following table summarizes information about stock options outstanding and exercisable at March 31, 2018:

 

   Options Outstanding    

 

Options Exercisable

 
  Exercise Price Range   

Number

    

Weighted Average

Remaining Contractual

Life (in Years)

    

Weighted Average

Exercise Price

    

Number

 
$ 0.01 - $1.00   7,850    3.81   $0.01    7,850 
$ 1.01 - $7.00   10,000    7.64   $6.80    6,667 
$ 7.01 - $8.00   21,563    5.49   $7.76    21,563 
$ 8.01 - $10.00   5,166    6.74   $9.26    5,166 
$ 10.01 - $13.49   72,000    4.74   $13.27    40,000 
   Total    116,579        $  10.63     81,246 

 

As of March 31, 2018, the Company had unrecognized stock compensation related to the options of $104,000, which will be recognized through 2019.

 

On January 29, 2018, the Company granted 1,000 restricted stock units with an intrinsic value of $17.65 to a certain employee of the Company. The restricted stock units vest one-half annually over two years. During the three months ended March 31, 2018, 27,001 restricted stock units with an intrinsic value of $5.23 vested. As of March 31, 2018, there was $209,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2020.