Stock-based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 4 – Stock-based Compensation

Options

At March 31, 2016 the Company had three stock-based compensation plans, which are described more fully in Note 16 to the audited consolidated financial statements for the year ended December 31, 2015, contained in the Company’s most recently filed Annual Report on Form 10-K.

During the first three months of 2016 the Company issued options to purchase a total of 70,000 shares of common stock to the Company’s independent directors as part of their annual compensation.

The following summarizes the changes in common stock options for the three months ended March 31, 2016:

	Options			Weighted Average Exercise Price
Outstanding at December 31, 2015		2,175,000		$	1.70
Granted		70,000		$	0.24
Exercised		(20,000	)	$	0.15
Expired		(20,000	)	$	0.15
Outstanding at March 31, 2016		2,205,000		$	1.68
Options exercisable at March 31, 2016		1,960,000		$	1.81

The Company recognized stock-based compensation expense related to stock options of $36,000 for the three months ended March 31, 2016.  As of March 31, 2016 there is approximately $0.1 million of unrecognized stock-based compensation expense related to unvested option awards outstanding, which is expected to be recognized over a weighted average period of 2.6 years.

Restricted Stock

Restricted stock awards represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement.  There is no exercise price and no monetary payment required for receipt of restricted stock awards or the shares issued in settlement of the award.  Instead, consideration is furnished in the form of the participant’s services to the Company.  Compensation cost for these awards is based on the fair value on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period.

The following summarizes the changes in restricted stock awards for the three months ended March 31 2016:

	Restricted Stock Awards		Weighted AverageGrant Date Fair Value Per Share
Unvested Awards at December 31, 2015		150,000	$	0.38
Granted		—		—
Vested		—		—
Unvested awards at March 31, 2016		150,000	$	0.38
Vested awards at March 31, 2016		150,000	$	0.38

Stock-based compensation expense related to restricted stock awards was not material for the three months ended March 31, 2016 and 2015.