Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

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

Stock-Based Compensation

NOTE 4 — STOCK-BASED COMPENSATION

The Company has five stock option plans, the following two of which, continue to be available and these are described more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013:

● Amended and Restated 2000 Stock Option Plan; and

● 2007 Stock Incentive Plan.

The Company’s board of directors (the “Board”) does not intend to issue any additional options under the Amended and Restated 2000 Stock Option Plan.

Total stock-based compensation expense, for restricted stock issued under the 2007 Stock Incentive Plan, included in wages, salaries and related costs was $9,000 and $19,500 for the three months and nine months ended September 30, 2014, respectively. The charge for the three months and nine months ended September 30, 2013 was $1,500 and $4,500, respectively. These compensation expenses were charged to selling, general and administrative expenses because the stock was issued to the independent members of the Board as partial payment for their services to the Company. There was no charge for compensation expense related to stock option grants for the three months and nine months ended September 30, 2014. The comparable charges for stock option grants for the three months and nine months ended September 30, 2013 were $4,000 and $19,000, respectively. As of September 30, 2014, the Company had no unrecognized compensation expense related to stock option grants.