Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

Note 10. Shareholders’ Equity

In 2015, we adopted, and shareholders approved, an equity incentive plan for our employees, officers and directors (the “2015 Plan”).

On January 18, 2022, we granted 25 RSUs to an employee (the “2022 Individual Employee Grant”) with a grant date fair value of $10. The 2022 Individual Employee Grant vested one-third on the initial grant date, and the remaining two-thirds will vest on each anniversary of the grant date. On March 2, 2022, we granted 15 shares of restricted stock to one executive all of which vested on the grant date with a fair value of $18.

On November 9, 2021, we awarded 107 RSUs to executives and employees (the “2021 Employee Grant”). The 2021 Employee Grant vests in thirds on each anniversary of the grant date.

During 2022 and 2021, we did not grant any options to acquire shares of our common stock.

Compensation cost related to stock options recognized in operating results (included in general and administrative expenses) totaled $10 and $54 for the years ended December 31, 2022 and 2021, respectively. Approximately $0 of total unrecognized compensation costs related to non-vested stock options is expected to be recognized over the next two years, depending on the vesting provisions of the options. There was no tax benefit from recording the non-cash expense as it relates to the options granted to employees, as these were qualified stock options which are not normally tax deductible.

Compensation cost related to RSUs totaled $79 and $56 for the year ended December 31, 2022 and 2021, respectively. Approximately $145 of total unrecognized compensation costs related to non-vested RSUs is expected to be recognized over the next three years.

Stock option activity under the 2015 Plan is as follows:
 

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
2015 Plan
Maximum number of shares under the plan		2,000
Outstanding, December 31, 2020		470		$	1.80	3.3 years		125
Granted		-		$	-
Exercised		(45	)	$	1.26
Cancelled/Expired		(118	)	$	2.17
Outstanding, December 31, 2021		307		$	1.80	2.6 years		45
Exercisable, December 31, 2021		289		$	1.76	2.7 years		45
Available for issuance, December 31, 2021		1,530
Granted		-		$	-
Exercised		-		$	-
Cancelled/Expired		158		$	2.08
Outstanding, December 31, 2022		149		$	1.42	2.7 years		-
Exercisable, December 31, 2022		149		$	1.32	2.7 years		-
Available for issuance, December 31, 2022		1,851

A summary of additional information related to the options outstanding as of December 31, 2022 under the 2015 Plan is as follows:

Range of Exercise Prices	Number of Options (in thousands)		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price
2015 Plan
$1.20-$1.25		76	2.7 years	$	1.25
$1.26-$1.38		40	3.9 years	$	1.26
$1.80-$2.25		33	1.4 years	$	2.02
Total		149	2.7 years	$	1.42

Under our 2015 Plan, we have 1,706 shares available for future equity grants, which comprises our maximum shares available under the plan less all options and RSUs granted.

We have an Employee Stock Ownership Plan to provide retirement benefits for our employees which was terminated on December 1, 2021. At December 31, 2022 and 2021, a total of 0 and 14 shares of our common stock, respectively, have been allocated and earned by our employees.