Share-Based Compensation

3 Months Ended

Mar. 31, 2019

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

Share-Based Compensation

(11) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $57 and $43 for each of the three-month periods ended March 31, 2019 and 2018, respectively.

As of March 31, 2019, there was approximately $334 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.9 years.

Stock Options and Stock Grants

No stock options were exercised during the three months ended March 31, 2019, or March 31, 2018. During the three months ended March 31, 2019, 8,000 stock options were granted, compared to 36,000 stock options granted during the same period in 2018. During the three months ended March 31, 2019, 4,000 stock options expired, and 11,000 stock options were forfeited compared to no stock options being forfeited and 101,000 stock options expiring during the same period in 2018. We had 3,408,000 stock options outstanding at a weighted average exercise price of $0.67 on March 31, 2019, compared to 3,415,000 stock options outstanding at a weighted average exercise price of $0.67 on December 31, 2018. 

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three-month periods presented:

	March 31, 2019			March 31, 2018
Weighted-average risk-free interest rates:		2.5	%		2.7	%
Dividend yield:		—			—
Weighted-average expected life of the option:		7 years			7 years
Weighted-average expected stock price volatility:		94	%		94	%
Weighted-average fair value of the options granted:	$	0.75		$	0.36

As of March 31, 2019, we did not have any unvested restricted stock or performance shares outstanding.