STOCK BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2015

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS

8. STOCK-BASED COMPENSATION PLANS

        On March 11, 2014, we granted Common Stock awards of 2,000 restricted shares of Common Stock to each of the independent members of the Board of Directors (6,000 in aggregate) which awards were effective upon the receipt of stockholder approval of the amendment of the 2005 Equity Incentive Plan. The shares of Common Stock vested in March 2015 based on a year of continuous service. Compensation expense related to these restricted shares of Common Stock was recognized over the vesting period. We recorded compensation expense of $32,000 for the three months ended March 31, 2015 related to these restricted shares of Common Stock.

        We issued an aggregate of 4,000 restricted shares of Common Stock to two of our executive officers comprised of 2,000 shares of Common Stock issued on May 6, 2014 and 2,000 shares of Common Stock issued on March 6, 2015. The restricted shares of Common Stock vest based on two years of continuous service with one-third of the shares of Common Stock vesting immediately upon issuance and one-third vesting at the end of each of the next two years. Compensation expense related to these restricted shares of Common Stock is being recognized over the vesting period. We recognized compensation expense of $18,000 for the three months ended March 31, 2015 related to these restricted shares of Common Stock.

        As of March 31, 2015, there was $30,000 of total unrecognized compensation expense related to these restricted shares of Common Stock which will be recognized over the next two years.