STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2017

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

STOCK-BASED COMPENSATION PLANS

4. STOCK-BASED COMPENSATION PLANS

In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. Options vest ratably over a two to four-year period beginning on the grant date and expire ten years from the date of grant. Shares available for granting options at December 31, 2017, 2016 and 2015 were 800,000, 0 and 0, respectively. Equity incentive awards were previously granted under the Company’s 2005 Equity Incentive Plan; however this plan expired on April 27, 2015. At the Annual Meeting of Shareholders of the Company held on May 26, 2017, the Company’s shareholders voted to approve the Miller Industries, Inc. 2016 Stock Incentive Plan, pursuant to which 800,000 shares of common stock are available for issuance pursuant to awards granted under the plan. No awards may be granted under the Company’s 2016 Stock Incentive Plan on or after August 1, 2026.

A summary of the activity of stock options for the years ended December 31, 2017, 2016 and 2015, is presented below (shares in thousands):

	2017					2016					2015
	Shares  Under Option			Weighted Average Exercise Price		Shares Under Option			Weighted Average Exercise Price		Shares Under Option			Weighted Average Exercise Price
Outstanding at Beginning of Period		37		$	5.49		38		$	5.49		72		$	5.49
Granted		—			—		—			—		—			—
Exercised		(26	)		5.49		(1	)		5.49		(34	)		5.49
Forfeited and cancelled		—			—		—			—		—			—
Outstanding at End of Period		11		$	5.49		37		$	5.49		38		$	5.49
Options exercisable at year end		11		$	5.49		37		$	5.49		38		$	5.49

A summary of options outstanding under the Company’s stock-based compensation plans at December 31, 2017 is presented below (in thousands):

Exercise Price		Shares  Under  Option		Weighted Average Exercise Price of  Options Outstanding		Weighted  Average  Remaining Life		Options  Exercisable		Weighted Average Exercise Price  of  Shares  Exercisable		Aggregate Intrinsic Value
$	5.49		11.0	$	5.49		0.86		11.0	$	5.49	$	223