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Equity Compensation Plans | 12 Months Ended
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Dec. 31, 2016
Equity Compensation Plans |
Equity Compensation Plans | Note 13: Equity Compensation Plans The Company’s Long-term Incentive Plan (the “Incentive Plan”) was in effect for years prior to 2014, and authorized the issuance of up to 1,908,332 shares of the Company’s common stock, which included share grants in the form of qualified stock options, non-qualified stock options, restricted stock, restricted stock units and stock appreciation rights. Stock based awards were eligible to be granted to selected directors, officers or employees at the discretion of the Board of Directors. All stock options granted in 2006 and prior were previously vested, and the term periods have expired as of December 31, 2016. As of December 31, 2016, two stock option grant awards were outstanding; 85,500 shares are outstanding of the total 93,000 shares originally issued for 2007 awards. The 2009 award originally issued 16,500 shares, 9,000 of which are outstanding as of December 31, 2016. Both stock option awards had a vesting period of three years, and a term of ten years. No other stock options were granted in 2008 through 2016 period. There were 1,500 stock option shares exercised during the year ending December 31, 2016, from the 2009 award, and there were no stock options exercised during years ending 2015 and 2014. There is no unrecognized compensation cost related to unvested stock options as all stock options of the Company’s common stock have fully vested. A summary of stock option activity in the Plans for the year ending December 31, 2016, is as follows:
|  |  |  |  |  |  | Weighted- |  |  |
|  |  |  | Weighted |  | Average |  |  |
|  |  |  | Average |  | Remaining |  |  |
|  |  |  | Exercise |  | Contractual |  | Aggregate
|  | Shares |  | Price |  | Term (years) |  | Intrinsic Value
Beginning outstanding |  | 162,500 |  | $ | 27.03 |  |  |  |  |
Canceled |  | (36,500) |  |  | 29.20 |  |  |  |  |
Expired |  | (30,000) |  |  | 29.20 |  |  |  |  |
Exercised |  | (1,500) |  |  | 7.49 |  |  |  | $ | 2,790
Ending outstanding |  | 94,500 |  | $ | 25.82 |  | 1.1 |  |  |
Exercisable at end of period |  | 94,500 |  | $ | 25.82 |  | 1.1 |  |  |
The intrinsic value of the 94,500 shares related to stock options outstanding as of December 31, 2016 is $32,040. A summary of stock option activity as of each year is as follows (in dollars):
|  |  | 2016 |  | 2015 |  | 2014
Intrinsic value of options exercised |  | $ | 2,790 | $ | - | $ | -
Cash received from option exercises |  |  | 11,235 |  | - |  | -
Tax benefit realized from option exercises |  |  | 91 |  | - |  | -
Weighted average fair value of options granted |  |  | - |  | - |  | -
There are stock-based awards outstanding under the Company’s 2008 Equity Incentive Plan (the “2008 Plan”) and the Company’s 2014 Equity Incentive Plan (the “2014 Plan,” and together with the 2008 Plan, the “Plans”). The 2014 Plan was approved at the 2014 annual meeting of stockholders; a maximum of 375,000 shares were authorized to be issued under this plan. Following approval of the 2014 Plan, no further awards will be granted under the 2008 Plan or any other Company equity compensation plan. At the May 2016 annual stockholders meeting, an amendment to the 2014 Plan authorized an additional 600,000 shares to be issued, which resulted in a total of 975,000 shares authorized for issuance under this plan. The Plan authorizes the granting of qualified stock options, non-qualified stock options, restricted stock, restricted stock units, and stock appreciation rights. Awards may be granted to selected directors and officers or employees under the 2014 Plan at the discretion of the Compensation Committee of the Company’s Board of Directors. As of December 31, 2016, 558,007 shares remained available for issuance under the 2014 Plan. Total compensation cost that has been charged for the Plans was $657,000, $613,000 and $295,000 for the years ending December 31, 2016, 2015 and 2014, respectively. Awards under the 2008 Plan will become fully vested upon a merger or change in control of the Company. Under the 2014 Plan, upon a change in control of the Company, if (i) the 2014 Plan is not an obligation of the successor entity following the change in control, or (ii) the 2014 Plan is an obligation of the successor entity following the change in control and the participant incurs an involuntary termination, then the stock options, stock appreciation rights, stock awards and cash incentive awards under the 2014 Plan will become fully exercisable and vested. Performance-based awards generally will vest based upon the level of achievement of the applicable performance measures through the change in control. The Company granted restricted stock under its equity compensation plans beginning in 2005 and it began granting restricted stock units in February 2009. Restricted stock awards under the Plans generally entitle holders to voting and dividend rights upon grant and are subject to forfeiture until certain restrictions have lapsed including employment for a specific period. Restricted stock units under the Plans are also subject to forfeiture until certain restrictions have lapsed including employment for a specific period but do not entitle holders to voting rights until the restricted period ends and shares are transferred in connection with the units. There were 170,000 restricted awards issued during the year ending December 31, 2016. There were 101,500 restricted awards issued for the year ending December 31, 2015. Compensation expense is recognized over the vesting period of the restricted award based on the market value of the award on the issue date. A summary of changes in the Company’s unvested restricted awards for the year ending December 31, 2016, is as follows:
|  | December 31, 2016
|  |  |  | Weighted
|  | Restricted |  | Average
|  | Stock Shares |  | Grant Date
|  | and Units |  | Fair Value
Nonvested at January 1 |  | 348,000 |  | $ | 4.50
Granted |  | 170,000 |  |  | 7.14
Vested |  | (105,500) |  |  | 3.28
Forfeited |  | (3,500) |  |  | 6.81
Nonvested at December 31 |  | 409,000 |  | $ | 5.89
Total unrecognized compensation cost of restricted awards was $1.2 million as of December 31, 2016, which is expected to be recognized over a weighted-average period of 2.22 years.

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