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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

Stock Options:

A summary of option activity under our 1998 Stock Option Plan as of December 31, 2014, and changes during the three months ended March 31, 2015 is presented below.

 
Number
 of
Stock Options
 
Weighted Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2014
432,269

 
$
17.55

 
10.10
 
$
2,786

Granted
—

 
—

 

 


Exercised
(50,000
)
 
9.84

 

 


Canceled/Forfeited
(1,500
)
 
30.41

 
 
 


Outstanding, March 31, 2015
380,769

 
$
18.52

 
5.17
 
$
957

Exercisable, March 31, 2015
325,599

 
$
17.05

 
4.56
 
$
951


    
The following table summarizes information about our stock options outstanding at March 31, 2015:

 
Range of Exercise Prices
Options Outstanding
 
Options Exercisable
Shares
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
$0.01-15.70
95,852

 
3.96
 
$
11.26

 
95,852

 
$
11.26

$15.71-17.81
102,750

 
4.44
 
17.51

 
102,750

 
17.51

$17.82-20.48
124,667

 
4.93
 
19.60

 
111,167

 
19.71

$20.49-33.36
57,500

 
9.04
 
30.05

 
15,830

 
30.41

 
380,769

 
5.17
 
$
18.52

 
325,599

 
$
17.05




The summary of the status of our unvested stock options as of December 31, 2014 and changes during the three months ended March 31, 2015 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2014
91,834

 
$
14.19

Granted
—

 
—

Vested
(35,164
)
 
12.88

Canceled/Forfeited
(1,500
)
 
16.79

Unvested at March 31, 2015
55,170

 
$
14.95



As of March 31, 2015, there was $693,517 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 1.8 years. Total compensation expense for stock options was $114,002 and $56,790 for the three months ended March 31, 2015 and 2014, respectively.



Restricted Stock:

In accordance with the Company's employment agreement with Stephen Taylor, the Company's Chief Executive Officer, the Compensation Committee reviewed his performance in determining the issuance of restricted common stock. Based on this review which included consideration of the Company's 2014 performance, Mr. Taylor, was awarded 83,590 restricted shares on January 16, 2015, which vest one year from the date of grant. On March 19, 2015, the Compensation Committee awarded 20,000 shares of restricted common stock to each of G. Larry Lawrence, our CFO, and James Hazlett, our Vice President of Technical Services. The restricted shares to Messrs. Hazlett and Lawrence vest one year from the grant date. We also awarded and issued 21,968 shares of restricted common stock to our Board of Directors as partial payment for 2015 directors' fees. The restricted stock issued to our directors vests over one year, in quarterly installments, beginning March 31, 2016. Total compensation expense related to restricted stock awards was $679,770 and $692,682 for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was a total of $2,715,334 of unrecognized compensation expense related to these shares which is expected to be recognized over the next twelve months.