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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2016
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, 2015, and changes during the nine months ended September 30, 2016 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, 2015
414,769

 
$
19.07

 
5.08
 
$
1,814

Exercised
(27,250
)
 
15.93

 

 


Canceled/Forfeited
(1,667
)
 
22.90

 
 
 


Outstanding, September 30, 2016
385,852

 
$
19.28

 
4.47
 
$
2,370

Exercisable, September 30, 2016
333,353

 
$
18.29

 
3.88
 
$
2,312


    
The following table summarizes information about our stock options outstanding at September 30, 2016:

 
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
79,352

 
2.90
 
$
10.64

 
79,352

 
$
10.64

$15.71-17.81
85,750

 
3.00
 
17.55

 
85,750

 
17.55

$17.82-20.48
114,917

 
3.39
 
19.62

 
114,917

 
19.62

$20.49-33.36
105,833

 
8.00
 
26.78

 
53,334

 
28.03

 
385,852

 
4.47
 
$
19.28

 
333,353

 
$
18.29




The summary of the status of our unvested stock options as of December 31, 2015 and changes during the nine months ended September 30, 2016 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value Per Share
Unvested at December 31, 2015
101,836

 
$
12.67

Vested
(47,670
)
 
12.75

 Canceled/Forfeited
(1,667
)
 
10.33

Unvested at September 30, 2016
52,499

 
$
12.67



As of September 30, 2016, there was $367,232 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of one year. Total compensation expense for stock options was $388,732 and $429,925 for the nine months ended September 30, 2016 and 2015, 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 2015 performance, Mr. Taylor, was awarded 75,915 restricted shares on January 6, 2016, which vest over two years, in equal installments, beginning January 6, 2017. On April 6, 2016, 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 over two years, in equal installments, beginning April 6, 2017. We also awarded and issued 23,536 shares of restricted common stock to our Board of Directors as partial payment for 2016 directors' fees. The restricted stock issued to our directors vests over one year, in quarterly installments, beginning March 31, 2017. Total compensation expense related to restricted stock awards was $1,350,427 and $2,186,330 for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, there was a total of $2,077,829 of unrecognized compensation expense related to these shares which is expected to be recognized over the next two years.