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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2017
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, 2016, and changes during the three months ended March 31, 2017 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, 2016
350,186

 
$
19.45

 
4.25
 
$
4,453

Granted
32,750

 
28.15

 

 


Exercised
(25,580
)
 
20.19

 

 
271

Canceled/Forfeited
—

 
—

 
 
 


Outstanding, March 31, 2017
357,356

 
$
20.19

 
4.68
 
$
2,399

Exercisable, March 31, 2017
305,441

 
$
19.11

 
3.92
 
$
2,345


    













The following table summarizes information about our stock options outstanding at March 31, 2017:

 
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
65,852

 
2.31
 
$
9.82

 
65,852

 
$
9.82

$15.71-17.81
72,750

 
2.54
 
17.53

 
72,750

 
17.53

$17.82-20.48
86,836

 
3.09
 
19.60

 
86,836

 
19.60

$20.49-33.36
131,918

 
8.09
 
27.23

 
80,003

 
27.67

 
357,356

 
4.68
 
$
20.19

 
305,441

 
$
19.11



The summary of the status of our unvested stock options as of December 31, 2016 and changes during the three months ended March 31, 2017 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value Per Share
Unvested at December 31, 2016
50,833

 
$
12.67

Granted
32,750

 
11.93

Vested
(31,668
)
 
13.56

 Canceled/Forfeited
—

 
—

Unvested at March 31, 2017
51,915

 
$
11.66



As of March 31, 2017, there was $491,128 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of three years. Total compensation expense for stock options was $124,331 and $166,523 for the three months ended March 31, 2017 and 2016, 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 2016 performance, Mr. Taylor, was awarded 70,464 restricted shares on February 14, 2017, which vest over three years, in equal installments, beginning February 14, 2018. On March 23, 2017, 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 three years, in equal installments, beginning March 23, 2018. We also awarded and issued 15,968 shares of restricted common stock to our Board of Directors as partial payment for 2017 directors' fees. The restricted stock issued to our directors vests over one year, in quarterly installments, beginning March 31, 2018. Total compensation expense related to restricted stock awards was $1,408,265 and $481,753 for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, there was a total of $3,649,957 of unrecognized compensation expense related to these shares which is expected to be recognized over the next two years.