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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock/Units On June 18, 2014, at our annual meeting of shareholders, our shareholders approved a proposed amendment to the 2009 Restricted Stock/Unit Plan (the "Plan") to add additional 500,000 shares of common stock to the Plan, thereby authorizing the issuance of up to 800,000 shares of common stock under the Plan. 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 2017 performance, Mr. Taylor, was awarded 84,700 restricted shares/units on March 15, 2018, which vest over three years, in equal installments beginning March 15, 2019. On March 15, 2018, the Compensation Committee awarded 20,000 restricted shares/units to each G. Larry Lawrence, our CFO, and James Hazlett, our Vice President of Technical Services. The restricted shares/units to Messrs. Hazlett and Lawrence vest over three years, in equal installments, beginning March 15, 2019. We also awarded and issued 16,288 shares of restricted common stock/units to our Board of Directors as partial payment for 2018 directors' fees. The restricted stock/units issued to our directors vests over one year, in quarterly installments, beginning March 31, 2019. Compensation expense related to the restricted shares/units was approximately $2,226,000, $3,675,000 and $1,793,000 for the years ended December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018, there was a total of approximately $2,620,000 of unrecognized compensation expense related to the nonvested portion of these restricted shares/units. This expense is expected to be recognized over the next three years and a quarter. As of December 31, 2018, 45,533 shares were still available for issuance under the Plan. A summary of all restricted stock/units activity as of December 31, 2016, 2017 and 2018 and changes during the years then ended are presented below.
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2015 | 145,588 |  | $ | 19.17 |  | 9.12 |  | $ | 3,246
Granted | 139,451 |  | $ | 21.34 |  | — |  | $ | 3,007
Vested | (145,558) |  | $ | 19.17 |  | — |  | $ | 2,963
Canceled/Forfeited | — |  | $ | — |  | — |  | $ | —
Outstanding, December 31, 2016 | 139,451 |  | $ | 21.34 |  | 9.13 |  | $ | 4,483
Granted | 126,432 |  | $ | 27.06 |  | — |  | $ | 3,421
Vested | (81,494) |  | $ | 21.20 |  | — |  | $ | 2,361
Canceled/Forfeited | — |  | $ | — |  | — |  | $ | —
Outstanding, December 31, 2017 | 184,389 |  | $ | 25.32 |  | 8.83 |  | $ | 4,831
Granted | 140,988 |  | 24.55 |  | — |  | 3,461
Vested | (110,747) |  | 23.97 |  | — |  | 2,806
Canceled/Forfeited | — |  | — |  | — |  | —
Outstanding, December 31, 2018 | 214,630 |  | $ | 25.51 |  | 8.85 |  | $ | 3,529
Stock Option Plan Our Stock Option Plan which is stockholder approved, permits the granting of stock options to its employees for up to 550,000 shares of common stock. On June 16, 2009, at our annual meeting of shareholders, our shareholders approved to add an additional 200,000 shares of common stock to the Stock Option Plan. On June 16, 2016, at our annual meeting of shareholders, our shareholders approved a proposed amendment to the Stock Option Plan to add an additional 250,000 shares of common stock to the Stock Option Plan, thereby authorizing the issuance of up to 1.0 million shares of common stock under the Stock Option Plan. We believe that such awards better align the interests of our employees with our stockholders. Option awards are generally granted with an exercise price equal to the market price of our stock at the date of grant; those option awards generally vest based on three years of continuous service and have ten-year contractual terms. Certain option and share awards provide for accelerated vesting if there is a change in control of the Company (as defined in the Stock Option Plan). The last date that grants can be made under the Stock Option Plan is February 28, 2026. As of December 31, 2018, 318,503 shares were still available for issue under the Stock Option Plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of options granted is based on the vesting period and historical exercise and post-vesting employment termination behavior for similar grants. We use historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.
Weighted average Black -Scholes fair value assumption during the year ended December 31, are as follows: |  |  |  | 2017 |  |  |  |
Risk free rate |  |  |  | 2.12 | % |  |  |  |
Expected life |  |  |  | 6 years |  |  |  |
Expected volatility |  |  |  | 39.59 | % |  |  |  |
Expected dividend yield |  |  |  | — |  |  |  |
There were no stock option grants made in 2018 or 2016. A summary of all option activity as of December 31, 2016, 2017 and 2018 and changes during the years then ended are presented below:
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2015 | 414,769 |  | $ | 19.07 |  | 5.08 |  | $ | 1,814
Granted | — |  | $ | — |  |  |  |
Exercised | (62,083) |  | $ | 16.79 |  |  |  | 625
Canceled/Forfeited | (2,500) |  | $ | 22.90 |  |  |  | $ | —
Outstanding, December 31, 2016 | 350,186 |  | $ | 19.45 |  | 4.25 |  | $ | 4,453
Granted | 32,750 |  | $ | 28.15 |  |  |  |
Exercised | (55,666) |  | $ | 20.12 |  |  |  | 446
Outstanding, December 31, 2017 | 327,270 |  | $ | 20.21 |  | 4.28 |  | $ | 2,255
Granted | — |  | — |  |  |  |
Exercised | (38,250) |  | 17.19 |  |  |  | 216
Canceled/Forfeited | (5,334) |  | 24.02 |  |  |  | —
Outstanding, December 31, 2018 | 283,686 |  | $ | 20.46 |  | 3.58 |  | $ | 434
Exercisable, December 31, 2018 | 262,821 |  | $ | 19.85 |  | 3.22 |  | $ | 434
The weighted average grant date fair value of options granted during the years was $11.93 in 2017 and none in 2018. The total intrinsic value, or the difference between the exercise price and the market price on the date of exercise, of options exercised during the years ended December 31, 2018, 2017, and 2016 was approximately $216,000, $446,000, and $625,000 respectively. Cash received from stock options exercised during the years ended December 31, 2018, 2017, and 2016 was approximately $680,000, $1.12 million, and $1.0 million, respectively. The following table summarizes information about our stock options outstanding at December 31, 2018:
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 |  | 64,852 |  | 0.52 |  | $ | 9.75 |  | 64,852 |  | $ | 9.75
$15.71-17.81 |  | 42,000 |  | 1.57 |  | $ | 17.54 |  | 42,000 |  | $ | 17.54
$17.82-20.48 |  | 50,500 |  | 2.34 |  | $ | 19.43 |  | 50,500 |  | $ | 19.43
$20.49-33.36 |  | 126,334 |  | 6.32 |  | $ | 27.33 |  | 105,469 |  | $ | 27.19
|  | 283,686 |  | 3.58 |  | $ | 20.46 |  | 262,821 |  | $ | 19.85
The summary of the status of our unvested stock options as of December 31, 2018 and changes during the year then ended is presented below.
Unvested stock options: | Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2017 | 48,581 |  | $ | 11.41
Granted | — |  | $ | —
Vested | (26,549) |  | $ | 10.97
Canceled/Forfeited | (1,167) |  | $ | 11.93
Unvested at December 31, 2018 | 20,865 |  | $ | 11.93
We recognized stock compensation expense from stock options vesting of $159,000, $363,000, and $506,000 for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, there was approximately $131,000 of total unamortized compensation cost related to unvested stock options. We expect to recognize such cost over a weighted-average period of 1.0 year. There were no stock option grants in 2018.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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