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4) Stock-based Compensation | 9 Months Ended
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Sep. 30, 2015
Notes |
4) Stock-based Compensation | 4) Stock-Based Compensation The Company has four fixed option plans (the “2003 Plan”, the “2006 Director Plan”, the “2013 Plan” and the “2014 Director Plan”). Compensation expense for options issued of $88,510 and $108,872 has been recognized for these plans for the three months ended September 30, 2015 and 2014, respectively, and $299,986 and $237,398 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, the total unrecognized compensation expense related to the options issued in December 2014 was $61,645, which is expected to be recognized over the vesting period of one year. At the Annual Meeting of Stockholders of the Company, held on July 1, 2015, the Company’s stockholders approved an amendment to the Company’s “2013 Plan” to authorize an additional 450,000 shares of Class A common stock to be available for issuance under the plan, of which up to 200,000 shares of Class A common shares may be issued as up to 200,000 shares of Class C common stock. The Company generally estimates the expected life of the options based upon the contractual term of the options adjusted for actual experience. Future volatility is estimated based upon the a weighted historical volatility of the Company’s Class A common stock and three peer company stocks over a period equal to the estimated life of the options. Common stock issued upon exercise of stock options are generally new share issuances rather than from treasury shares. A summary of the status of the Company’s stock incentive plans as of September 30, 2015, and the changes during the nine months ended September 30, 2015, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2014 |  | 512,795 |  | $ 3.20 |  | 691,591 |  | $ 2.00
Granted |  | - |  |  |  | - |  |
Exercised |  | (23,820) |  | 1.85 |  | (114,023) |  | 2.14
Cancelled |  | (8,846) |  | 2.31 |  | - |  |
Outstanding at September 30, 2015 |  | 480,129 |  | $ 3.28 |  | 577,568 |  | $ 2.62
As of September 30, 2015: |  |  |  |  |  |  |  |
Options exercisable |  | 447,571 |  | $ 3.17 |  | 550,693 |  | $ 2.51
As of September 30, 2015: |  |  |  |  |  |  |  |
Available options for future grant |  | 561,649 |  |  |  | 155,000 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at September 30, 2015 |  | 7.15 years |  |  |  | 2.41 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at September 30, 2015 |  | 7.00 years |  |  |  | 2.35 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at September 30, 2015 (1) |  | $1,646,768 |  |  |  | $2,363,921 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at September 30, 2015 (1) |  | $1,583,605 |  |  |  | $2,312,190 |  |
(1) The Company used a stock price of $6.71 as of September 30, 2015 to derive intrinsic value.
A summary of the status of the Company’s stock incentive plans as of September 30, 2014, and the changes during the nine months ended September 30, 2014, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2013 |  | 405,133 |  | $ 2.41 |  | 508,656 |  | $ 2.00
Granted |  | 52,000 |  | 4.29 |  | 50,000 |  | 4.72
Exercised |  | (40,468) |  | 1.66 |  | - |  |
Cancelled |  | (8,201) |  | 2.29 |  | - |  |
Outstanding at September 30, 2014 |  | 408,464 |  | $ 2.75 |  | 558,656 |  | $ 2.25
As of September 30, 2014: |  |  |  |  |  |  |  |
Options exercisable |  | 334,869 |  | $ 2.40 |  | 495,532 |  | $ 1.92
As of September 30, 2014: |  |  |  |  |  |  |  |
Available options for future grant |  | 412,480 |  |  |  | 55,000 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at September 30, 2014 |  | 7.01 years |  |  |  | 2.57 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at September 30, 2014 |  | 6.45 years |  |  |  | 1.80 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at September 30, 2014 (1) |  | $913,166 |  |  |  | $1,524,902 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at September 30, 2014 (1) |  | $869,804 |  |  |  | $1,512,402 |  |
(1) The Company used a stock price of $4.97 as of September 30, 2014 to derive intrinsic value.
The total intrinsic value (which is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date) of stock options exercised during the nine months ended September 30, 2015 and 2014 was $532,418 and $133,141, respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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