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Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

(11) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $64 and $179 for the three and nine months ended September 30, 2019, respectively, compared to $58 and $146 for the three and nine months ended September 30, 2018, respectively.

As of September 30, 2019, there was approximately $422 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.8 years.

Stock Options and Stock Grants

During the nine months ended September 30, 2019, 36,000 stock options were exercised for $16. During the nine months ended September 30, 2018, 63,999 shares of common stock were issued pursuant to stock option exercises for proceeds of $29. During the nine months ended September 30, 2019, 547,500 stock options were granted, compared to 570,500 stock options granted during the same period in 2018. During the nine months ended September 30, 2019, 130,500 stock options expired compared to 188,504 for the same period in 2018. For the nine months ended September 30, 2019, 48,600 stock options were forfeited compared to 31,601 for the same period in 2018. We had 3,747,400 stock options outstanding at a weighted average exercise price of $0.64 on September 30, 2019, compared to 3,415,000 stock options outstanding at a weighted average exercise price of $0.67 on December 31, 2018.

No stock options were granted in the three-month periods ending September 30, 2019 and 2018.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:

For the nine months ended	September 30, 2019			September 30, 2018
Weighted-average risk-free interest rates		2.3	%		2.9	%
Dividend yield		0.00	%		0.00	%
Weighted-average expected life of the option		7 years			7 years
Weighted-average expected stock price volatility		94	%		94	%
Weighted-average fair value of the options granted	$	0.64		$	0.64

As of September 30, 2019, we did not have any unvested restricted stock or performance shares outstanding.