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EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)

12 Months Ended

Dec. 31, 2019

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)

Schedule of Related Exercise Prices

​	​	​	​	​	​
Grant date		# of options		Exercise price
April 20, 2017		7,500	​	$	11.70

Schedule of Stock Options Activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2019

2018

2017

​

​

​

​

Weighted-

​

​

​

Weighted-

​

​

​

Weighted-

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

​

Options

Exercise Price

Options

Exercise Price

Options

Exercise Price

Outstanding at beginning of the year

2,751,000

​

$

6.28

3,193,000

​

$

6.07

3,362,350

​

$

5.90

Issued

—

​

—

—

​

—

7,500

​

11.70

Forfeited or rescinded

(2,500)

​

11.70

(249,000)

​

6.09

(11,450)

​

10.12

Exercised

—

​

—

(193,000)

​

2.96

(165,400)

​

2.63

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding at end of year

2,748,500

​

$

6.28

2,751,000

​

$

6.28

3,193,000

​

$

6.07

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Exercisable at end of year

2,506,700

​

$

5.78

2,323,900

​

$

5.42

2,091,900

​

$

4.85

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average fair value of options granted during the year

​

​

​

$

—

​

​

​

$

—

​

​

​

$

9.14

Schedule of Black-Scholes weighted-average assumptions

​

​	​	​	​	​	​	​	​	​	​
​		Risk free interest rate		Expected life (years)		Dividend yield		Volatility
April 20, 2017		1.78	%	6.5		—		94	%

Schedule of Stock Options Outstanding

The following table summarizes information related to the Company’s stock options outstanding at December 31, 2019:

​	​	​	​	​	​	​
​	​	Options Outstanding			​	​
​		​		Weighted-		​
​	​	​	​	Average	​	​
​	​	​	​	Remaining	​	​
​	​	Number	​	Contractual Life	​	Number
Exercise price	​	Outstanding	​	(in years)	​	Exercisable
2.00	​	395,000		2.17		395,000
4.50	​	1,340,000		3.24		1,340,000
5.50	​	5,000		3.45		5,000
7.50	​	4,000		3.73		4,000
10.00	​	90,000		4.21		90,000
14.54	​	10,000		4.99		10,000
8.00	​	277,500		5.17		277,500
8.25	​	50,000		6.19		40,000
6.42	​	15,000		6.59		9,000
11.75	​	557,000		7.20		334,200
11.70	​	5,000		7.55		2,000
​	​	2,748,500	​	4.20		2,506,700

Schedule of Restricted Stock Shares Activity

​	​	​
​	​	# of shares of
Grant date		restricted stock
December 19, 2017	​	330,900
April 4, 2018		2,000
September 27, 2018		2,500
December 26, 2018		615,380
April 9, 2019	​	10,400
May 30, 2019	​	5,000
July 9, 2019	​	5,000
September 13, 2019	​	10,000
December 21, 2019	​	627,205

Schedule of Restricted Stock Grants

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2019

​

2018

2017

​

​

Weighted-

​

​

​

​

​

​

​

​

​

​

Average

​

​

​

​

​

​

​

​

​

​

​

​

​

Grant

​

​

​

Weighted-

​

​

Weighted-

​

​

​

​

Date Fair

​

​

​

Average Grant

​

​

Average Grant

​

​

Restricted stock

​

Value

​

Restricted stock

​

Date Fair Value

​

Restricted stock

​

Date Fair Value

Outstanding at beginning of the year

878,360

$

7.33

330,900

$

13.44

​

—

​

$

—

Granted

657,605

2.63

619,880

4.78

​

330,900

​

​

13.44

Forfeited or rescinded

(6,940)

4.23

(7,800)

13.44

​

—

​

​

—

Vested

(187,136)

7.79

(64,620)

13.44

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding at end of year

1,341,889

$

4.99

878,360

$

7.33

​

330,900

​

$

13.44

Schedule of contributions expense

​

​	​	​
​		2019
Employer safe harbor match		59,716

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