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Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity

Stockholders' Equity

6.   Stockholders’ Equity

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Equity Offerings

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On August 16, 2016, the Company completed an underwritten public offering of 7,043,750 shares of its common stock (including 918,750 shares issued as a result of the full exercise of an overallotment option by the underwriter) at a price to the public of $12.35 per share. The proceeds from this public offering, net of underwriter discounts and offering costs, totaled approximately $82.9 million.

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Equity-Based Compensation

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On May 20, 2002, the stockholders of the Company approved the 2002 Stock Incentive Plan (the “Plan”). The Plan is an equity-based incentive compensation plan, and provides for the grants of up to a maximum of 2,000,000 shares of the Company’s common stock (“Awards”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted Awards. Awards under the Plan are made at the discretion of the Company’s Board of Directors, and have no vesting requirements. Upon granting an Award, the Company will recognize compensation cost equal to the fair value of the Company’s common stock, as determined by the Company’s Board of Directors, on the date

of the grant. The Company granted 55,572 shares under the Plan between 2002 and 2005 and made no grants between 2006 and 2018.

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On December 10, 2019, the Company granted 38,046 shares under the Plan to non-employee directors at a compensation cost of approximately $337,000, which is included in general and administrative expenses in the consolidated statements of income. Such shares were fully vested on the date of issuance. There are currently 1,906,382 shares available for grant under the Plan.

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​	​	​	​	​	​	​
​		Shares Available		​	Compensation
(in thousands)	​	for Grant		​	Cost
​	​	​	​	​	​	​
Balance, December 31, 2016, 2017 and 2018	​	​	1,944,428	​	​	​
Shares granted 2019	​	​	(38,046)	​	$	337,000
Balance December 31, 2019	​	​	1,906,382	​	$	337,000

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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