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STOCK BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2017
STOCK BASED COMPENSATION |
STOCK BASED COMPENSATION | NOTE 4-STOCK BASED COMPENSATION Under the terms of our 2016 Omnibus Incentive Plan (the “2016 Plan”), officers and key employees could be granted restricted stock units, as well as non-qualified or incentive stock options, at the discretion of the compensation committee of the board of directors. The 2016 Plan replaces the 1996 Stock Incentive Plan (the “1996 Plan”), which was terminated in December 2015; however, all grants issued under the 1996 Plan prior to its termination will continue to vest, expire or terminate in accordance with the 1996 Plan document and the terms of each award. As of December 31, 2017 and 2016, none of our stock-based awards are classified as liabilities. We did not capitalize any stock-based compensation cost. At December 31, 2017, there was $278 thousand of unrecognized stock-based compensation expense related to non-vested restricted stock units, and the weighted average period over which the unearned stock-based compensation for the restricted stock units is expected to be recognized is approximately 1.3 years. All of our outstanding stock options are fully vested with no remaining unrecognized stock-based compensation expense. On a quarterly basis, we assess our estimate of forfeitures based on historical forfeiture activity and expected future employee attrition. We recognize the effect of adjustments made to forfeiture rates, if any, in the period we change the forfeiture estimate. Future stock-based compensation expense and unearned stock-based compensation will increase to the extent that we grant additional equity awards and our stock price increases. Share amounts and weighted-average grant date fair values reflect the 25% stock dividend paid on April 1, 2016. Restricted Stock Units Our outstanding restricted stock unit grants vest over five years in installments of 50% on the fourth anniversary of the grant date and the remaining 50% on the fifth anniversary of the grant date. Unvested restricted shares are forfeited if the recipient’s employment terminates for any reason other than death, disability or special circumstances as determined by the compensation committee of the board of directors. Activity for our restricted stock units is as follows:
|  |  |  |  |  | Weighted Average |  |  |
|  | Restricted Stock |  | Weighted-Average Grant |  | Remaining |  | Aggregate Intrinsic |
|  | Units |  | Date Fair Value |  | Contractual Life |  | Value |
|  | (in thousands) |  |  |  |  | (years) |  | (in thousands) |
Restricted stock units, January 1, 2016 |  | 161 |  | $ | 3.16 |  | 3.30 |  | $ | 921 |
Awarded |  | 10 |  | $ | 11.20 |  |  |  |  |  |
Released |  | — |  |  |  |  |  |  |  |  |
Forfeited |  | (6) |  |  | 6.00 |  |  |  |  |  |
Restricted stock units, December 31, 2016 |  | 165 |  | $ | 3.54 |  | 2.33 |  | $ | 1,158 |
Awarded |  | 5 |  | $ | 8.81 |  |  |  |  |  |
Released |  | — |  | $ | — |  |  |  |  |  |
Forfeited |  | (5) |  | $ | 11.09 |  |  |  |  |  |
Restricted stock units, December 31, 2017 |  | 165 |  | $ | 3.47 |  | 1.35 |  | $ | 861 |
The aggregate intrinsic values in the preceding table for the restricted stock units outstanding represent the total pretax intrinsic value, based on our closing stock price of $5.22 and $7.02 as of December 31, 2017 and 2016, respectively. In 2017 and 2016 no restricted stock units vested. Stock Options The exercise price of our stock options is the closing price on the date the options are granted. Options generally expire 10 years from the date of grant. The following table summarizes the activity for the remaining options outstanding under the Plan:
|  |  |  |  |  | Weighted Average |  |  |
|  |  |  | Weighted Average |  | Remaining |  | Aggregate Intrinsic |
|  | Shares |  | Exercise Price |  | Contractual Life |  | Value |
|  | (in thousands) |  |  |  |  | (years) |  | (in thousands) |
Options outstanding, January 1, 2016 |  | 18 |  | $ | 4.70 |  | 1.11 |  | $ | 22 |
Granted |  | — |  |  |  |  |  |  |  |  |
Exercised |  | — |  |  |  |  |  |  |  |  |
Cancelled or expired |  | (7) |  | $ | 6.26 |  |  |  |  |  |
Options outstanding, December 31, 2016 |  | 11 |  | $ | 3.75 |  | 0.65 |  | $ | 37 |
Granted |  | 3 |  | $ | 7.40 |  |  |  |  |  |
Exercised |  | (6) |  | $ | 4.96 |  |  |  |  |  |
Cancelled or expired |  | (1) |  | $ | 4.80 |  |  |  |  |  |
Options outstanding, December 31, 2017 |  | 7 |  | $ | 4.12 |  | 4.46 |  | $ | 15 |
Options exercisable, December 31, 2017 |  | 7 |  | $ | 4.12 |  | 4.46 |  | $ | 15 |
This intrinsic value represents the excess of the fair market value of our common stock on the date of exercise over the exercise price of such options. The aggregate intrinsic values in the preceding table for the options outstanding represent the total pretax intrinsic value, based on our closing stock price of $5.22 and $7.02 as of December 31, 2017 and 2016, respectively, which would have been received by the option holders had those option holders exercised their in-the-money options as of those dates. The fair value of stock-based option awards is estimated at the date of grant using the Black-Scholes option pricing model; however, the value calculated using an option pricing model may not be indicative of the fair value observed in a willing buyer/willing seller market transaction, or actually realized by the employee upon exercise. Expected volatility used to estimate the fair value of options granted is based on the historical volatility of our common stock. The risk-free interest rate is based on the United States Treasury constant maturity rate for the expected life of the stock option. The expected life of a stock award is the period of time that the award is expected to be outstanding. The following table provides additional information in regards to options outstanding as of December 31, 2017:
|  | Options Outstanding |  | Options Exercisable |
|  |  |  |  |  |  |  |  |  | Weighted |
Range of |  | Number |  | Weighted Average |  | Weighted Average |  | Number |  | Average Exercise |
Exercise Price |  | Outstanding |  | Remaining Contractual Life |  | Exercise Price |  | Exercisable |  | Price |
|  |  |  |  | (in thousands) |  | (years) |  |  |  | (in thousands) |  |  |  |
$ |  |  | 1.56 |  | 4 |  | 0.27 |  | $ | 1.56 |  | 4 |  | $ | 1.56 |
$ |  |  | 7.40 |  | 3 |  | 9.84 |  | $ | 7.40 |  | 3 |  | $ | 7.40 |
|  |  |  |  | 7 |  | 4.46 |  |  |  |  | 7 |  |  | 4.12 |

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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