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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2020
Stock-Based Compensation |
Stock-Based Compensation | Note 3 ‑ 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. The Company recorded stock-based compensation expense of $ 26 thousand and $ 75 thousand for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, none of our stock-based awards are classified as liabilities. We did not capitalize any stock-based compensation cost during the years ended December 31, 2020 or 2019. At December 31, 2020, there was no unrecognized stock-based compensation expense related to non-vested stock-based awards restricted stock units. 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. Restricted Stock Units Our restricted stock unit grants generally vest over five years in installments of 50% on the fourth anniversary of the grant date and 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, 2019 |  | 120 |  | $ | 3.97 |  | 0.70 |  | $ | 252
Awarded |  | — |  |  | — |  | — |  |  | —
Issued |  | (78) |  |  | 3.05 |  | — |  |  | —
Forfeited |  | (5) |  |  | 8.81 |  | — |  |  | —
Restricted stock units, December 31, 2019 |  | 37 |  | $ | 5.23 |  | 0.38 |  | $ | 178
Awarded |  | — |  |  | — |  | — |  |  | —
Issued |  | (37) |  |  | 5.23 |  | — |  |  | —
Forfeited |  | — |  |  | — |  | — |  |  | —
Restricted stock units, December 31, 2020 |  | — |  | $ | — |  | — |  | $ | —
The aggregate intrinsic values as of December 31, 2020, 2019 and 2018 in the preceding table for the restricted stock units outstanding represent the total pretax intrinsic value, based on our closing stock prices of $9.00, $4.75 and $2.10 as of December 31, 2020, 2019 and 2018, respectively. 37,500 and 77,500 restricted stock units vested in 2020 and 2019, respectively. 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, 2019 |  | 3 |  | $ | 7.40 |  | 8.84 |  | $ | —
Granted |  | — |  |  |  |  |  |  |  |
Exercised |  | — |  |  |  |  |  |  |  |
Cancelled or expired |  | — |  |  |  |  |  |  |  |
Options outstanding, December 31, 2019 |  | 3 |  | $ | 7.40 |  | 7.84 |  | $ | —
Granted |  | — |  |  |  |  |  |  |  |
Exercised |  | — |  |  |  |  |  |  |  |
Cancelled or expired |  | (3) |  |  | 7.40 |  |  |  |  |
Options outstanding, December 31, 2020 |  | — |  | $ | — |  | — |  | $ | —
Options exercisable, December 31, 2020 |  | — |  | $ | — |  | — |  | $ | —
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 as of December 31, 2020, 2019 and 2018 in the preceding table for the options outstanding represent the total pretax intrinsic value, based on our closing stock prices of $9.00, $4.75 and $2.10 as of December 31, 2020, 2019 and 2018, 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.

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