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Stock Plans And Stock-Based Compensation
 3 Months Ended
Jun. 30, 2014
Notes  
Stock Plans And Stock-Based Compensation

3.      STOCK PLANS AND STOCK-BASED COMPENSATION

 

In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1998 and expired in October 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years.

 

In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years.

 

The following table presents information on stock options outstanding for the periods shown.

 

 

Three Months Ended

June 30, 2014

 

Three Months Ended

June 30, 2013

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

474,654

 

 

7.91

 

407,500

 

 

9.05

 

Grants

-

 

 

-

 

-

 

 

-

 

Forfeited

-

 

 

-

 

-

 

 

-

 

Expired

(28,000

)

 

9.06

 

(10,000

)

 

8.44

 

Balance, end of period

446,654

 

 

7.83

 

397,500

 

 

9.07

 

 

The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures.

 

 

Three Months

Ended

June 30, 2014

 

Three Months

Ended

June 30, 2013

 

 

 

 

 

 

 

 

Stock options fully vested and expected to vest:

 

 

 

 

 

 

 

Number

 

441,896

 

 

 

397,100

 

Weighted average exercise price

$

7.89

 

 

$

9.08

 

Aggregate intrinsic value (1)

$

122,000

 

 

$

3,000

 

Weighted average contractual term of options (years)

 

4.39

 

 

 

4.20

 

Stock options fully vested and currently exercisable:

 

 

 

 

 

 

 

Number

 

357,900

 

 

 

394,300

 

Weighted average exercise price

$

9.09

 

 

$

9.12

 

Aggregate intrinsic value (1)

$

29,000

 

 

$

2,000

 

Weighted average contractual term of options (years)

 

3.30

 

 

 

4.17

 

 

 

 

 

 

 

 

 

(1)   The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised.  This amount changes based on changes in the market value of the Company’s stock.

 

Stock-based compensation expense related to stock options for the three months ended June 30, 2014 and 2013 was $26,000 and $0, respectively. As of June 30, 2014, there was no unrecognized compensation expense related to unvested stock options.

 

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. There were no stock options granted during the three months ended June 30, 2014 and 2013.