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Note 9 - Stock-based Compensation | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
( 9 ) | STOCK-BASED COMPENSATION
As of June 30, 2019, we have unvested restricted stock awards and stock options granted under stock-based compensation plans that are described more fully in Note 14 to the consolidated financial statements in our 2018 Form 10 -K. As of June 30, 2019, total unrecognized compensation expense related to unvested restricted stock awards and stock options was $2,168. The weighted average period over which this expense is expected to be recognized is 3.1 years. The following table shows the allocation of the compensation expense we recorded during the three and six months ended June 30, 2019 and 2018, respectively, related to stock-based compensation:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 201 9 |  |  | 201 8 |  |  | 201 9 |  |  | 201 8 |
Cost of revenues |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Selling expense |  |  | 4 |  |  |  | - |  |  |  | 4 |  |  |  | - |
Engineering and product development expense |  |  | 12 |  |  |  | 2 |  |  |  | 15 |  |  |  | 3 |
General and administrative expense |  |  | 197 |  |  |  | 169 |  |  |  | 377 |  |  |  | 289 |
|  | $ | 213 |  |  | $ | 171 |  |  | $ | 396 |  |  | $ | 292 |
There was no stock-based compensation expense capitalized in the three or six months ended June 30, 2019 or 2018. Restricted Stock Awards We record compensation expense for restricted stock awards based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four years for employees and over one year for our independent directors. In March 2019 and 2018, we granted 36,000 and 32,000 shares of restricted stock, respectively, to our independent directors. These shares vest 25% at each of March 31, June 30, September 30, and December 31 of the year in which they were granted. The total compensation expense related to these shares is $257 and $270, respectively, and is recorded as the shares vest. The following table summarizes the activity related to unvested shares of restricted stock for the six months ended June 30, 2019:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested shares outstanding, January 1, 2019 |  |  | 114,750 |  |  | $ | 6.92 |
Granted |  |  | 115,680 |  |  |  | 6.57 |
Vested |  |  | (43,724 | ) |  |  | 6.90 |
Forfeited |  |  | (12,325 | ) |  |  | 7.14 |
Unvested shares outstanding, June 30, 2019 |  |  | 174,381 |  |  |  | 6.68 |
The total fair value of the shares that vested during the six months ended June 30, 2019 and 2018 was $292 and $238, respectively, as of the vesting dates of these shares. Stock Options We record compensation expense for stock options based on the fair market value of the options as of the grant date. No option may be granted with an exercise period in excess of ten years from the date of grant. Generally, stock options will be granted with an exercise price equal to the fair market value of our stock on the date of grant and will vest over four years. The fair value for stock options granted during the six months ended June 30, 2019 and 2018 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | 201 9 |  |  | 201 8 |
Risk-free interest rate |  |  | 2.38 | % |  |  | 2.74 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected common stock market price volatility factor |  |  | .41 |  |  |  | .39 |
Weighted average expected life of stock options (years) |  |  | 6.25 |  |  |  | 6.25 |
The per share weighted average fair value of stock options issued during the six months ended June 30, 2019 and 2018 was $2.78 and $3.52, respectively. The following table summarizes the activity related to stock options for the six months ended June 30, 2019:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Options outstanding, January 1, 2019 (21,800 exercisable) |  |  | 264,400 |  |  | $ | 7.54 |
Granted |  |  | 239,160 |  |  |  | 6.32 |
Exercised |  |  | - |  |  |  | - |
Forfeited |  |  | (7,050 | ) |  |  | 8.45 |
Options outstanding, June 30, 2019 (84,550 exercisable) |  |  | 496,510 |  |  |  | 6.94 |

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