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Employee Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2022
Employee Stock Compensation Plans |
Employee Stock Compensation Plans | 10. Employee Stock Compensation Plans: On June 18, 2013, Solitario’s shareholders approved the Solitario Exploration & Royalty Corp. Omnibus Stock Incentive Plan (the “2013 Plan”). Under the terms of the 2013 Plan, as amended, a total of 5,750,000 shares of Solitario common stock are reserved for awards to directors, officers, employees and consultants. Awards granted under the 2013 Plan may take the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The terms and conditions of the awards are pursuant to the 2013 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. a.) 2013 Plan stock option grants The following table shows the grant date fair value of Solitario’s awards during 2022 and 2021 pursuant to the 2013 Plan:
Grant Date |  | 9/8/22 (1) |  |  | 5/5/21 (1) |  |  | 6/10/21 (1) |
Option – grant date price |  | $ | 0.60 |  |  | $ | 0.67 |  |  | $ | 0.69 |
Options granted |  |  | 2,360,000 |  |  |  | 90,000 |  |  |  | 50,000 |
Expected life years |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Expected volatility |  |  | 73 | % |  |  | 76 | % |  |  | 76 | %
Risk free interest rate |  |  | 3.4 | % |  |  | 0.9 | % |  |  | 0.9 | %
Weighted average fair value |  | $ | 0.37 |  |  | $ | 0.41 |  |  | $ | 0.41 |
Grant date fair value |  | $ | 876,000 |  |  | $ | 37,000 |  |  | $ | 20,000 |
(1) Option grants have a five-year term, and vest 25% on date of grant and 25% on each of the next three anniversary dates. b.) Stock option activity During 2022 and 2021, options for 114,250 and 185,000, respectively, shares of common stock were exercised for proceeds of $30,000 and $83,000 respectively. The following table summarizes the activity for stock options outstanding under the 2013 Plan for the years ended December 31, 2022 and 2021:
|  | 2022 |  |  | 2021 |
|  |  |  |  | Weighted |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Aggregate |  |  |  |  |  | Average |  |  | Aggregate |
|  | RSUs/ |  |  | Exercise |  |  | Intrinsic |  |  | RSUs/ |  |  | Exercise |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Value (1) |  |  | Options |  |  | Price |  |  | Value (1) |
Outstanding, beginning of year |  |  | 5,513,000 |  |  | $ | 0.49 |  |  |  |  |  |  | 5,558,000 |  |  | $ | 0.58 |  |  |  |
Granted |  |  | 2,360,000 |  |  | $ | 0.60 |  |  |  |  |  |  | 140,000 |  |  | $ | 0.67 |  |  |  |
Exercised |  |  | (114,250 | ) |  | $ | 0.26 |  |  |  |  |  |  | (185,000 | ) |  | $ | 0.45 |  |  |  |
Expired |  |  | (2,360,000 | ) |  | $ | 0.77 |  |  |  |  |  |  | - |  |  |  | - |  |  |  |
Forfeited |  |  | (8,750 | ) |  | $ | 0.20 |  |  |  |  |  |  | - |  |  |  | - |  |  |  |
Outstanding, end of year |  |  | 5,390,000 |  |  | $ | 0.42 |  |  | $ | 1,034,000 |  |  |  | 5,513,000 |  |  | $ | 0.49 |  |  | $ | 718,000 |
Exercisable, end of year |  |  | 3,227,500 |  |  | $ | 0.34 |  |  | $ | 899,000 |  |  |  | 4,718,000 |  |  | $ | 0.53 |  |  | $ | 506,000 |
(1) Intrinsic value based upon December 31, 2022 and 2021 price of a share of Solitario common stock as quoted on the NYSE American exchange of $0.62 and $0.50, respectively, per share. During the years ended December 31, 2022 and 2021, Solitario recorded $338,000 and $124,000, respectively, of stock option expense under the 2013 Plan for the amortization of the grant date fair value of each of its outstanding options with a credit to additional paid-in-capital. At December 31, 2022, the total unrecognized stock option compensation cost related to non-vested options is $618,000 and is expected to be recognized over a weighted average period of 31 months.

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