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Employee Stock Compensation Plans
 3 Months Ended
Mar. 31, 2023
Employee Stock Compensation Plans  
Employee Stock Compensation Plans

9. Employee Stock Compensation Plans

 

On June 18, 2013, Solitario’s shareholders approved the 2013 Solitario Exploration & Royalty Corp. Omnibus Stock and 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 were 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.

 

As of March 31, 2023, and December 31, 2022, there were options outstanding that are exercisable to acquire 5,390,000 and 5,390,000, respectively, shares of Solitario common stock, with exercise prices between $0.20 and $0.67 per share. During the three months ended March 31, 2023, and 2022, Solitario did not grant any options. During the three months ended March 31, 2023, no options were exercised. During the three months ended March 31, 2022, options for 73,000 shares were exercised with an average exercise price of $0.26 per share for proceeds of $19,000.

 

During the three months ended March 31, 2023, and 2022, Solitario recorded stock option compensation expense of $67,000 and $13,000, respectively. At March 31, 2023, the total unrecognized stock option compensation cost related to non-vested options is $550,000 and is expected to be recognized over a weighted average period of 29 months.