XML 41 R13.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

7. STOCK-BASED COMPENSATION

Stock-based compensation awards consist of stock options, restricted stock units and restricted stock awards issued under the Company’s equity incentive plans which include: the 2013 Omnibus Incentive Plan (the “2013 Plan”); the 2007 Restricted Stock Plan (the “2007 Plan”); the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”); the 2004 Stock Incentive Plan (the “2004 Plan”); and the 1995 Stock Incentive Plan (the “1995 Plan”). Upon approval of the 2013 Plan by the Company’s stockholders on June 4, 2013, the Company’s authority to grant new awards under all plans other than the 2013 Plan was terminated. As of March 31, 2015, 503,452 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2015 and 2014, the Company recorded stock-based compensation expense of $454 and $309, respectively, which has been included in general and administrative expense.

Bonus Shares

In March 2015, in accordance with the Company’s short-term incentive plan, the Company awarded its executives bonuses that were paid out in common stock of the Company. The bonus shares vested immediately and had a fair value of $283 which was determined using the closing share price of the Company’s common stock on the date of grant.

Stock Options

The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2015 and 2014:

	March 31, 2015					March 31, 2014
				Weighted				Weighted
	Number of			Average		Number of		Average
	stock options			Exercise Price		stock options		Exercise Price
Stock options outstanding at beginning of period		160,748		$	19.75		309,479	$	19.75
Expired		(2,500	)		32.90		-		-
Canceled or forfeited		-			-		-		-
Stock options outstanding at end of period		158,248		$	25.06		309,479	$	19.75
Stock options exercisable at end of period		132,417		$	29.25		256,656	$	23.04

The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2015:

	Outstanding Options				Options Exercisable
	Number of		Weighted		Number of		Weighted
	Options		Average		Options		Average
Stock Option Plan	Outstanding		Exercise Price		Exercisable		Exercise Price
1995 Stock Incentive Plan		8,750	$	31.20		8,750	$	31.20
2004 Stock Incentive Plan		69,500		10.10		51,167		12.74
2004 Director’s Plan		74,998		39.68		71,250		41.32
2013 Omnibus Incentive Plan		5,000		2.99		1,250		2.99
		158,248	$	25.06		132,417	$	29.25

Total estimated unrecognized compensation cost from unvested stock options as of March 31, 2015 was approximately $72, which is expected to be recognized over a weighted-average period of 1.3 years.

Restricted Stock Units

Time-based and performance-based restricted stock units (“RSUs”) are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria.

The following table summarizes RSU activity for the three-month periods ended March 31, 2015 and 2014:

	March 31, 2015					March 31, 2014
	Number of			Average Grant		Number of			Average Grant
	restricted			Date Fair		restricted			Date Fair
	stock units			Value		stock units			Value
Unvested RSUs at beginning of period		544,810		$	2.84		280,000		$	3.31
Granted		-			-		-			-
Forfeited		-			-		-			-
Vested		(63,496	)		2.73		(33,333	)		2.83
Unvested RSUs at end of period		481,314		$	2.86		246,667		$	3.37

Total estimated unrecognized compensation cost from unvested RSUs as of March 31, 2015 was approximately $947, which is expected to be recognized over a weighted-average period of 1.74 years.

Restricted Stock Awards

Time-based and performance-based restricted stock awards (“RSAs”) are valued using the closing share price of the Company’s common stock on the date of grant. Vesting based on performance criteria is generally based on the Company’s prior year performance as determined by the Compensation Committee of the Board of Directors at each vesting date, and the valuation of such grants assumes full satisfaction of all performance criteria. Employee participants who receive restricted stock awards have all of the rights of a shareholder, including the right to vote shares of restricted stock that are the subject of the grant and the right to receive any regular cash dividends paid out of current earnings.

The following table summarizes RSA activity for the three-month periods ended March 31, 2015 and 2014:

	March 31, 2015					March 31, 2014
				Weighted-					Weighted-
				Average					Average
	Number of			Grant Date		Number of			Grant Date
	RSAs			Fair Value		RSAs			Fair Value
Unvested RSAs at beginning of period		26,670		$	5.21		54,151		$	5.49
Granted		-			-		-			-
Forfeited		-			-		(1,851	)		2.73
Vested		(2,778	)		2.73		(11,482	)		2.73
Unvested RSAs at end of period		23,892		$	5.50		40,818		$	6.39

The total estimated unrecognized compensation cost from the unvested RSA grants at March 31, 2015 was $21, which is expected to be recognized over the weighted-average vesting period of 0.79 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details