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Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

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

Stock-Based Compensation

9. STOCK-BASED COMPENSATION

Stock-based compensation awards consist of stock options, restricted stock units, restricted stock awards and bonus shares 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”); and the 2004 Stock Incentive Plan (the “2004 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. On July 18, 2017, the Company’s stockholders approved an amendment to the 2013 Plan to increase the authorized number of shares of common stock available and reserved for issuance under the 2013 Plan by 1.0 million shares and re-approve the material terms of the performance goals under such plan. Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. The maximum number of the Company’s common stock that may be reserved for issuance under the 2013 Plan is 1,083,333 shares of common stock, plus unissued shares under the prior plans. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Board (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other Committees or to such other officers and employees of the Company as designated by the Committee.

As of March 31, 2018, 560,242 shares were available for future issuances under the 2013 Plan. For the three months ending March 31, 2018 and 2017, the Company recorded stock-based compensation expense of $81,000 and $22,000, respectively, which has been included in general and administrative expense.

In addition to the plans above, upon closing of the Company’s acquisition of Anatolia Energy Ltd in November 2015, the Company issued 374,749 replacement options and performance shares to the option holders and performance shareholders of Anatolia Energy Ltd. The number of replacement options and performance shares was based upon the Black-Scholes value with the exercise prices of the replacement options and performance shares determined using the exchange rate of 0.00548. The options and performance shares were issued with the same terms and conditions as were applicable prior to the acquisition of Anatolia Energy Ltd. As of March 31, 2018, there were 85,233 replacement options outstanding.

Stock Options

The following table summarizes stock options outstanding and changes for the three-month periods ending March 31, 2018 and 2017:

		March 31, 2018								March 31, 2017
		Number of Stock Options				Weighted Average Exercise Price				Number of Stock Options				Weighted Average Exercise Price
Stock options outstanding at beginning of period			286,174			$	5.53				110,828			$	18.24
Expired			(5,595	)			12.48				(5,583	)			11.04
Stock options outstanding at end of period			280,579			$	5.39				105,245			$	18.62
Stock options exercisable at end of period			91,415			$	13.65				105,139			$	18.60

The following table summarizes stock options outstanding and exercisable by stock option plan at March 31, 2018:

		Outstanding Stock Options								Exercisable Stock Options
Stock Option Plan		Number of Outstanding Stock Options				Weighted Average Exercise Price				Number of Exercisable Stock Options				Weighted Average Exercise Price
2004 Plan			4,792			$	35.14				4,792			$	35.14
2004 Directors’ Plan			973				317.14				973				317.14
2013 Plan			189,581				1.48				417				35.88
Replacement Stock Options			85,233				8.87				85,233				8.87
			280,579			$	5.39				91,415			$	13.65

Restricted Stock Units

Time-based and performance-based 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, 2018 and 2017:

		March 31,								March 31,
		2018								2017
		Number of RSUs				Weighted-Average Grant Date Fair Value				Number of RSUs				Weighted-Average Grant Date Fair Value
Unvested RSUs at beginning of period			178,897			$	1.40				8,649			$	43.71
Forfeited			(9,429	)			1.40				-				-
Vested			-				-				(2,513	)			31.32
Unvested RSUs at end of period			169,468			$	1.40				6,136			$	48.78