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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2016
Stock-Based Compensation |
Stock-Based Compensation | Note 11 – Stock-Based Compensation In 2008, the Company adopted the 2008 Long-Term Incentive Plan ("2008 LTIP"), which was approved by its stockholders. The 2008 LTIP permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards to the Company's non-employee directors and certain officers and employees for up to 2,000,000 shares of common stock. Option awards are generally granted with an exercise price equal to the market price of the Company's common stock at the date of grant; the option awards have vesting periods ranging from immediate vesting to five years and have 10-year contractual terms. In February 2016, the Company granted 450,000 stock options, with an exercise price of $1.62 per share, to senior executive officers under the 2008 LTIP. These options vest over five years and expire in ten years. The Company estimated the compensation costs and fair value per share of these stock options to be $194 thousand and $0.43 per share, respectively, using the Black-Scholes option pricing model and the following assumptions: (i) expected volatility of 27.36%; (ii) risk free interest rate of 1.21%; (iii) expected option term of five years; and (iv) 0% dividend yield. A summary of the activity in the 2008 LTIP for the years 2016 and 2015 follow:
|  | 2016 |  | 2015 |
|  | Number Outstanding |  | Weighted Average Exercise Price |  | Number Outstanding |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 90,625 |  | $ | 4.95 |  |  | 93,750 |  | $ | 4.94 |
Granted during the year |  |  | 450,000 |  |  | 1.62 |  |  | - |  |  | - |
Exercised during the year |  |  | - |  |  | - |  |  | - |  |  | - |
Forfeited or expired during the year |  |  | - |  |  | - |  |  | (3,125 | ) |  | 4.80 |
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Outstanding at end of year |  |  | 540,625 |  | $ | 2.18 |  |  | 90,625 |  | $ | 4.95 |
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Exercisable at end of year |  |  | 90,625 |  | $ | 4.95 |  |  | 90,625 |  | $ | 4.95 |
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The Company recorded $32 thousand of stock-based compensation expense related to stock options during 2016. No stock-based compensation expense was recorded for the year 2015. As of December 31, 2016, unrecognized compensation cost related to nonvested stock options granted under the plan was $161 thousand. The cost is expected to be recognized over a period of 4.15 years. Options outstanding and exercisable at year-end 2016 were as follows:
|  | Outstanding |  | Exercisable |
Grant Date |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Number Outstanding |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |
January 21, 2009 |  |  | 9,375 |  |  | 2.05 years |  | $ | 4.00 |  |  |  |  |  | 9,375 |  | $ | 4.00 |  |  |  |
March 18, 2009 |  |  | 75,000 |  |  | 2.21 years |  | $ | 4.98 |  |  |  |  |  | 75,000 |  | $ | 4.98 |  |  |  |
January 21, 2010 |  |  | 6,250 |  |  | 3.05 years |  | $ | 6.00 |  |  |  |  |  | 6,250 |  | $ | 6.00 |  |  |  |
February 24, 2016 |  |  | 450,000 |  |  | 9.15 years |  | $ | 1.62 |  |  |  |  |  | - |  |  | - |  |  |  |
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|  |  | 540,625 |  |  | 7.99 years |  | $ | 2.18 |  | $ | 9,000 |  |  | 90,625 |  | $ | 4.95 |  | $ | - |
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In March 2016, the Company awarded 120,483 shares of restricted stock to its Chief Executive Officer under the 2008 LTIP. Subject to certain performance restrictions, 100,000 shares of restricted stock shall vest over a two-year period and the remaining 20,483 shares shall vest over a three-year period. Stock-based compensation expense is recognized on a straight-line basis over the vesting period. The expense recognized during 2016 was not significant. As of December 31, 2016, unrecognized compensation cost related to nonvested restricted stock award was $145 thousand.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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