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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2021
Stock-based Compensation [Abstract] |
Stock-based Compensation | NOTE (10) – Stock-based Compensation The Long-Term Incentive Plan, which was adopted by the Company and approved by the stockholders in 2018 (the “LTIP”), permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards. The plan is in effect for ten years. The maximum number of shares that can be awarded under the plan is 1,293,109 shares of common stock as of December 31, 2018. As of June 30, 2021, 490,007 shares had been awarded and 803,102 shares are available under the 2018 LTIP. At June 30, 2021, no restricted stock awards were outstanding, and during the first half of June 2021, the Company did not grant any restricted stock awards to its officers and employees. No stock options were granted during the six months ended June 30, 2021 and 2020. The following table summarizes stock option activity during the six months ended June, 2021 and 2020:
|  | Six Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2020 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 450,000 |  |  | $ | 1.62 |  |  |  | 455,000 |  |  | $ | 1.67 |
Granted during period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised during period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired during period |  |  | - |  |  |  | - |  |  |  | (5,000 | ) |  |  | 6.00 |
Outstanding at end of period |  |  | 450,000 |  |  | $ | 1.62 |  |  |  | 450,000 |  |  | $ | 1.62 |
Exercisable at end of period |  |  | 450,000 |  |  | $ | 1.62 |  |  |  | 360,000 |  |  | $ | 1.62 |
T he Company did not record any stock-based compensation expense related to stock options during the three months ended June 30, 2021 since these options became fully vested and all compensation cost was recognized in February 2021. For the six months ended June 30, 2021, the Company recorded $7 thousand expense related to stock options. During the three and six months ended June 30, 2020, the Company recorded $10 thousand and $19 thousand of stock-based compensation expense related to stock options, respectively. Options outstanding and exercisable at June 30, 2021 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 |
February 24, 2016 |  |  | 450,000 |  | 4.65 years |  | $ | 1.62 |  |  |  |  |  |  | 450,000 |  |  | $ | 1.62 |  |  |  |
|  |  | 450,000 |  | 4.65 years |  | $ | 1.62 |  |  | $ | 481,500 |  |  |  | 450,000 |  |  | $ | 1.62 |  |  | $ | 481,500 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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