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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2021
Stock-based Compensation [Abstract] |
Stock-based Compensation | NOTE (11) – 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 September 30, 2021, 533,169 shares had been awarded and 759,940 shares are available under the LTIP. During the third quarter of 2021, the Company issued 64,516 shares of stock that vested immediately to its Chief Executive Officer at a cost of $200 thousand. As permitted by the LTIP, 21,354 of these shares were cancelled to pay income taxes. At September 30, 2021, no unvested restricted stock awards were outstanding. No stock options were granted during the nine months ended September 30, 2021 and 2020. The following table summarizes stock option activity during the nine months ended September 30, 2021 and 2020:
|  | Nine Months Ended September 30, 2021 |  |  | Nine Months Ended September 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 September 30, 2021 as these options became fully vested and all compensation cost was recognized in February 2021. For the nine months ended September 30, 2021, the Company recorded $7 thousand expense related to stock options. During the three and nine months ended September 30, 2020, the Company recorded $10 thousand and $20 thousand of stock-based compensation expense related to stock options, respectively. Options outstanding and exercisable at September 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 |  |  |  | $ | 1.62 |  |  |  |  |  |  | 450,000 |  |  | $ | 1.62 |  |  |  |
|  |  | 450,000 |  | 4.40 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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