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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2022
Stock-based Compensation [Abstract] |
Stock-Based Compensation | NOTE (9) – 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, 2022, 901,781 shares had been awarded and 391,328 shares are available under the LTIP. During February of 2022 and 2021, the Company issued 47,187 and 20,736 shares of stock, respectively, to its directors under the 2018 LTIP, which were fully vested. The Company recorded $0 and $84 thousand of compensation expense during the three and nine months ended September 30, 2022, respectively, based on the fair value of the stock, which was determined using the fair value of the stock on the date of the award. During the three and nine months ended September 30, 2021, the Company recorded $0 and $46 thousand of stock compensation expense. During March of 2022, the Company issued 495,262 shares to its officers and employees under the 2018 LTIP. Each restricted stock award is valued based on the fair value of the stock on the date of the award. These awarded shares of restricted stock fully vest over periods ranging from 36 months to 60 months from their respective dates of grant. Stock based compensation is recognized on a straight-line basis over the vesting period. There were no shares issued to officers and employees during 2021. During the three- and nine-month periods ending September 30, 2022, the company recorded $35 thousand and $93 thousand of stock-based compensation expense, respectively. During the three- and nine-month periods ending September 30, 2021, the company recorded $200 thousand and $361 thousand of stock-based compensation expense, respectively, related to awards granted prior to 2021. No stock options were granted during the nine months ended September 30, 2022 and 2021. The following table summarizes stock option activity during the nine months ended September 30, 2022 and 2021:
|  | September 30, 2022 |  |  | September 30, 2021 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 450,000 |  |  | $ | 1.62 |  |  |  | 450,000 |  |  | $ | 1.62 |
Granted during period |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised during period |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Forfeited or expired during period |  |  | (200,000 | ) |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at end of period |  |  | 250,000 |  |  | $ | 1.62 |  |  |  | 450,000 |  |  | $ | 1.62 |
Exercisable at end of period |  |  | 250,000 |  |  | $ | 1.62 |  |  |  | 450,000 |  |  | $ | 1.62 |
The Company did not record any stock-based compensation expense related to stock options during the three and nine months ended September 30, 2022 since these stock options became fully vested and all compensation expense was recognized in February 2021. For the three and nine months ended September 30, 2021, the Company recorded $0 and $7 thousand expense related to stock options, respectively. Options outstanding and exercisable at September 30, 2022 were as follows:
Outstanding |  |  | Exercisable |
Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Number Outstanding |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
| 250,000 |  |  |  | $ | 1.62 |  |  |  |  |  |  | 250,000 |  |  | $ | 1.62 |  |  |  |
| 250,000 |  | 3.38 years |  | $ | 1.62 |  |  | $ | – |  |  |  | 250,000 |  |  | $ | 1.62 |  |  | $ | – |

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