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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY

 

Common Stock

 

The Company had 8,726,045 shares of common stock, $0.001 par value per share, outstanding as of September 30, 2019 and December 31, 2018.

 

Stock-Based Compensation

 

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of September 30, 2019, and changes during the nine months ended September 30, 2019, are presented below:

 

    Stock
Options		   Weighted average
exercise price		   Weighted
average remaining
contractual term		   Aggregate
intrinsic value		 
Outstanding as of January 1, 2019    424,800   $8.30    6.5   $22 
Granted    —    —           
Exercised    —    —           
Forfeited    —    —           
Outstanding as of September 30, 2019    424,800   $8.30    5.70   $25 
Exercisable as of September 30, 2019    421,467   $8.31    5.70   $25 

 

As of September 30, 2019, there were 248,867 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

 

Stock-based compensation expense recorded for the three and nine months ended September 30, 2019 was approximately $2 and $10, respectively, as compared to the expense of approximately $14 and $160, during the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $4.

 

Cash Dividend Declared

 

On September 5, 2019, the Board of Directors of the Company declared a special cash dividend of $1.37 per share, payable to shareholders of record on September 16, 2019. The dividend was payable on October 7, 2019.

 

On October 4, 2019, the dividend was enjoined by court order of the Superior Court of California related to the case titled Myers Power Products, Inc. v. Pioneer Power Solutions, Inc., Pioneer Custom Electrical Products Corp., et al. The Company continues to contest the order; however, as a result of the order the dividend payable has been reversed during the fourth quarter of 2019.