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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
(6)Stock-Based Compensation. On December 27, 2011, the Company’s stockholders approved the 2011 Equity Incentive Plan (“2011 Plan”). A total of 325,238 shares of common stock are available to be issued under the 2011 Plan. Options, restricted stock, performance share awards and bonus share awards in lieu of obligations may be issued under the 2011 Plan. Both incentive stock options and nonqualified stock options can be granted under the 2011 Plan. The exercise price of the stock options cannot be less than the fair market value of the common stock on the date of grant. Effective January 1, 2012, the Company adopted a Non-Employee Director Compensation Plan under which bonus shares issuable under the 2011 Plan may be earned as compensation to outside directors. During the six months ended June 30, 2014, 182,741 shares of stock valued at approximately $220,000 have been earned under the 2011 Plan and Non-Employee Director Compensation Plan as compensation to outside directors. During the six months ended June 30, 2013 13,180 shares of common stock valued at approximately $23,000 were earned under the 2011 Plan and Non-Employees Director Compensation Plan as compensation to outside directors.

  

The Company’s prior stock option plan terminated on February 27, 2011. At June 30, 2014, no options were available for grant under this plan. Options must be exercised within ten years of the date of grant.

 

A summary of the activity in the prior plan is as follows:

 

   Number of Options   Weighted- Average Exercise Price   Weighted- Average Remaining Contractual Term  Aggregate Intrinsic
Value		 
Outstanding at December 31, 2013   3,040    145.12         
Expired June 30, 2014   (1,596)   145.12         
                  
Outstanding and exercisable at June 30, 2014   1,444   $145.12   1.5 years  $—