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Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2013
Stock-Based Compensation Plans

(6) STOCK-BASED COMPENSATION PLANS

The Company has reserved 3,000,000 shares of common stock for issuance under its 2005 Stock Option Plan (the “Option Plan”). Vesting provisions are determined by the Board of Directors. All stock options under the Option Plan expire no later than ten years from the date of grant.

In the three months ended March 31, 2013 and 2012, the Company recorded compensation expense related to stock options of $36 and $46, respectively. Stock-based compensation recorded in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2013 and 2012 included $4 and $7, respectively, in cost of goods sold and $32 and $39, respectively, in selling, general and administrative expenses.

In the three months ended March 31, 2013 and 2012, the Company did not grant options to employees or any other person for the purchase of shares of common stock.

A summary of stock option activity under the Option Plan for the three months ended March 31, 2013 is presented below:

 

 

 

 

 

 

 

Shares
Under
Option

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Life

Aggregate
Intrinsic
Value

 

 

 

 

 

Outstanding at January 1, 2013             

              1,501,500             

$              0.95             

 

 

Granted             

              -             

$              -             

 

 

Exercised             

              -             

$              -             

 

 

Forfeited             

              (61,000)             

$              0.80             

 

 

 

 

 

 

 

Outstanding at March 31, 2013             

              1,440,500             

$              0.95             

              6.7 years             

$              43             

 

 

 

 

 

Exercisable at March 31, 2013             

              874,497             

$              1.09             

              5.8 years             

$              32             

 

 

 

 

 

A summary of status of the Company’s non-vested share awards as of and for the three months ended March 31, 2013 is presented below:

 

 

 

 

 

Nonvested Shares
Under Option

Weighted Average
Grant Date Fair Value

 

 

 

Non-vested at January 1, 2013             

              690,877             

$              0.69             

Granted             

              -             

$              -             

Vested             

              (87,374)             

$              0.69             

Forfeited             

              (37,500)             

$              0.67             

 

 

 

Non-vested at March 31, 2013             

              566,003             

$              0.69             

 

 

 

As of March 31, 2013, the Company had approximately $188 of unrecognized compensation expense related to stock options that will be recognized over a weighted-average period of approximately 2.3 years.