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Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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, 2015 and 2014, the Company recorded compensation expense related to stock options of $15 and $31, respectively. Stock-based compensation recorded in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2015 and 2014, included $2 and $2, respectively, in cost of goods sold and $13 and $29, respectively, in selling, general and administrative expenses.

There were no stock options issued during the three months ended March 31, 2015.

 

 

 

A summary of stock option activity under the Option Plan for the three months ended March 31, 2015, is presented below:

 

 

Shares
Under
Option

 

  

Weighted
Average
Exercise
Price

 

  

Weighted
Average
Remaining
Contractual
Life

 

  

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2015

 

1,735,519

 

 

$

0.59

 

 

 

 

 

 

 

 

 

Granted

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

(468,019

)

 

$

0.88

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2015

 

1,267,500

 

 

$

0.49

 

 

 

7.4 years

 

 

$

-

 

Exercisable at March 31, 2015

 

549,669

 

 

$

0.72

 

 

 

5.9 years

 

 

$

-

 

A summary of status of the Company’s non-vested share awards as of and for the three months ended March 31, 2015, is presented below:

 

 

Nonvested Shares
Under Option

 

  

Weighted Average
Grant Date Fair Value

 

Non-vested at January 1, 2015

 

945,940

 

 

$

0.29

 

Granted

 

—

 

 

 

 

 

Vested

 

(76,376

)

 

$

0.56

 

Forfeited

 

(151,733

)

 

$

0.27

 

Non-vested at March 31, 2015

 

717,831

 

 

$

0.27

 

As of March 31, 2015, the Company had approximately $117 of unrecognized compensation expense related to stock options that will be recognized over a weighted average period of approximately 2.82 years.