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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company has grants outstanding under three equity compensation plans, with two of the plans available for future grants of equity compensation awards to employees, consultants and directors. All of the equity plans were approved by shareholders. The 2007 Long-Term Incentive Compensation Plan (the "2007 Plan") and the 2007 Directors’ Incentive Plan (the "Directors’ Plan") superseded the 1999 Stock Option Plan. The 2007 Plan and the Directors’ Plan provide for the issuance of stock options, stock appreciation rights and restricted stock. Vesting is determined on a grant-by-grant basis in accordance with the terms of the plans and the related grant agreements. The Company has reserved 2.4 million shares of common stock for issuance under the 2007 Plan and 250,000 shares for issuance under the Directors’ Plan. The exercise price of stock options is generally 100% of the fair market value of the underlying common stock on the grant date. The maximum contractual term of stock options is ten years from the date of grant, except for incentive stock options granted to 10% shareholders, which is five years. During 2011, the Company began issuing shares of restricted stock with no exercise price to employees and directors. Restricted stock issued to employees generally cliff-vests on the fourth anniversary of the date of grant. Restricted stock issued to directors vests on the one year anniversary of the date of grant. Stock compensation expense is presented as a component of general and administrative expense in the consolidated statements of operations. Stock compensation expense consisted of the following for the years ended December 31:
|  | 2020 |  | 2019 |  | 2018
Share-based compensation - employees |  | $ | 1,050,179 |  |  | $ | 1,481,016 |  |  | $ | 1,244,606 |
Share-based compensation - nonemployees |  | (3,663) |  |  | 4,882 |  |  | 120,092 |
Total share-based compensation |  | $ | 1,046,516 |  |  | $ | 1,485,898 |  |  | $ | 1,364,698 |
At December 31, 2020, there was approximately $1.7 million of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted-average period of 2.28 years. This amount relates primarily to unrecognized compensation cost for employee restricted stock awards. Stock Options Stock option activity for 2020 and 2019 was as follows:
|  | Number of shares |  | Weighted-average exercise price per share |  | Weighted- average remaining contractual term (years) |  | Aggregate intrinsic value
Outstanding, December 31, 2018 |  | 5,800 |  |  | $ | 13.00 |  |  | 0.9 |  | $ | — |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | — |  |  | — |  |  |  |  |
Options forfeited or expired |  | (5,800) |  |  | 13.00 |  |  |  |  |
Outstanding, December 31, 2019 |  | — |  |  | — |  |  | — |  |  | — |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | — |  |  | — |  |  |  |  |
Options forfeited or expired |  | — |  |  | — |  |  |  |  |
Outstanding, December 31, 2020 |  | — |  |  | — |  |  | — |  |  | — |
Exercisable at December 31, 2020 |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
The Company did not grant any stock options and there were no options exercised during 2020, 2019 and 2018. As such, there was no intrinsic value of options or weighted-average fair value of options exercised for the periods. Restricted Stock Awards Restricted stock activity was as follows:
|  | Number of shares |  | Weighted- average grant-date fair value
Nonvested, December 31, 2018 |  | 833,741 |  |  | $ | 6.09 |
Shares granted |  | 229,669 |  |  | 5.95 |
Shares vested |  | (225,536) |  |  | 6.71 |
Shares forfeited |  | (22,925) |  |  | 6.20 |
Nonvested, December 31, 2019 |  | 814,949 |  |  | 5.88 |
Shares granted |  | 231,091 |  |  | 3.56 |
Shares vested |  | (228,500) |  |  | 4.62 |
Shares forfeited |  | (38,125) |  |  | 5.87 |
Nonvested, December 31, 2020 |  | 779,415 |  |  | $ | 5.56 |
The fair value of restricted stock granted was based on the closing market price of the Company’s common stock on the date of grant. The restricted stock grants are included in the diluted weighted shares outstanding computation until they cliff-vest. Once vested they are included in the basic weighted shares outstanding computation.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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