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9. COMMON STOCK
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
COMMON STOCK

9. COMMON STOCK

 

Director Annual Restricted Stock Grants

 

On October 20, 2020, the Company granted each of our two non-employee directors annual restricted stock grants of 12,200 shares of our common stock and our lead independent director was issued an annual restricted stock grant of 17,100 shares of common stock, which vest quarterly in four (4) equal installments. On the grant date, these shares had a per share fair value of $14.95 based on the closing trading price of our common stock, or $620,425. During the three months ended March 31, 2021, upon the death of one of our directors, 12,825 unvested shares of restricted stock were forfeited and returned to the Company, and 6,100 shares of restricted stock relating to the other two directors vested, generating an expense of $91,196. At March 31, 2021, there were 12,200 unvested shares of restricted stock representing $182,388 of unrecognized restricted stock grant expense which will be recognized through the quarter ending September 30, 2021.

 

On June 17, 2020, the Board approved two restricted stock grants to Mr. Wheatley under the 2011 Stock Incentive Plan. The total number of shares granted was determined based on an award of $150,000 divided by the per share quoted trading price on June 17, 2020. On the grant date, the shares had a per share fair value of $7.35 and 20,408 shares were granted, half of which vest quarterly over four equal installments and half vest quarterly over 12 equal installments. During the three months ended March 31, 2021, 3,401 of shares from this grant vested and 1,047 shares from an October 1, 2019 grant vested generating a total expense of $31,250. At March 31, 2021, 10,990 of these shares are unvested representing $75,000 of unrecognized restricted stock grant expense which will be recognized through the quarter ending March 31, 2023.