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Note 3. Stock Options and Restricted Stock Units
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Stock Options and Restricted Stock Units

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”).  Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel.  The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards.  The 2014 Plan is effective through March 31, 2024.  As of March 31, 2016, 198,500 awards had been issued under the 2014 Plan.

 

The following table summarizes information about stock options outstanding and exercisable at March 31, 2016:

 

 

 

   Options Outstanding   Options Exercisable  
Exercise Price Range   Number   Weighted Average Remaining Contractual Life (in Years)   Weighted Average Exercise Price   Number  
$ 0.01 - $1.00     12,850     5.81   $ 0.01     12,850  
$ 1.01 - $2.00     4,550     5.15   $ 1.70     4,550  
$ 2.01 - $3.00     4,000     2.43   $ 2.10     1,500  
$ 3.01 - $4.00     14,000     6.00   $ 3.33     14,000  
$ 4.01 - $8.00     108,750     5.49   $ 7.76     61,250  
$ 8.01 - $9.00     40,000     2.39   $ 8.25     27,500  
$ 9.01 - $10.00     12,500     8.74   $ 9.26     4,170  
$ 10.01 - $13.49     40,000     2.94   $ 13.49     20,000  
   Total     236,650       4.70   $                       7.33       145,820  

 

As of March 31, 2016, the Company had unrecognized stock compensation related to the options of $651,781.

 

On January 1, 2016, the Company granted 38,500 restricted stock units with an intrinsic value of $5.80 to certain employees of the Company and on January 21, 2016, the Company granted 50,000 restricted stock units with an intrinsic value of $4.88 to certain members of the Board of Directors.  The restricted stock units vest one-third annually over three years. 

 

As of March 31, 2016, 25,000 restricted stock units with an intrinsic value of $7.20 per share vested upon the achievement of certain milestones related to the development of the Company’s cloud-based disclosure reporting software. During the three-month period ended March 31, 2016, the Company capitalized a total of $163,800 related to these restricted stock units, which are included in capitalized software on the Consolidated Balance Sheet. As of March 31, 2016, there was $596,695 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2017.  A portion of this is expected to be capitalized as capitalized software.