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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2012
Shareholders' Equity [Abstract] |
Shareholders' Equity | 9) Shareholders' Equity Common Stock During the nine months ended September 30, 2012, the Company issued 66,070 shares of common stock. These shares consist of (a) 45,000 shares issued to officers of the Company pursuant to the 2001 Stock Compensation Plan, (b) 20,000 shares issued as a result of options being exercised by a former director of the Company and (c) a net of 1,070 shares issued as a result of the exercise of options by an employee of the Company. The following table details the changes in common stock during the nine months ended September 30, 2012:
(Amounts in thousands, except for share amounts) |
|  |  |  |  |  |  |  | Additional |
|  | Common Stock |  |  | Paid-In |
|  | Shares |  |  | Amount |  |  | Capital |
Balance January 1, 2012 |  |  | 27,409,908 |  |  | $ | 274 |  |  | $ | 122,523 |
2001 stock compensation plan |  |  | 45,000 |  |  |  | 1 |  |  |  | 130 |
Exercise of employee stock options |  |  | 1,070 |  |  |  | -- |  |  |  | -- |
Exercise of outside director options |  |  | 20,000 |  |  |  | -- |  |  |  | 50 |
Expense of employee options vesting |  |  | -- |  |  |  | -- |  |  |  | 16 |
Expense of outside director warrants vesting |  |  | -- |  |  |  | -- |  |  |  | 53 |
Balance September 30, 2012 |  |  | 27,475,978 |  |  | $ | 275 |  |  | $ | 122,772 |
Stock Option Plans The following table represents the activity in employee stock options and non-employee director stock options for the nine months ended September 30, 2012:
|  | September 30, 2012 |
|  | Employee Stock Options |  |  | Director Stock Purchase Options |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
Outstanding balance at December 31, 2011 |  |  | 2,318,399 |  |  | $ | 3.94 |  |  |  | 210,000 |  |  | $ | 3.10 |
Granted |  |  | 150,000 |  |  | $ | 2.32 |  |  |  | 80,000 |  |  | $ | 2.78 |
Forfeited |  |  | -- |  |  | $ | -- |  |  |  | -- |  |  | $ | -- |
Expired |  |  | (105,000 | ) |  | $ | 4.39 |  |  |  | (120,000 | ) |  | $ | 3.05 |
Exercised |  |  | (4,167 | ) |  | $ | 2.52 |  |  |  | (20,000 | ) |  | $ | 2.52 |
Outstanding at September 30, 2012 |  |  | 2,359,232 |  |  | $ | 3.82 |  |  |  | 150,000 |  |  | $ | 3.05 |
Exercisable at September 30, 2012 |  |  | 2,209,232 |  |  | $ | 3.92 |  |  |  | 63,335 |  |  | $ | 3.01 |
Weighted Average Remaining Contractual Life - Years |  |  |  | 4.63 |  |  |  |  |  |  |  | 8.35 |
Aggregate intrinsic value of options / warrants outstanding |  |  | $ | - |  |  |  |  |  |  | $ | - |
Employee Stock Option Plans. During the three and nine months ended September 30, 2012, we issued 150,000 options to employees under the 2012 Equity Plan. The options were issued at the closing price of $2.32 on the date of grant, vest over a three year period and expire ten years from the date of grant. These options were valued under Black-Scholes using a risk free interest rate of 0.815%, expected life of six years and expected volatility of 61.87%. All other options outstanding at September 30, 2012 were granted pursuant to the U.S. Energy Corp. 2001 Incentive Stock Option Plan (the "2001 ISOP"). The 2001 ISOP had a term of 10 years, and expired on December 6, 2011. Options issued prior to that date will survive to their expiration date which does not exceed a ten year period from date of grant and are subject to vesting and forfeiture provisions. During the three and nine months ended September 30, 2012, we recorded $15,000 and $17,000, respectively, in compensation expense for employee stock options. We will recognize an additional $181,000 in expense over the vesting period of the outstanding employee options. As a result of the exercise of 4,167 options held by a former employee, 1,070 shares of common stock were issued during the nine months ended September 30, 2012. Director Option Plans. From time to time we issue stock options to non-employee directors for services. During the three and nine months ended September 30, 2012, we issued 10,000 and 80,000 options, respectively, to non-employee directors. Seventy thousand options were issued at the closing price of $2.85 on the date of grant; of these, 60,000 options vest over a three year period and expire ten years from the date of grant or one year after the Board member no longer serves on the Board and 10,000 options vested immediately and expire ten years from the date of grant or one year after the Board member no longer serves on the Board. These options were valued under Black-Scholes using a risk free interest rate of 1.13% to 1.41%, expected life of 5 to 6 years and expected volatility of 62.75% to 63.59%. Ten thousand options were issued at the closing price of $2.32 on the date of grant, vest over a three year period and expire ten years from the date of grant or one year after the Board member no longer serves on the Board. These options were valued under Black-Scholes using a risk free interest rate of 0.815%, expected life of six years and expected volatility of 61.87%. During the three and nine months ended September 30, 2012, we recorded $16,000 and $53,000, respectively, in expense for options issued to non-employee directors. We will recognize an additional $128,000 in expense over the vesting period of the outstanding director options. During the nine months ended September 30, 2012, we issued 20,000 shares of common stock to a former director of the Company as the result of the exercise of 20,000 outstanding options.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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