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Shareholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2015
Shareholders' Equity [Abstract] |
Shareholders' Equity | 7) Shareholders' Equity Common Stock The following table details the changes in common stock during the three months ended March 31, 2015:
(Amounts in thousands, except for share amounts) |
|  |  |  |  |  |  |  | Additional |
|  | Common Stock |  |  | Paid-In |
|  | Shares |  |  | Amount |  |  | Capital |
Balance January 1, 2015 |  |  | 28,047,661 |  |  | $ | 280 |  |  | $ | 123,980 |
Issuance of restricted stock |  |  | 340,711 |  |  |  | -- |  |  |  | -- |
Stock-based compensation |  |  | -- |  |  |  | -- |  |  |  | 115 |
Balance March 31, 2015 |  |  | 28,388,372 |  |  | $ | 280 |  |  | $ | 124,095 |
Restricted Stock The Company grants shares of restricted stock as part of its equity compensation program. Shares of restricted stock are valued at the closing price of the Company's common stock on the grant date and are recognized as general and administrative expense over the vesting period of the award. During the three months ended March 31, 2015, the Company granted 340,711 shares of restricted stock under the 2012 Equity and Performance Incentive Plan (the "2012 Equity Plan") to certain employees. The restricted shares vest in equal tranches over three years and had a fair value at issuance of $1.50 per share, which is equal to the closing price of the Company's stock on the date of grant. Total expense recorded for restricted stock for the three months ended March 31, 2015 and 2014 was $41,000 and $0, respectively. As of March 31, 2015, there was $470,000 of total unrecognized compensation expense related to unvested restricted stock awards, which will be amortized through 2017. A summary of the status and activity of non-vested restricted stock for the three-month period ended March 31, 2015 is presented in the following table:
|  | Restricted Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at beginning of year |  |  | -- |  |  | $ | -- |
Granted |  |  | 340,711 |  |  | $ | 1.50 |
Non-vested at end of quarter |  |  | 340,711 |  |  | $ | 1.50 |
Stock Option Plans The following table represents the activity in employee stock options and non-employee director stock options for the three months ended March 31, 2015:
|  | Employee Stock Options |  |  | Director Stock Options |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
Outstanding balance at December 31, 2014 |  |  | 2,097,413 |  |  | $ | 3.82 |  |  |  | 178,666 |  |  | $ | 3.28 |
Granted |  |  | 340,711 |  |  | $ | 1.50 |  |  |  | -- |  |  | $ | -- |
Forfeited |  |  | -- |  |  | $ | -- |  |  |  | -- |  |  | $ | -- |
Expired |  |  | -- |  |  | $ | -- |  |  |  | -- |  |  | $ | -- |
Exercised |  |  | -- |  |  | $ | -- |  |  |  | -- |  |  | $ | -- |
Outstanding at March 31, 2015 |  |  | 2,438,124 |  |  | $ | 3.50 |  |  |  | 178,666 |  |  | $ | 3.28 |
Exercisable at March 31, 2015 |  |  | 1,949,080 |  |  | $ | 3.95 |  |  |  | 97,333 |  |  | $ | 3.23 |
Weighted Average Remaining Contractual Life - Years |  |  |  | 4.26 |  |  |  |  |  |  |  | 7.64 |
Aggregate intrinsic value of options outstanding ($ Thousands) |  |  | $ | -- |  |  |  |  |  |  | $ | -- |
Employee Stock Options. During the three months ended March 31, 2015, we issued 340,711 options to certain employees under the 2012 Equity Plan. The options were issued at the closing price of $1.50 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 the Black-Scholes pricing model using a risk free interest rate of 1.765%, expected life of six years and expected volatility of 63.3585%. During the three months ended March 31, 2015 and 2014, we recorded $54,000 and $43,000, respectively, in compensation expense for employee stock options. As of March 31, 2015, there was $369,000 of total unrecognized compensation cost related to employee stock options, which is expected to be amortized over a weighted average period of 2.33 years. Director Stock Options. During the three months ended March 31, 2015 and 2014, we recorded $20,000 and $16,000, respectively, in expense for options issued to non-employee directors. As of March 31, 2015, there was $126,000 of total unrecognized compensation cost related to director stock options, which is expected to be amortized over a weighted average period of 2.30 years.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: 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 15: 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 16: 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 17: 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 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: 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 + Details
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