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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.