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Shareholders' Equity
 9 Months Ended
Sep. 30, 2015
Shareholders' Equity [Abstract]  
Shareholders' Equity
7)            Shareholders' Equity

Common Stock

The following table details the changes in common stock during the nine months ended September 30, 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
 
 Restricted shares activity
  
303,361
   
1
   
33
 
 Stock-based compensation
  
--
   
--
   
331
 
             
 Balance September 30, 2015
  
28,351,022
  
$
281
  
$
124,344
 


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 nine months ended September 30, 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.  100,000 of these restricted shares were immediately vested upon the September 25, 2015 resignation of former CEO, Keith Larsen.  Total compensation expense recorded for restricted stock for the three months ended September 30, 2015 and 2014 was $60,000 and $0, respectively. During the nine months ended September 30, 2015 and 2014, we recorded $143,000 and $0, respectively, in compensation expense for restricted stock.  As of September 30, 2015, there was $272,000 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 nine-month period ended September 30, 2015 is presented in the following table:

     
  
Restricted Shares
  
Weighted-average grant-date fair value
 
     
 Non-vested at beginning of year
  
--
  
$
--
 
 Granted
  
340,711
   
1.22
 
 Vested and issued
  
(62,650
)
  
0.54
 
 Vested and cancelled
  
(37,350
)
  
0.54
 
 Non-vested at September 30, 2015
  
240,711
  
$
1.50
 

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, 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 September 30, 2015
  
2,438,124
  
$
3.50
   
178,666
  
$
3.28
 
Exercisable at September 30, 2015
  
2,167,413
  
$
3.74
   
129,666
  
$
3.21
 
                 
Weighted Average Remaining Contractual Life - Years
   
3.77
       
7.14
 
                 
Aggregate intrinsic value of options outstanding ($ Thousands)
  
$
--
      
$
--
 


Employee Stock Options.  During the nine months ended September 30, 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.  100,000 of these options were immediately vested upon the September 25, 2015 resignation of former CEO, Keith Larsen.  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 September 30, 2015 and 2014, we recorded $34,000 and $106,000, respectively, in compensation expense for employee stock options.  During the nine months ended September 30, 2015 and 2014, we recorded $138,000 and $192,000, respectively, in compensation expense for employee stock options.  As of September 30, 2015, there was $272,000 of total unrecognized compensation cost related to employee stock options, which is expected to be amortized over a weighted average period of 2.00 years.

Director Stock Options.  During the three months ended September 30, 2015 and 2014, we recorded $14,000 and $15,000, respectively, in expense for options issued to non-employee directors.  During the nine months ended September 30, 2015 and 2014, we recorded $50,000 and $75,000, respectively, in expense for options issued to non-employee directors.  As of September 30, 2015, there was $97,000 of total unrecognized compensation cost related to director stock options, which is expected to be amortized over a weighted average period of 1.85 years.