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STOCK OPTIONS | 12 Months Ended
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Dec. 31, 2023
STOCK OPTIONS |
STOCK OPTIONS | ​ 16. STOCK OPTIONS Stock options Options for the purchase of 3,649,508 shares of Common Stock have been issued under the 2008 Stock Option Plan. Options for the purchase of 147,150 shares under the 2008 Stock Option Plan were outstanding as of December 31, 2023. No shares are available for future issuance under the 2008 Stock Option Plan, which expired July 25, 2018. In the year ended December 31, 2021, three officers were granted options for the purchase of a total of 1,350,000 shares under the 2021 Stock Option Plan. The options had a ten-year term and were to vest in their entirety three years from the grant date. The fair value of the 2021 grant was $10.21 per share using the Black-Scholes option pricing model with a risk-free rate of 1.20%, an exercise price of $13.00 per share and a volatility factor of 92.66%. All such options were terminated on December 19, 2022. No options are currently outstanding under the 2021 Stock Option Plan, and none were granted in 2022 or 2023. Options for the purchase of 2,000,000 shares of Common Stock are available for future issuance under the 2021 Stock Option Plan. ​ FASB Accounting Standards Codification Topic 718, Compensation—Stock Compensation (ASU 718), provides accounting guidance and treatment of share-based compensation. ASC 718-20-35-9 provides that a cancellation of an award that is not accompanied by the concurrent grant of (or offer to grant) a replacement award or other valuable consideration shall be accounted for as a repurchase for no consideration. Accordingly, any previously unrecognized compensation cost shall be recognized at the cancellation date. Under this guidance, the Company accelerated the recognition of all future stock option expense related to the terminated option grants. The impact to the financial statements for the year ended December 31, 2022 was the recognition of an additional $5.5 million in stock option expense. The Compensation and Benefits Committee administers the Company’s stock option plans. Stock option exercises Stock options were exercised by the Company’s employees and directors during 2022, and, consequently, a total of 11,200 shares of Common Stock were issued for an aggregate payment to the Company of $13,800 to exercise such options. No stock options were exercised in 2023. Director, officer, and employee options A summary of Director, officer, and employee options granted and outstanding under the 2008 Stock Option Plan is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | ​ |  | Weighted |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise
​ | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price
Outstanding at beginning of period |  | 147,150 | ​ | $ | 2.06 |  | 173,050 | ​ | $ | 2.06 |  | 199,450 | ​ | $ | 2.05
Granted |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | —
Exercised |  | — | ​ | $ | — |  | (11,200) | ​ | $ | 1.23 |  | (25,400) | ​ | $ | 1.91
Forfeited |  | — | ​ | $ | — |  | (14,700) | ​ | $ | 2.75 |  | (1,000) | ​ | $ | 2.75
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at end of period |  | 147,150 | ​ | $ | 2.06 |  | 147,150 | ​ | $ | 2.06 |  | 173,050 | ​ | $ | 2.06
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of period |  | 147,150 | ​ | $ | 2.06 |  | 147,150 | ​ | $ | 2.06 |  | 173,050 | ​ | $ | 2.06
​ The following table summarizes information about Director, officer, and employee options outstanding under the 2008 Stock Option Plan at December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | ​
Exercise Prices |  | Shares Outstanding |  | Remaining Contractual Life |  | Shares Exercisable
$ | 1.05 |  | 60,000 |  | 2.99 |  | 60,000
$ | 2.75 |  | 87,150 |  | 2.69 |  | 87,150
​ Non-employee options ​ There were no non-director and non-employee options outstanding from 2021 - 2023. ​ Stock-based Compensation ​ The Company recorded $3,660,387 in stock-based compensation expense in 2021. On December 19, 2022, the Company terminated all stock option awards issued under the 2021 Stock Option Plan, causing the acceleration of the recognition of future stock option expense in the amount of $5.5 million. The Company recorded a total of $10.1 million in stock-based compensation expense in 2022. No stock-based compensation expense was recorded in 2023. Options Pricing Models – Assumptions The expected life is based on the Company’s historical experience with option exercise trends. The assumptions for expected volatility are based on a calculation of volatility over the five-years preceding the grant date. Risk-free interest rates are set using grant-date U.S. Treasury yield curves. In its calculations, the Company assumed no dividends. The Company elected a policy to account for forfeitures as they occur, rather than on an estimated basis.

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