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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 11. Common Stock Options and Stock Purchase Plan Stock options The 1997 Stock Option Plan (the “1997 Plan”) and 2013 Equity Incentive Plan (the “2013 Plan”) authorize the issuance of both nonqualified and incentive stock options. Payment for the shares may be made in cash, shares of the Company’s Common Stock or a combination thereof. Under the terms of the plans, incentive stock options and non-qualified stock options are granted at a minimum of 100% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire 10 years from the date of grant or one year from the date of death. Stock-based compensation Pursuant to the 2013 Plan, the Company is authorized to grant options to purchase up to 300,000 shares of its Common Stock. As of December 31, 2014, options to purchase an aggregate of 250,000 shares were outstanding and 125,000 shares were exercisable under the 2013 Plan, and 50,000 shares were available for issuance pursuant to awards that may be granted under the plan in the future. Pursuant to the 1997 Plan, the Company is authorized to grant options to purchase up to 450,000 shares of its Common Stock. As of December 31, 2014, options to purchase an aggregate of 7,500 shares were outstanding and exercisable under the 1997 Plan. The board terminated the plan in 2014. The existing grants may be exercised according to the terms of the grant agreements but no additional options will be granted under the 1997 Plan. During the third quarter of 2013, the Company granted to its Chief Executive Officer options to purchase 50,000 shares of common stock. The options were granted at a strike price equal to the fair market value, vested immediately, and expire ten years from the date of the grant. During the year ended December 31, 2014, options to purchase 11,980 shares of common stock expired for four employees. The following table summarizes the activity for outstanding incentive stock options under both plans to employees of the company:
|  | Options Outstanding
|  | Number of |  | Weighted- |  | Weighted- |  | Aggregate
|  | Shares |  | Average |  | Average |  | Intrinsic Value
|  |  |  | Exercise |  | Remaining |  | (1)
|  |  |  | Price |  | Contractual |  |
|  |  |  |  |  | Term |  |
|  |  |  |  |  | (in years) |  |
Balance at January 1, 2013 |  |  | 11,980 |  | $ | 4.16 |  | 1.6 |  |  |  |
Granted |  |  | 50,000 |  |  | 4.21 |  | 10.0 |  |  |  |
Exercised |  |  | 0 |  |  |  |  |  |  |  |  |
Canceled/forfeited/expired |  |  | 0 |  |  |  |  |  |  |  |  |
Balance at December 31, 2013 |  |  | 61,980 |  |  | 4.20 |  | 9.7 |  |  |  |
Granted |  |  | 0 |  |  |  |  |  |  |  |  |
Exercised |  |  | 0 |  |  |  |  |  |  |  |  |
Canceled/forfeited/expired |  |  | 11,980 |  |  | 4.16 |  |  |  |  |  |
Balance at December 31, 2014 |  |  | 50,000 |  | $ | 4.21 |  | 8.6 |  |  |  |
Vested and exercisable as of December 31, 2014 |  |  | 50,000 |  |  |  |  |  |  |  | $ | 0
| (1) |  | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2014.
During the second quarter of 2014, the Company granted one outside director options to purchase 25,000 shares of common stock. The options were priced above fair market value and vested 20% on the grant date, with an additional 20% vesting on the first four anniversaries of the grant date. The options expire ten years from the date of grant. During the third quarter of 2013, the Company granted to three of its outside directors options to each purchase 50,000 shares of common stock and granted options to a fourth director to purchase 25,000 shares of common stock. The options granted to outside directors had a strike price above fair market value and vested 20% on the grant date, with an additional 20% vesting on the first four anniversaries of the grant date thereafter. All of the stock option grants expire ten years from the date of the grant. During the year ended December 31, 201 4, one former outside director forfeited options to purchase 2,5 00 shares of common stock. The following table summarizes the activity for outstanding director stock options under both plans:
|  | Options Outstanding
|  | Number of |  | Weighted- |  | Weighted- |  | Aggregate
|  | Shares |  | Average |  | Average |  | Intrinsic Value
|  |  |  | Exercise |  | Remaining |  | (1)
|  |  |  | Price |  | Contractual |  |
|  |  |  |  |  | Term |  |
|  |  |  |  |  | (in years) |  |
Balance at January 1, 2013 |  |  | 10,000 |  | $ | 4.15 |  | 9.5 |  |  |  |
Granted |  |  | 175,000 |  |  | 4.67 |  | 10.0 |  |  |  |
Exercised |  |  | 0 |  |  |  |  |  |  |  |  |
Canceled/forfeited/expired |  |  | 0 |  |  |  |  |  |  |  |  |
Balance at December 31, 2013 |  |  | 185,000 |  |  | 4.64 |  | 9.5 |  |  |  |
Granted |  |  | 25,000 |  |  | 4.39 |  | 10.0 |  |  |  |
Exercised |  |  | 0 |  |  |  |  |  |  |  |  |
Canceled/forfeited/expired |  |  | 2,500 |  |  | 4.15 |  |  |  |  |  |
Balance at December 31, 2014 |  |  | 207,500 |  | $ | 4.62 |  | 8.4 |  |  |  |
Vested and exercisable as of December 31, 2014 |  |  | 82,500 |  |  |  |  |  |  |  | $ | 0
| (1) |  | The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2014.
The weighted average grant date fair value of options granted during the years ended December 31, 2014 and 2013 was $35 and $367, respectively. The Company recogniz ed compensation expense of approximately $67 and $162 during the years ended December 31, 2014 and 2013, respectively, in connection with the issuance of the options. The assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model are as follows:
| Year Ended December 31
| 2014 |  | 2013
Dividend yield | 0.00% |  | 0.00%
Expected volatility | 44.11% |  | 44.27-45.00%
Risk free interest rate | 2.02% |  | 1.33-1.92%
Expected life | 6 Years |  | 5.5-6 Years
The Company calculates expected volatility for stock options and other awards using historical volatility as the Company believes the expected volatility will approximate historical volatility. There were no options exercised during the years ended December 31, 2014 and 2013. As of December 31, 2014, there was approximately $172 of unrecognized compensation expense under the 2013 Plan. The Company expects to recognize this expense over the next four years. To the extent the forfeiture rate is different than we have anticipated, stock-based compensation related to these awards will be different from our expectations. Stock purchase plan The 1996 Employee Stock Purchase Plan (the “ESPP”) allows employees to set aside up to 10% of their earnings for the purchase of shares of the Company’s Common Stock. The purchase price is the lower of 85% of the market value at the date of the grant or the exercise date, which is six months from the date of the grant. Under the ESPP, the Company was authorized to sell and issue up to 150,000 shares of its Common Stock to its full-time employees. There were 81,653 shares issued under the plan. During 2014 and 2013, 814 shares and 2,795 shares, respectively, were issued under the ESPP. The plan was terminated effective January 1, 2014.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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