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Stock-Based Compensation
3 Months Ended
Mar. 31, 2015
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 9.  Stock-Based Compensation  

 

The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the BSM model. The Company uses historical data among other factors to estimate the expected price volatility, the expected option life, and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.  The Company calculates expected volatility for stock options and awards using historical volatility because the Company believes the future volatility will approximate historical volatility.  At March 31, 2015, the Company had two stock-based employee compensation plans.  During the three-month periods ended March 31, 2015 and 2014,  there were no stock options granted or exercised.

 

As of March 31, 2015, there was approximately $156 of unrecognized compensation expense.  The Company expects to recognize this expense over the next three years.  There was no intrinsic value in the options outstanding and exercisable as of March 31, 2015 as the option exercise prices were greater than the current fair market value as of that date.