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Note 10 - Stock-Based Compensation
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.     Stock-Based Compensation


Stock Option Plan


In 2006, we adopted the GeoVax Labs, Inc. 2006 Equity Incentive Plan (the “Stock Option Plan”) for the granting of qualified incentive stock options (“ISO’s”), nonqualified stock options, restricted stock awards or restricted stock bonuses to employees, officers, directors, consultants and advisors of the Company. The exercise price for any option granted may not be less than fair value (110% of fair value for ISO’s granted to certain employees). Options granted under the Stock Option Plan have a maximum ten-year term and generally vest over three years. The Company has reserved 1,200,000 shares of its common stock for issuance under the Stock Option Plan.


A summary of activity under the Stock Option Plan as of December 31, 2013, and changes during the year then ended is presented below:


   

Number

of Shares

   

Weighted-

Average

Exercise

Price

   

Weighted-

Average

Remaining

Contractual

Term (yrs)

   

Aggregate

Intrinsic

Value

 

Outstanding at December 31, 2012

    1,069,141     $ 4.50                  

Granted

    210,000       0.52                  

Exercised

    -       -                  

Forfeited or expired

    (82,097 )     4.68                  

Outstanding at December 31, 2013

    1,197,044     $ 3.79       6.0     $ 7,700  

Exercisable at December 31, 2013

    812,037     $ 5.29       4.3     $ 0  

Additional information concerning our stock options for the years ended December 31, 2013, 2012 and 2011 is as follows:


   

2013

   

2012

   

2011

 

Weighted average fair value of options granted during the period

  $ 0.43     $ 0.59     $ 0.79  

Intrinsic value of options exercised during the period

    -       -       -  

Total fair value of options vested during the period

    165,490       319,920       540,339  

We use the Black-Scholes model for determining the grant date fair value of our stock option grants. This model utilizes certain information, such as the interest rate on a risk-free security with a term generally equivalent to the expected life of the option being valued and requires certain other assumptions, such as the expected amount of time an option will be outstanding until it is exercised or expired, to calculate the fair value of stock options granted. The significant assumptions we used in our fair value calculations were as follows:


   

2013

   

2012

   

2011

 

Weighted average risk-free interest rates

    2.3 %     1.1 %     1.4 %

Expected dividend yield

    0.0 %     0.0 %     0.0 %

Expected life of option (years)

 

7.0

   

6.7

   

7.0

 

Expected volatility

    96.60 %     105.2 %     111.2 %

Stock-based compensation expense related to the Stock Option Plan was $143,435, $310,076, and $463,752 during the years ended December 31, 2013, 2012 and 2011, respectively. Stock option expense is allocated to research and development expense or to general and administrative expense based on the nature of the services provided by the related individuals. For the three years ended December 31, 2013, stock option expense was allocated as follows:


   

2013

   

2012

   

2011

 

General and administrative expense

  $ 101,896     $ 231,936     $ 284,352  

Research and development expense

    41,539       78,140       179,400  

Total stock option expense

  $ 143,435     $ 310,076     $ 463,752  

As of December 31, 2013, there was $196,648 of unrecognized compensation expense related to stock-based compensation arrangements pursuant to the Stock Option Plan. The unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 2.2 years.


Other Non-Employee Stock-Based Compensation


We recorded stock-based compensation expense for non-employees, related to the issuance of our common stock or stock purchase warrants, of $20,500, $-0-, and $7,119 during the years ended December 31, 2013, 2012 and 2011, respectively. All such expense was allocated to general and administrative expense. As of December 31, 2013, there was no unrecognized compensation expense related to these awards.