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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Plan

NOTE 8 — Stock-Based Compensation

 

The Company recognizes the compensation cost in the financial statements for all stock-based awards to employees, including grants of employee stock options, based on the fair value of the awards as of the date that the awards are issued. The fair values of stock options are generally determined using a binomial lattice valuation model that incorporates assumptions about expected volatility, risk-free interest rate, dividend yield, and expected life. Compensation cost for stock-based awards is recognized on a straight-line basis over the vesting period. Total stock-based compensation expense for the three and nine months ended September 30, 2015 was $55,470 and $151,924, respectively. Total stock-based compensation expense for the three and nine months ended September 30, 2014 was $48,576 and $164,370, respectively. In the three and nine months ended September 30, 2015, 30,000 and 268,600 stock options were granted at weighted average per share fair values estimated at $1.48 and $1.56, respectively.