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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

NOTE 7 — 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 six months ended June 30, 2017, was $107,389 and $203,086, respectively. Total stock-based compensation expense for the three and six months ended June 30, 2016, was $85,603 and $150,822, respectively. In the three and six months ended June 30, 2017, 182,300 stock options were granted at a weighted average per share fair value estimated at $2.71.