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Equity and Long-Term Compensation
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Equity and Long-Term Compensation

4. EQUITY AND LONG-TERM COMPENSATION

 

Summary of Stock Based Compensation Activity – Options

 

The summary of stock based compensation activity for the nine months ended September 30, 2016, with respect to the Trust’s stock options, was as follows:

 

          Weighted        
    Number of     Average     Aggregate  
    Options     Exercise Price     Intrinsic Value  
Balance as of December 31, 2015     106,000       7.96       41,340  
Plan Awards     -                  
Options Exercised     -                  
Balance as of September 30, 2016     106,000       7.96       16,960  
Options vested at September 30, 2016     106,000       7.96       -  

 

The Aggregate Intrinsic Value is based on the difference between the option exercise price and the closing stock price of $8.12 at September 30, 2016 and $8.60 at December 31, 2015. Since the Weighted Average Exercise Price is below the closing price of $8.12 at September 30, 2016 the Aggregate Intrinsic Value is $16,960 at September 30, 2016. The weighted average remaining term of the options is 5.87 years.

 

Summary of Plan Activity – Restricted Stock

 

The summary of Plan activity for the nine months ended September 30, 2016, with respect to the Trust’s restricted stock, was as follows:

 

    Number of     Weighted  
    Shares of     Average  
    Restricted     Grant Date  
    Stock     Fair Value  
Balance as of December 31, 2015     24,875       7.58  
Plan Awards     42,250       5.02  
Restricted Stock Vested     (20,442 )     (6.90 )
Balance as of September 30, 2016     46,683       5.54  

 

Stock-based Compensation

 

During the first nine months of 2016, the Trust recorded approximately $142,000 of non-cash expense related to restricted stock and options granted compared to approximately $150,000 for the first nine months of 2015. As of September 30, 2016 there was approximately $259,000 of total unrecognized share-based compensation expense, which expense will be recognized through the first quarter of 2019, equating to a weighted average amortization period of approximately 1.5 years from the issuance date. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market.

 

Preferred Stock Dividends

 

During the first nine months of 2016, the Trust paid a total of approximately $210,000 of dividends to holders of Power REIT’s Series A Preferred Stock.