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Equity and Long-Term Compensation
 3 Months Ended
Mar. 31, 2017
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 three months ended March 31, 2017, with respect to the Trust’ s stock options, was as follows:

 

    Number of Options     Weighted Average Exercise Price     Aggregate Intrinsic Value  
Balance as of December 31, 2016     106,000       7.96       -  
Plan Awards     -       -       -  
Options Exercised     -       -       -  
Balance as of March 31, 2017     106,000       7.96       -  
Options vested at March 31, 2017     106,000       7.96       -  

 

The weighted average remaining term of the options is approximately 5.4 years.

 

Summary of Plan Activity – Restricted Stock

 

The summary of Plan activity for the nine months ended March 31, 2017, with respect to the Trust’ s restricted stock, was as follows:

 

    Number of Shares of Restricted Stock     Weighted Average Grant Date Fair Value  
Balance as of December 31, 2016     38,633       5.31  
Plan Awards     -       -  
Restricted Stock Vested     (8,050 )     6.68  
Balance as of March 31, 2017     30,583       4.94  

 

Stock-based Compensation

 

During the first three months of 2017, the Trust recorded approximately $54,000 of non-cash expense related to restricted stock and options granted compared to approximately $36,000 for the first three months of 2016. As of March 31, 2017 there was approximately $151,000 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 three months of 2017, the Trust paid a total of approximately $70,000 of dividends to holders of Power REIT’s Series A Preferred Stock.