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Equity and Long-Term Compensation
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 September 30, 2017     106,000       7.96       -  
Options vested at September 30, 2017     106,000       7.96       -  

 

The weighted average remaining term of the options is approximately 4.9 years.

 

Summary of Plan Activity – Restricted Stock

 

The summary of Plan activity for the nine months ended September 30, 2017, 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, 2016     38,633       5.31  
Plan Awards     42,400       6.89  
Restricted Stock Vested     (24,150 )     6.15  
Balance as of September 30, 2017     56,883       6.13  

 

Stock-based Compensation

 

During the nine months of 2017, the Trust recorded approximately $149,000 of non-cash expense related to restricted stock and options granted compared to approximately $142,000 for the first nine months of 2016. As of September 30, 2017 there was approximately $349,000 of total unrecognized share-based compensation expense, which expense will be recognized through the first quarter of 2020, 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 2017, the Trust paid a total of approximately $210,000 of dividends to holders of Power REIT’s Series A Preferred Stock.