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Long-Term Compensation
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Long-Term Compensation

5 – LONG-TERM COMPENSATION

 

The Trust grants awards pursuant to its 2012 Equity Incentive Plan (“Plan”), which was approved at the Trust’s 2012 annual shareholder meeting. The Plan provides for grants of stock options, restricted stock, stock appreciation rights (“SARs”) and other equity incentive awards to employees, officers and other persons providing services to the Trust and its subsidiaries, including outside directors. Compensation may be awarded under the Plan until it is terminated or until the ten-year anniversary of the Plan. The initial number of shares of stock available for issuance under the Plan was 200,000 shares. The Plan contains an “evergreen” provision that automatically adjusts the number of shares available for future issuance, as provided in Section 4 of the Plan (subject to certain adjustments) as follows: “the number of shares of Stock which shall be made available for issuance under the Plan shall be increased by the positive number of shares equal to the lesser of: (i) (A) 10% of the Company’s outstanding shares of Stock, calculated on a fully diluted and consolidated basis (including the OP Units of our Operating Partnership, if any), less (B) the sum of (1) the aggregate number of shares remaining available for issuance under the Plan as of such date, plus (2) the aggregate number of shares subject to outstanding Awards and unvested shares of Restricted Stock or other unvested equity compensation granted under the Plan as of such date, or (ii) a lesser amount determined by the Compensation Committee. For clarity, if the amount determined in the formula in the preceding sentence is negative, the number of shares available for issuance shall neither be increased nor decreased.” In addition, the Trust grants restricted stock that is not subject to the Plan.

 

Summary of Stock Based Compensation Activity – Options

 

The summary of Plan activity for the year ended December 31, 2018, 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, 2017     106,000       7.96            -  
Plan Awards     -       -       -  
Options Exercised     -       -       -  
Balance as of December 31, 2018     106,000       7.96       -  
Options vested at December 31, 2018     106,000       7.96       -  

 

As of December 31, 2018, the weighted average remaining term of the options is 3.61 years.

 

The summary of Plan activity for the year ended December 31, 2017, 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, 2016     106,000       7.96            -  
Plan Awards     -       -       -  
Options Exercised     -       -       -  
Balance as of December 31, 2017     106,000       7.96       -  
Options vested at December 31, 2017     106,000       7.96       -  

 

As of December 31, 2017, the weighted average remaining term of the options is 4.62 years.

 

Summary of Stock Based Compensation Activity – Restricted Stock

 

The summary of stock based compensation activity for the year ended December 31, 2018, 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, 2017     48,833       6.17  
Plan Awards     42,800       6.03  
Restricted Stock Vested     (37,600 )     5.92  
Balance as of December 31, 2018     54,033       6.23  

 

The summary of Stock Based Compensation activity for the year ended December 31, 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     (32,200 )     6.09  
Balance as of December 31, 2017     48,833       6.17  

 

Stock-based Compensation

 

During 2018, the Trust recorded approximately $223,000 of non-cash expense related to restricted stock and options granted under the Plan compared to approximately $196,000 for 2017. As of December 31, 2018 there was approximately $337,000 of total unrecognized share-based compensation expense, which expense will be recognized through the first quarter of 2021, equating to a weighted average amortization period of approximately 2.5 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.