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Equity and Long-Term Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

4. EQUITY AND LONG-TERM COMPENSATION

Summary of Stock Based Compensation Activity – Options

The summary of stock based compensation activity for the six months ended June 30, 2019, with respect to the Trust’s stock options, was as follows:

Summary of Activity - Options

			Weighted
	Number of		Average		Aggregate
	Options		Exercise Price		Intrinsic Value
Balance as of December 31, 2018		106,000		7.96		-
Plan Awards		-		-		-
Options Exercised		-		-		-
Balance as of June 30, 2019		106,000		7.96		-
Options vested at June 30, 2019		106,000		7.96		-

The weighted average remaining term of the options is approximately 3.12 years.

Summary of Plan Activity – Restricted Stock

The summary of Plan activity for the three months ended June 30, 2019, with respect to the Trust’s restricted stock, was as follows:

Summary of Activity - Restricted Stock

	Number of			Weighted
	Shares of			Average
	Restricted			Grant Date
	Stock			Fair Value
Balance as of December 31, 2018		54,033			6.23
Plan Awards		2,800			-
Restricted Stock Vested		(18,066	)		6.15
Balance as of June 30, 2019		38,767			6.24

Stock-based Compensation

During the first six months of 2019, the Trust recorded approximately $111,000 of non-cash expense related to restricted stock and options granted compared to approximately $91,000 for the first six months of 2018. As of June 30, 2019 there was approximately $242,000 of total unrecognized share-based compensation expense, which expense will be recognized through the second quarter of 2021 equating to a weighted average amortization period of approximately 2 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 six months of 2019, the Trust paid a total of approximately $140,000 of dividends to holders of Power REIT’s Series A Preferred Stock.