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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of Stock Options Outstanding

Activity in the various Plans during the nine months ended September 30, 2019 is reflected in the following table:

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at January 1, 2019			434,012			$	4.62
Granted			180,000				3.01
Exercised			—				—
Forfeited			(24,887	)			(13.78	)
Outstanding at September 30, 2019			589,125			$	3.74
Exercisable at September 30, 2019			454,125			$	3.96

Schedule of Fair Value of Stock Options Assumption

The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated grant date fair value of the options during the nine months ended September 30, 2019.

		Assumptions
Volatility – range			107.6	%
Risk-free rate			2.23	%
Expected term			5.5 years
Exercise price		$	3.01

Shares Authorized Under Stock Option Plans by Exercise Price Range

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of September 30, 2019:

				Outstanding options						Exercisable options
Exercise price range				Number of options				Weighted average remaining contractual life		Number of options				Weighted average remaining contractual life
$	0.01 to $3.49				470,313			8.6 years			335,313				8.2 years
$	3.50 to $4.99				66,875			4.5 years			66,875				4.5 years
$	5.00 to $6.49				—			— years			—				— years
$	6.50 to $7.99				8,437			2.1 years			8,437				2.1 years
$	8.00 to $9.99				2,500			1.7 years			2,500				1.7 years
$	10.00 to $19.99				39,750			1.3 years			39,750				1.3 years
$	20.00 to $24.99				1,250			0.3 years			1,250				0.3 years
					589,125			7.5 years			454,125				6.9 years

Summary of Restricted Stock Activity

A summary of all restricted stock activity under the equity compensation plans for the nine months ended September 30, 2019 is as follows:

		Number of Restricted shares				Weighted average grant date fair value
Non-vested balance, January 1, 2019			772,150			$	3.40
Granted			522,110				2.91
Vested			(397,790	)			(3.84	)
Forfeited			(5,370	)			(3.46	)
Non-vested balance, September 30, 2019			891,100			$	2.91

Schedule of Non-vested Balance of Restricted Stock

The non-vested balance of restricted stock vests as follows:

Years ended		Number of shares
2019 (October 1, 2019 to December 31, 2019)			376,225
2020			264,750
2021			250,125

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