Quarterly report pursuant to Section 13 or 15(d)

Stock Compensation

v3.4.0.3
Stock Compensation
3 Months Ended
Mar. 31, 2016
Stock Compensation [Abstract]  
STOCK COMPENSATION

NOTE 10 - STOCK COMPENSATION

 

Equity Incentive Plan

The Company’s 2012 Equity Incentive Plan (as amended, the “Plan”) provides for the issuance of up to 550,000 shares of our common stock. The Plan provides for grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. As of March 31, 2016, the remaining shares of common stock available for future issuance of awards was 172,561. The Company granted an aggregate of 30,000 options to purchase restricted common stock to certain directors prior to the adoption of the Plan of which 25,000 options to purchase restricted common stock are outstanding and exercisable at March 31, 2016.

 

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2016:

 

                Weighted  
          Weighted     Average  
    Shares     Average     Remaining  
    Under     Exercise     Contractual  
    Options     Price     Term (Years)  
Balance at December 31, 2015     400,545     $ 14.56       8.61  
Options forfeited     (15,000 )     12.50          
Options cancelled     (48,205 )     13.35          
Balance at March 31, 2016     337,340     $ 14.82       7.55  

 

At March 31, 2016, the exercisable options had no intrinsic value.

 

The following table summarizes information about options outstanding and exercisable at March 31, 2016:

 

Options Outstanding     Options Exercisable  
            Weighted Average                 Weighted Average  
      Options     Remaining           Options     Remaining  
Exercise Price     Outstanding     Contractual Life     Exercise Price     Exercisable     Contractual Life  
$ 7.00       5,000       6.15     $ 7.00       5,000       6.15  
$ 8.60       22,000       7.95     $ 8.60       22,000       7.95  
$ 10.00       5,040       6.86     $ 10.00       5,040       6.86  
$ 11.00       3,000       6.77     $ 11.00       3,000       6.77  
$ 12.10       30,500       8.11     $ 12.10       22,875       8.11  
$ 12.50       111,800       8.20     $ 12.50       60,300       7.70  
$ 12.55       20,000       8.14     $ 12.55       5,000       8.14  
$ 13.45       2,000       8.23     $ 13.45       500       8.23  
$ 13.50       12,000       8.24     $ 13.50       3,000       8.24  
$ 13.75       6,000       8.43     $ 13.75       4,500       8.43  
$ 17.50       100,000       6.86     $ 17.50       100,000       6.86  
$ 32.00       15,000       5.29     $ 32.00       15,000       5.29  
$ 34.50       5,000       5.32     $ 34.50       5,000       5.32  
          337,340                       251,215          

 

As of March 31, 2016, there were 86,125 remaining unvested options, with vesting terms ranging from 0.4 to 2.8 years. As of March 31, 2016, vested options had a weighted-average remaining contractual term of 7.2 years and a weighted-average exercise price of $15.57 per share.

 

Restricted Stock Awards

The following table summarizes restricted stock awards activity during the three months ended March 31, 2016:

 

          Weighted  
          Average  
          Grant Date  
    Shares     Share Price  
Restricted stock awards unvested at December 31, 2015     18,450     $ 9.09  
Vested     (2,150 )     7.87  
Restricted stock awards unvested at March 31, 2016     16,300     $ 9.25  

 

At March 31, 2016, the weighted-average remaining vesting period of unvested restricted stock awards was 1.07 years.

 

Stock-Based Compensation:

For the three months ended March 31, 2016 and 2015, stock-based compensation was $97 and $287, respectively, which consists of expenses related to the issuance of stock options and restricted stock. The following table summarizes the components of stock-based compensation included in the statements of operations for the three months ended March 31, 2016 and 2015:

 

(In thousand $)     Three months ended  
    March 31,  
    2016     2015  
Research and development     (8 )     25  
Selling, general and administrative     105       262  
Total stock-based compensation   $ 97     $ 287  

 

The aggregate unrecognized compensation expense of stock options and restricted stock at March 31, 2016 was $550, which will be recognized through January 2019.