Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation Plan

Stock-Based Compensation Plan
3 Months Ended
Mar. 31, 2017
Stock-Based Compensation Plan [Abstract]  
Stock-Based Compensation Plan


Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”) and the previous 2005 Stock Incentive Plan (the “2005 Plan”), the Company’s Board of Directors (the “Board of Directors”) had flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries.  The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units.  The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares.  The 2005 Plan continued in effect until June 2015 when it expired in accordance with its terms.  The 2015 Plan will continue in effect until December 2025 unless terminated sooner. 

During the three months ended March 31, 2017, the Company did not issue any stock options under the 2015 Plan to employees of the Company.

The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended March 31, 2017 and 2016 was $33 and $36, respectively.  For the three months ended March 31, 2017 and 2016, the majority of stock-based compensation costs were classified as selling, general and administrative expense.  The fair value of unvested restricted stock awards is determined based on the market price of our shares of common stock on the grant date or using the Monte-Carlo pricing model.  As of March 31, 2017, there were 233 unvested stock options and unrecognized compensation cost of $451 related to unvested stock options, as well as 350 unvested restricted stock awards and unrecognized compensation cost of $72 related to unvested restricted stock awards.