Note 12 - Stock-based Compensation Plan

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(12)  STOCK-BASED COMPENSATION PLAN

As of December 31, 2014, we have unvested restricted stock awards granted under the inTEST Corporation 2007 Stock Plan (the "2007 Stock Plan"). The 2007 Stock Plan was approved at our annual meeting of stockholders held on June 13, 2007. The 2007 Stock Plan permits the granting of stock options or restricted stock, for up to 500,000 shares of our common stock, to officers, other key employees and consultants. As of December 31, 2014, 57,500 shares remain available to grant under the 2007 Stock Plan.

In addition, at our annual meeting on June 25, 2014, our stockholders approved the inTEST Corporation 2014 Stock Plan (the "2014 Stock Plan"). The 2014 Stock Plan permits the granting of stock options, restricted stock, stock appreciation rights or restricted stock units for up to 500,000 shares of our common stock to directors, officers, other key employees and consultants. As of December 31, 2014, no stock awards have been granted under the 2014 Stock Plan.

We have not granted any stock options during 2014 or 2013. Our unvested restricted stock awards outstanding are accounted for based on their grant date fair value. As of December 31, 2014, total compensation expense to be recognized in future periods was $326. All of this expense is related to nonvested shares of restricted stock. The weighted average period over which this expense is expected to be recognized is 2.7 years.

Stock Options

The following table summarizes the stock option activity for the two years ended December 31, 2014:

	Number of Shares			Weighted Average Exercise Price
Options outstanding, January 1, 2013 (219,000 exercisable)		219,000		$	3.17
Granted		-			-
Exercised		(10,000	)		3.04
Canceled		(199,000	)		3.05
Options outstanding, December 31, 2013 (10,000 exercisable)		10,000			5.66
Granted		-			-
Exercised		-			-
Canceled		(10,000	)		5.66
Options outstanding, December 31, 2014		-			-

Restricted Stock Awards

We record compensation expense for restricted stock awards (nonvested shares) based on the quoted market price of our stock at the grant date and amortize the expense over the vesting period. Restricted stock awards generally vest over four years. The following table summarizes the compensation expense we recorded during 2014 and 2013, related to nonvested shares:

	Years Ended December 31,
	2014		2013
Cost of revenues	$	11	$	8
Selling expense		6		10
Engineering and product development expense		16		28
General and administrative expense		101		82
	$	134	$	128

There was no compensation expense capitalized in 2014 or 2013. The following table summarizes the activity related to nonvested shares for the two years ended December 31, 2014:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares outstanding, January 1, 2013		108,750		$	1.63
Granted		127,500			3.62
Vested		(56,250	)		1.70
Forfeited		-			-
Nonvested shares outstanding, December 31, 2013		180,000			2.69
Granted		10,000			4.14
Vested		(83,125	)		2.31
Forfeited		(5,000	)		3.97
Nonvested shares outstanding, December 31, 2014		101,875			2.82

The total fair value of the shares that vested during the years ended December 31, 2014 and 2013 was $351 and $176, respectively, as of the vesting dates of these shares.