Stock-based compensation

6 Months Ended

Jun. 30, 2015

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

Stock-based compensation

Note 13

Stock-based compensation:

Stock awards under the Company’s stock option plans have been granted with exercise prices that are no less than the market value of the stock on the date of the grant. Options granted under the plans are generally time-based or performance-based options and vesting varies accordingly. Options under the plans expire up to a maximum of ten years from the date of grant. Stock-based compensation to non-employee consultants, accounted for pursuant to FASB ASC 505-50-5, Equity, Equity Based Payments to Non-Employees, is granted for services rendered and is completely vested on the grant date.

The fair value of each option award granted during the period is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table:

There were no grants during the six months ended June 30, 2015. Stock-based compensation expense for the three and six months ended June 30, 2015 was $246 and $476, net of forfeitures of $0 and $27, respectively. For the three and six months ended June 30, 2014 stock-based compensation was $168 and $312, net of forfeitures of $44 and $79, respectively. The three and six months ended June 30, 2014, also included $20 of non-employee stock-based compensation. As of June 30, 2015 there was $782 in unrecognized compensation expense.