Stockholder's Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stock Options

The following table represents the stock option activity for the six months ended June 30, 2019:

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding options at December 31, 2018		803,320		$	2.89		8.43	$	54
Granted		60,000			2.14
Exercised		—			—
Forfeited		(44,195	)	$	2.82
Outstanding options at June 30, 2019		819,125		$	2.84		8.24	$	-
Options vested and expected to vest		819,125		$	2.84		8.24	$	-
Exercisable at June 30, 2019		614,941		$	3.03		8.10	$	-

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had they all exercised their options on June 30, 2019. This amount changes based on the fair market value of our stock. The aggregate intrinsic value of options exercised under our stock option plans was zero during the three and six months ended June 30, 2019, and zero during the three and six months ended June 30, 2018. Total fair value of options vested was $27,000 and $56,000 during both three and six months ended June 30, 2019, respectively, and $24,000 and $53,000 during the three and six months ended June 30, 2018, respectively.

At June 30, 2019, there was $125,000 of unrecognized compensation cost related to existing options outstanding which is expected to be recognized over a weighted average period of 1.2 years.

Employee Stock Purchase Plan

In the second quarter of 2011, to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward eligible employees and by motivating such persons to contribute to the growth and profitability of the Company, the Company’s Board of Directors (the “Board”) and stockholders approved an ESPP and reserved 333,333 shares of our common stock for issuance effective as of May 15, 2011. The ESPP continues in effect for ten (10) years from its effective date unless terminated earlier by the Company. The ESPP consists of six-month offering periods during which employees may enroll in the plan. The purchase price on each purchase date shall not be less than eighty-five percent (85%) of the lesser of (a) the fair market value of a share of stock on the offering date of the offering period or (b) the fair market value of a share of stock on the purchase date. During the six months ended June 30, 2019, 13,486 shares were purchased under ESPP. As of June 30, 2019, approximately 66,175 shares remain available for grant under the ESPP.

 Restricted Stock Units

The following table represents RSU activity for the six months ended June 30, 2019:

	Number of Shares			Weighted Average Grant-Date Fair Value per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding RSUs at December 31, 2018		96,230		$	2.78		0.60	$	227
Awarded		—			—
Released		—			—
Forfeited		(18,181	)		—
Outstanding RSUs at June 30, 2019		78,049		$	2.27		0.10	$	126

At June 30, 2019, there was $16,000 of unrecognized compensation cost related to RSUs which is expected to be recognized over a weighted average period of 0.1 years.

Stock Repurchase Program

On April 27, 2005, our Board authorized the repurchase of up to 666,666 outstanding shares of our common stock. As of June 30, 2019 the maximum number of shares remaining that can be repurchased under this program was 602,467. The Company does not intend to repurchase shares without further approval from its Board.