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7. SHARE-BASED COMPENSATION
3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION

We have a share-based compensation plan, the “2003 Directors, Officers and Consultants Stock Option, Stock Warrant and Stock Award Plan” (the “Plan”). Awards of common stock and options to purchase common stock granted under the Plan have vesting periods of three years and options are exercisable for two years once fully vested. Share-based compensation expense related to awards is based on the fair value at the date of grant, and is recognized over the requisite expected service period, net of estimated forfeitures. Under the Plan, the total number of options permitted is 15 percent of issued and outstanding common shares.

 

Summary of Nonvested Shares of Restricted Stock

 

For the three months ended March 31, 2016 and 2015, we recognized a total of $155 and $126, respectively, of share-based compensation expense related to restricted stock awards, which is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. There were no new stock grants during the three months ended March 31, 2016. The unamortized estimated fair value of nonvested shares of restricted stock awards was $300 at March 31, 2016. These costs are expected to be recognized as expense over a weighted average period of 1.15 years.

 

Summary of Stock Options

 

For the three months ended March 31, 2016 and 2015, we did not recognize any share-based compensation expense related to outstanding stock option awards. The unamortized portion of the estimated fair value of non-vested stock options was $0 at March 31, 2016.