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Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

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

(6)	*Stock-Based Compensation.* On December 27, 2011, the Company’s stockholders approved the 2011 Equity Incentive Plan (“2011 Plan”). In May 2016, the Company increased the total number of shares available to be awarded from 105,000 shares (adjusted for the one-for-ten reverse stock split) to 210,000 shares. Options, restricted stock, performance share awards and bonus share awards in lieu of obligations may be issued under the 2011 Plan. Both incentive stock options and nonqualified stock options can be granted under the 2011 Plan. The exercise price of the stock options cannot be less than the fair market value of the common stock on the date of grant. Options must be exercised within ten years of the date of grant.

	As of June 30, 2016, only common stock has been issued as compensation to directors for services rendered under this plan. 51,649 and 24,044 shares of common stock (adjusted for one-for-ten reverse stock split) were issued for the periods ended June 30, 2016 and 2015, respectively. A total of $222,000 and $217,000 of compensation was recorded during the 2016 and 2015 periods. At June 30, 2016 a total of 105,392 (adjusted for one-for-ten reverse stock split) shares remain available for grant.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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