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Stock-Based Compensation
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

(12) 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 December 31, 2016, only common stock has been issued as compensation to directors for services rendered under this plan. 57,476 and 28,613 shares of common stock (adjusted for one-for-ten reverse stock split) were issued for the years ended December 31, 2016 and 2015, respectively. Subsequently, $200,000 (46,296 shares) was reclassified to other liabilities (see Note 15). A total of $246,000 and $242,000 of compensation was recorded during the 2016 and 2015 periods. At December 31, 2016 a total of 145,861 (adjusted for one-for-ten reverse stock split) shares remain available for grant.