Equity and Long-Term Compensation

9 Months Ended

Sep. 30, 2015

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

Equity and Long-Term Compensation

4. EQUITY AND LONG-TERM COMPENSATION

Summary of Plan Activity – Options

The summary of Plan activity for the nine months ended September 30, 2015, with respect to the Trust’s stock options, was as follows:

			Weighted
	Number of		Average		Aggregate
	Options		Exercise Price		Intrinsic Value
Balance as of December 31, 2014		106,000		7.96		-
Plan Awards		-
Options Exercised		-		7.96
Balance as of September 30, 2015		106,000		7.96		-
Options vested at September 30, 2015		106,000		7.96		-

For the quarters ended September 30^th, 2015 and 2014, the weighted average fair value of options vested and granted is $0.96 per share. Since the Weighted Average Exercise Price exceeds the closing stock price of $4.26 at September 30^th, 2015 the Aggregate Intrinsic Value is zero.

Summary of Plan Activity – Restricted Stock

The summary of Plan activity for the nine months ended September 30^th, 2015, with respect to the Trust’s restricted stock, was as follows:

	Number of			Weighted
	Shares of			Average
	Restricted			Grant Date
	Stock			Fair Value
Balance as of December 31, 2014		37,042			8.08
Plan Awards		10,900			4.59
Restricted Stock Vested		(18,575	)		8.29
Balance as of September 30, 2015		29,367			7.62

Stock-based Compensation

During the first nine months of 2015, the Trust recorded approximately $150,000 of non-cash expense related to restricted stock and options granted under the Plan compared to approximately $130,000 for the first nine months of 2014. As of September 30, 2015 there was approximately $224,000 of total unrecognized share-based compensation expense, which expense will be recognized through the second quarter of 2018, equating to a weighted average amortization period of approximately 1.5 years from the issuance date. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market.

Preferred Stock Dividends

During the first nine months of 2015, the Trust paid a total of $209,903 of dividends to holders of Power REIT’s Series A Preferred Stock.