Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

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

Stock-Based Compensation

Note 6. Stock-Based Compensation

The shareholders approved a stock option plan on August 6, 2013, the 2013 Equity Incentive Plan (“2013 Plan”). The 2013 Plan is for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, cash bonuses and other stock-based awards to employees, directors and consultants of the Company.

There have been no options issued in the six months ended June 30, 2017.

A summary of activity under the 2013 Plan for the six months ended June 30, 2017 is as follows:

	Number of			Weighted Average
	Options			Exercise Price
Outstanding at January 1, 2017		141,250			14.83
Forfeited		(2,283	)		11.80
Outstanding at June 30, 2017		138,967			14.96

As at June 30, 2017 there was unrecognized compensation expense of approximately $113,000 to be recognized over the remaining vesting periods.

At June 30, 2017, 822,667 shares of common stock were reserved for all outstanding options and future commitments under the 2013 Equity Incentive Plan.

Prior to the 2013 Plan the Company issued stock options to employees “Other Stock Options”.

A summary of the Company’s other stock options for the six months ended June 30, 2017 is as follows:

	Number of		Weighted Average
	Options		Exercise Price
Outstanding at January 1, 2017 and June 30, 2017		145,950	$	3.18

As of June 30, 2017 there was unrecognized compensation expense of approximately $32,000, related to Other Stock Options, to be recognized over the remaining vesting period.