STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2018

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

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

11. STOCK-BASED COMPENSATION

The Company’s 2011 Stock Option Plan (the Plan) provides for the grant of options to purchase up to 120,000 shares of the Company’s common stock to the officers and directors of the Company. The Plan expires on August 24, 2021.

The Company’s policy is to record stock compensation expense in accordance with ASC Topic 718, “Share-Based Payments”. Stock based compensation expense is recognized using the fair-value method for all awards.

In January and March 2018 three directors and one officer exercised options to purchase a total of 10,900 shares at $9.31 per share. One director exercised his options utilizing the re-load option provided in the Plan and was granted 1,600 new options exercisable at $15.30 per share.

No stock options were granted, exercised or forfeited in the year ended December 31, 2017.

As of December 31, 2018, and 2017, there is no unrecognized non-employee stock compensation expense related to unvested stock options under the Plan.

A summary of the status of the Company’s stock option plan as of December 31, 2018 and 2017, and changes during the periods ending on those dates are presented below:

	As of December 31, 2018						As of December 31, 2017
	Shares			Weighted Average Exercise Price			Shares		Weighted Average Exercise Price
Outstanding at the beginning of the period		12,500		$	9.31			12,500	$	9.31
Granted (via reload option)		1,600			15.30			-		-
Exercised		(12,500	)		(9.31	)		-		-
Expired		-			-			-		-
Forfeited		-			-			-		-
Outstanding at the end of the period		1,600		$	15.30			12,500	$	9.31
Options exercisable at period-end		1,600		$	15.30			12,500	$	9.31
Weighted average fair value of options granted during the period		-			-			-		-
Aggregate intrinsic value of outstanding and exercisable options at the end of the period		1,600		$	-			12,500	$	64,000

The following table summarizes outstanding and exercisable options as of December 31, 2018:

Number Outstanding and exercisable	Weighted Average Strike Prices
1,600	$	15.30