Stock options and awards

12 Months Ended

Dec. 31, 2013

Stock options and awards [Abstract]

Stock options and awards

Note 11 - Stock options and awards:

On June 3, 2011, the Company’s shareholders approved the Ocean Bio-Chem, Inc. Omnibus Equity Compensation Plan (the “Plan”). The Plan is designed (i) to meet the Nasdaq listing requirements, (ii) to enable compensation attributable to grants under the Plan to qualify for an exemption from the deduction limit under section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the “Code”) and (iii) to enable incentive stock options to meet the requirements of the Code.

As a result of the adoption of the Plan, no further stock option grants will be made under the Company’s 2002 Non-Qualified Stock Option Plan, 2002 Incentive Stock Option Plan, 2007 Incentive Stock Option Plan, 2008 Non-Qualified Stock Option Plan and 2008 Incentive Stock Option Plan.

The Plan authorizes 750,000 shares of the Company’s common stock for issuance, subject to antidilution adjustments upon the occurrence of certain events affecting the common stock.  The Company issued stock awards under the Plan to officers, key employees and a consultant totaling 121,000 and 117,000 shares of common stock in the aggregate during the years ended December 31, 2013 and 2012, respectively. At December 31, 2013, 373,000 shares remained available for future issuance under the Plan.  Compensation expense related to the stock awards was approximately $306,000 and $223,000 for the years ended December 31, 2013 and 2012, respectively.

During 2013, stock options to purchase an aggregate of 193,400 shares were exercised and stock options to purchase an aggregate of 3,000 shares were forfeited. Following the withholding of an aggregate of 42,838 shares in connection with the net exercise feature of the stock options, the Company delivered an aggregate of 150,562 shares to the option holders who exercised their options.

The following tables provide information at December 31, 2013 and 2012 regarding outstanding options under the Company’s stock option plans as well as a grant made outside of the Company’s stock option plans.  As used in the table below, “2002 ISO” refers to the Company’s 2002 Incentive Stock Option Plan, “2007 ISO” refers to the Company’s 2007 Incentive Stock Option Plan, “2008 ISO” refers to the Company’s 2008 Incentive Stock Option Plan, “2002 NQ” refers to the Company’s 2002 Non-Qualified Stock Option Plan and “2008 NQ” refers to the Company’s 2008 Non-Qualified Stock Option Plan.

December 31, 2013
Plan	Date Granted	Options Outstanding		Exercisable Options		Exercise Price		Expiration Date	Weighted Average Remaining  Life
Non Plan	3/25/09		115,000		115,000	$	0.55	3/24/14		.2
2002 NQ	5/25/04		30,000		30,000	$	1.46	5/24/14		.4
2002 NQ	4/3/06		40,000		40,000	$	1.08	4/2/16		2.3
2002 NQ	12/17/07		40,000		40,000	$	1.32	12/16/17		4.0
2008 NQ	1/11/09		40,000		40,000	$	0.69	1/10/19		5.1
2008 NQ	4/26/10		20,000		20,000	$	2.07	4/25/20		6.4
			285,000		285,000	$	0 .95			2.2

December 31, 2012
Plan	Date Granted	Options Outstanding		Exercisable Options		Exercise Price		Expiration Date	Weighted Remaining  Life
Non Plan	3/25/09		115,000		115,000	$	0.55	3/24/14		1.2
2008 ISO	8/25/08		141,400		107,680	$	0.97	8/21/13		.7
2002 NQ	6/20/03		30,000		30,000	$	1.03	6/19/13		.5
2002 NQ	5/25/04		30,000		30,000	$	1.46	5/24/14		1.4
2002 NQ	4/3/06		40,000		40,000	$	1.08	4/2/16		3.3
2002 NQ	12/17/07		50,000		50,000	$	1.32	12/16/17		5.0
2008 NQ	1/11/09		50,000		50,000	$	0.69	1/10/19		6.1
2008 NQ	4/26/10		25,000		25,000	$	2.07	4/25/20		7.4
			481,400		447,680	$	0.98			2.4

The following table shows the number of options outstanding under each stock option plan at December 31, 2013:

Plan	Options Outstanding
Non Plan		115,000
2002 NQ		110,000
2008 NQ		60,000
Totals		285,000

The following table provides information relating to stock option transactions during the years ended December 31, 2013 and 2012:

	2013					2012
				Weighted					Weighted
				Average					Average
				Exercise					Exercise
	Shares			Price		Shares			Price
Options outstanding beginning of the year		366,400		$	1.11		680,700		$	$1.27
Options exercised		(193,400	)	$	1.01		(302,800	)	$	1.46
Options forfeited or expired		(3,000	)	$	0.97		(11,500	)	$	1.51
Options outstanding end of the year		170,000		$	1.23		366,400		$	1.11
Non plan options		115,000		$	0.55		115,000		$	0.55
Totals		285,000		$	0.95		481,400		$	$0.98

Stock options may be awarded as part of compensation to executives, employees, directors and others, pursuant to the terms of the Company’s Omnibus Equity Compensation Plan, but no options were awarded under the plan in 2013 or 2012.  Grants of stock options or other equity awards are made at the discretion of the Equity Grant Committee of the Board of Directors.  Options previously were granted under the Company’s other stock option plans.  Qualified options previously granted typically had a five-year term with vesting in equal 20% increments on each anniversary of the date of grant.  No qualified options were outstanding on December 31, 2013. Non-qualified options were previously granted to outside directors have a 10-year term and are immediately exercisable.  The last tranche of non-qualified options previously granted terminate on April 25, 2020.  Compensation cost recognized during the year ended December 31, 2013 and 2012 attributable to stock options amounted to approximately $12,000 and $54,000, respectively.

At December 31, 2013 and 2012, there was $0 and $12,000 of unrecognized compensation cost related to unvested share based compensation arrangements.