Stock Compensation

6 Months Ended

Jun. 30, 2013

Stock Compensation [Abstract]

Stock Compensation

Note 7 – Stock Compensation

2012 Incentive and Equity Award Plan

The 2012 Incentive and Equity Award Plan provides for the grant of options, restricted stock, performance awards, other stock-based awards and cash awards to certain eligible employees. The number of shares authorized for issuance under the plan is 500,000. As of June 30, 2013, no options or awards had been granted under the plan.

2012 Non-Employee Director Stock Award Plan

The 2012 Non-Employee Director Stock Award Plan allows each non-employee director to receive his or her fees in shares of the Company’s common stock by providing written notice to the Company. The number of shares authorized for issuance under the plan is 250,000. As of June 30, 2013, no shares had been issued under the plan.

2002 Stock Option Plan

The Energy West Incorporated 2002 Stock Option Plan (the “Option Plan”) expired on October 4, 2012 and provided for the issuance of up to 300,000 options to purchase the Company’s common stock to be issued to certain key employees. As of June 30, 2013 and December 31, 2012, there were 15,000 and 35,000 options outstanding, respectively. Pursuant to the Option Plan, the options vest over four to five years and are exercisable over a five to ten-year period from date of issuance.

The fair value of each option grant is estimated on the grant date using the Black-Scholes option pricing model. No options were granted under this plan during the six month period ended June 30, 2013 and 2012. As of June 30, 2013 and December 31, 2012, there was $1,616 and $3,231 of total unrecognized compensation cost related to stock-based compensation, respectively. This cost is expected to be fully recognized within the current year.

During the six months ended June 30, 2013, 20,000 stock options were exercised in the amount of $159,500.

A summary of the status of options stock option is as follows:

	Number of Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding December 31, 2012		35,000		$	8.66	$	31,550
Granted		—		$	—
Exercised		(20,000	)	$	7.98
Expired		—		$	—
Outstanding June 30, 2013		15,000		$	9.58	$	9,300
Exercisable June 30, 2013		12,500		$	9.47	$	9,300

The following additional information applies to options outstanding at June 30, 2013:

Grant Date	Exercise Price		Number Outstanding		Weighted Average Exercise Price		Weighted average Remaining Contractual Life (Years)		Number Exercisable		Weighted Average Exercise Price
6/3/2009	$	8.44		5,000	$	8.44		0.92		5,000	$	8.44
12/1/2010	$	10.15		10,000	$	10.15		7.42		7,500	$	10.15
				15,000						12,500