Stock Compensation

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Compensation

Note 6 – 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 and directors. The number of shares authorized for issuance under the plan is 500,000.

On March 26, 2014, in order to further align the directors’ interests with those of the Company’s shareholders, the board granted an award of the Company’s common stock to each current director of Gas Natural. The total number of shares awarded was 30,833 with a grant date fair value of $0.3 million. The award was not conditional on any future performance or event and as such, the award was fully expensed on the grant date. These shares were subsequently issued on April 3, 2014.

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 March 31, 2014, no awards had been granted 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 March 31, 2014 and December 31, 2013, there were 5,000 and 5,000 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 three months ended March 31, 2014 and 2013.

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

	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding December 31, 2013		5,000	$	8.44	$	—
Granted		—	$	—
Exercised		—	$	—
Expired		—	$	—
Outstanding March 31, 2014		5,000	$	8.44	$	8,100
Exercisable March 31, 2014		5,000	$	8.44	$	8,100

The following additional information applies to options outstanding at March 31, 2014:

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		0.18		5,000	$	8.44
				5,000						5,000