Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Stock-Based Compensation [Abstract]

Stock-Based Compensation

E.Stock-Based Compensation

On August 4, 2011, the Company's stockholders approved the 2011 Incentive Plan. 500,000 shares of common stock were authorized for issuance under the 2011 Incentive Plan. On  June 16, 2016, the Company's stockholders approved the Amended and Restated 2011 Incentive Plan which increased the shares of common stock authorized for issuance to 750,000 shares of common stock. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price 10 % above the market price of the Company's stock at the date of grant; those option awards generally have 5-year contractual terms and generally vest over three years. Restricted stock awards are granted at a value equal to the market price of the Company's common stock on the date of grant.

The following table summarizes the inputs to the option valuation model for the options granted during the years ended December 31, 2016 and 2015:

	2016			2015
Expected volatility		31	%		32% – 50	%
Dividend rate		0	%		0	%
Expected term (in years)		3.25 – 3.55			3.55
Risk-free rate		0.92% – 1.49	%		1.06% – 1.25	%
Forfeiture rate		0% – 25	%		0% – 10	%

The Company bases expected volatility on the weighted average historical stock volatility of the Company's common stock. There is no dividend rate. The expected term utilizes historical data to estimate the period of time that the options are expected to remain unexercised. The Company bases risk-free rates on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. The Company also estimates forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2016 as well as activity during the year then ended:

	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2015		194,726			9.27			$	—
Granted during 2016		64,442			4.61				—
Exercised during 2016		—			—				—
Forfeited during 2016		(82,824	)		14.94				—
Expired during 2016		—			—				—
Outstanding at December 31, 2016		176,344		$	4.90		3.4	$	—
Exercisable at December 31, 2016		79,733		$	5.06		2.8	$	—

The weighted-average grant-date fair value of options granted during the years 2016 and 2015 was $1.04 and $0.99, respectively. As of December 31, 2016, there was approximately $56,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.

The following table summarizes information about the Company's unvested stock awards as of December 31, 2016, as well as activity during the year then ended:

	Number of Stock Awards			Weighted Average Grant Date Fair Value
Unvested at December 31, 2015		845		$	5.81
Granted during 2016		11,952			5.02
Vested during 2016		(12,797	)		5.07
Forfeited during 2016		—			—
Unvested at December 31, 2016		—		$	—

As of December 31, 2016, there were no unvested share-based compensation arrangements granted under the Amended and Restated 2011 Incentive Plan. The total fair value of shares vested during the year ended December 31, 2016, was approximately $65,000.

The Amended and Restated 2011 Incentive Plan had 432,723 shares remaining available for future issuance at December 31, 2016.