Stock Options

12 Months Ended

Dec. 31, 2018

Stock Options [Abstract]

Stock Options Disclosure [Text Block]

(8) Stock Options

Through the Compensation Committee of the Company’s Board of Directors, the Company administers the 2011 Stock Option and Incentive Plan, which provides incentive and non-qualified stock option benefits for employees, officers, directors and independent contractors providing services to Enzon. Options granted to employees generally vest over four years from date of grant and options granted to directors vest after one year. The exercise price of the options granted must be at least 100 percent of the fair value of the Company’s common stock at the time the options are granted. Options may be exercised for a period of up to ten years from the grant date. As of December 31, 2018, the 2011 plan authorized equity-based awards for 5 million common shares of which about 4.6 million shares remain available for grant, however, there will be no further grants made pursuant to those plans.

In connection with the special cash dividend that was paid on September 26, 2017 to stockholders of record as of August 30, 2017 (see Note 6), the Compensation Committee of the Board approved equitable adjustments to the Company’s outstanding stock options and restricted stock units.

The following is a summary of the activity in the Company’s outstanding Stock Option Plans, which include the 2011 Stock Option and Incentive Plan, the 2001 Incentive Stock Plan, and the 1987 Non-Qualified Stock Option Plan (options in thousands):

			Weighted		Weighted
			Average		Average
			Exercise		Remaining		Aggregate
			Price Per		Contractual		Intrinsic
	Options		Option		Term (years)		Value ($000)
Outstanding at December 31, 2018 and 2017		42	$	3.11		2.23	$	-
Vested and expected to vest at December 31, 2018 and 2017		42	$	3.11		2.23	$	-
Exercisable at December 31, 2018 and 2017		42	$	3.11		2.23	$	-

As of December 31, 2018, there was no unrecognized compensation cost related to unvested options that the Company expects to recognize.

No options were granted during the years ended December 31, 2018 and 2017.

In the years ended December 31, 2018 and 2017, the Company recorded no stock-based compensation related to stock options. The Company’s policy is to use newly issued shares to satisfy the exercise of stock options.

The Company received no cash from exercises of stock options in either of the years ended December 31, 2018 and 2017.