Share-Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Employee Share-Based Compensation Plans - On May 29, 2008, the Company's shareholders approved the 2008 Omnibus Employee Incentive Plan (the "2008 Plan") providing for the grant of stock options, stock appreciation rights, non-vested stock, and performance shares. The 2008 Plan provides for the issuance of an aggregate of 333,333 shares. There were no options for the purchase of shares granted under the 2008 Plan during the three month period ended March 31, 2017. During the three month period ended March 31, 2016, the Company granted 53,333 options for the purchase of shares under the 2008 Plan. As of March 31, 2017, 42,650 shares remain available for grant under the 2008 Plan.

On May 24, 2011, the Company's shareholders approved the 2011 Omnibus Employee Incentive Plan (as subsequently amended and restated (the "2011 Plan"), providing for the grant of stock options and non-vested stock awards. The 2011 Plan provides for the issuance of an aggregate of 633,333 shares. During the three month periods ended March 31, 2017 and 2016, there were no options for the purchase of shares granted under the 2011 Plan. During the three month period ended March 31, 2017, the Company granted a total of 6,000 stock awards under the 2011 Plan to a non-employee observer of the Board of Directors that immediately vested. There were no stock awards granted under the 2011 Plan during the three month period ended March 31, 2016. As of March 31, 2017, 233,028 shares remain available for grant under the 2011 Plan.

Options under the 2008 and 2011 Plans are granted at fair value on the date of grant, are exercisable in accordance with various vesting schedules specified in the individual grant agreements, and have contractual lives of 10 years from the date of grant.

The following table summarizes stock option activity for the three month period ended March 31, 2017:



	Number of Options		Weighted Average Exercise Price Per Option		Weighted Average remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding balance at December 31, 2016	403,986		$	4.62
Granted	—		—
Exercised	—		—
Forfeited and Expired	(6,637	)	1.93
Outstanding balance at March 31, 2017	397,349		4.67		7.81	$0
Options exercisable at March 31, 2017	224,024		$	6.41	6.96	$0

There were no options exercised during the three month periods ended March 31, 2017 and 2016. Options for the purchase of an aggregate of 27,770 shares of common stock vested during the three month period ended March 31, 2017, and the aggregate fair value at grant date of these options was $0.1 million. As of March 31, 2017, there was approximately $0.2 million of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 1.69 years.

The Company recorded $0.1 million of share-based compensation expense in selling, general and administrative expenses for the three month periods ended March 31, 2017 and 2016.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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