Note 7. Restricted Stock Plan

The Company had an employee and director restricted stock plan (the “Company Plan”) and reserved 405,805 shares of stock for issuance thereunder. The Company adopted the Company Plan, pursuant to which employee and directors of the Company could acquire shares of common stock. The Company Plan was adopted by the Company's Board of Directors in April 2014, and was subject to the right of the Board of Directors to terminate the Company Plan at any time. The Company Plan terminated at its scheduled date on June 30, 2018. The termination of the Company Plan, either at the scheduled termination date or before such date, did not affect any award issued prior to termination.

As of March 31, 2020, non‑vested restricted stock awards totaling 3,000 were outstanding as follows:


	Employees
		Weighted
		Average
	Shares	Fair Value
Nonvested Awards December 31, 2019	6,000	$	7.30
Vested in 2020	(3,000)		7.30
Nonvested Awards March 31, 2020	3,000	$	7.30

As stated in Note 1, the Company follows ASC 718‑10 which requires that restricted stock‑based compensation to employees and directors be recognized as compensation cost in the income statement based on their fair values on the measurement date. The fair value of restricted stock granted is equal to the underlying fair value of the stock. As a result of applying the provisions of ASC 718‑10, during the three months ended March 31, 2020 and 2019 the Company recognized restricted stock‑based compensation expense of $5 thousand, or $4 thousand net of tax, related to the 2014 restricted stock awards under the Company Plan. Unrecognized restricted stock‑based compensation expense related to 2014 restricted stock awards under the Company Plan totaled approximately $21 thousand at March 31, 2020. The remaining period over which this unrecognized expense is expected to be recognized is approximately two years.