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Note 4. Stock Options and Restricted Stock Units
3 Months Ended
Mar. 31, 2019
Share-based Compensation [Abstract]  
Stock Options and Restricted Stock Units

2014 Equity Incentive Plan

 

On May 23, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company is authorized to issue incentive awards for common stock up to 200,000 shares to employees and other personnel. On June 10, 2016, the shareholders of the Company approved an additional 200,000 awards to be issued under the 2014 Plan, bringing the total number of shares to be awarded to 400,000. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2014 Plan is effective through March 31, 2024. As of March 31, 2019, there are 47,000 shares which remain to be granted under the 2014 Plan.

 

The following table summarizes information about stock options outstanding and exercisable at March 31, 2019:

 

   Options Outstanding  Options Exercisable
Exercise Price Range  Number 

Weighted Average

Remaining Contractual

Life (in Years)

 

Weighted Average

Exercise Price

  Number
0.01 - 7.00    10,000    6.64   $6.80    10,000 
7.01 - 8.00    20,313    4.49   $7.76    20,313 
8.01 - 12.00    4,250    5.74   $9.26    4,250 
12.01 - 15.00    59,500    9.15   $13.10    32,000 
15.01 - 17.40    32,000    9.17   $17.40    —   
 Total     126,063    8.09   $12.70    66,563 

 

As of March 31, 2019, the Company had unrecognized stock compensation related to the options of $189,000, which will be recognized through 2021.

 

During the three months ended March 31, 2019, the Company granted 22,000 restricted stock units with an intrinsic value of $11.90 to certain employees of the Company. The vesting period for the restricted stock units varies between one and three years. During the three months ended March 31, 2019, 24,996 restricted stock units with an intrinsic value of $5.81 vested. As of March 31, 2019, there was $295,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2021.