Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

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

The Company has granted options to purchase its common stock and or stock grants to certain employees and directors of the Company and its affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates other than by retirement or death. These options generally vest over five years. All option plans contain anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization.

The Company’s stock-based compensation expense was $285,000 and $176,000 for the three months ended March 31, 2016 and 2015, respectively.

Qualified Options

Following is a summary of activity in the Incentive Stock Option Plans for the period indicated:



For three months ended March 31, 2016
	Shares
Outstanding at beginning of year	254,195
Granted	—
Exercised	(14,325	)
Canceled	—
Outstanding at March 31, 2016	239,870
Exercisable at March 31, 2016	129,020
Available for grant at March 31, 2016	370,750

Non-qualified Options

Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated:



For three months ended March 31, 2016
	Shares
Outstanding at beginning of year	127,300
Granted	—
Exercised	—
Canceled	—
Outstanding at March 31, 2016	127,300
Exercisable at March 31, 2016	83,100
Available for grant at March 31, 2016	232,522

Restricted Stock

Following is a summary of activity in the Restricted Stock for the periods indicated:



For three months ended March 31, 2016
	Shares
Outstanding at beginning of year	32,616
Granted	—
Vested	(4,204	)
Forfeited or Canceled	—
Outstanding at March 31, 2016	28,412