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Stock Options and Warrants
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Options And Warrants
Option Matching Rights, Warrants and Options

Option Matching Rights

Pursuant to the Letter Agreement, on February 17, 2016, the Company provided written notice to Kien Huat regarding Kien Huat's election to exercise certain Option Matching Rights. On February 17, 2016, Kien Huat declined to exercise the Option Matching Rights to purchase 204,706 shares of common stock.

Warrants
During 2015, the Company issued an aggregate of 83,334 shares of common stock at $30.00 per share from the exercise of warrants from a warrant holder. The Company received proceeds of $2.5 million from the exercise of these warrants.
As of December 31, 2015, there are outstanding warrants to purchase an aggregate of 133,333 shares of Empire’s common stock at $30.00 per share with an expiration date of May 10, 2020.
Options
Second Amended and Restated 2005 Equity Incentive Plan
In May 2015, the Company's Second Amended and Restated 2005 Equity Incentive Plan (the “2005 Equity Incentive Plan”) expired. Options to purchase 56,619 shares of common stock were outstanding as of December 31, 2015 under the 2005 Equity Incentive Plan. Although the 2005 Equity Incentive Plan expired, the 56,619 options still outstanding under such plan are still exercisable.
2015 Equity Incentive Plan
In September 2015, our board approved, and in November 2015, our stockholders approved the Company's new 2015 Equity Incentive Plan (the "2015 Equity Incentive Plan"). The 2015 Equity Incentive Plan provides for an aggregate of 952,498 shares of common stock to be available for Awards. However, subject to adjustments based on the terms of the Plan, on the 90th day after the Company is awarded a Gaming Facility License by the NYSGC with respect to the Montreign Resort Casino (the “Trigger Date”), the maximum shares of Common stock available for Awards will automatically increase by the lesser of: (i) 1,633,209 shares of common stock; (ii) such number of shares as will increase the aggregate number of shares of Common stock available for Awards equal to 10% of the issued and outstanding shares of Common stock as of the Trigger Date; and (iii) such number of shares of Common stock as the Compensation Committee otherwise determines.
Stock-based compensation expense was approximately $596,000, $636,000 and $385,000 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was approximately $3.1 million of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the Company’s plan. That cost is expected to be recognized over the remaining vesting period of 2.75 years. This expected cost does not include the impact of any future stock-based compensation awards.
In 2015, 2014 and 2013 the Company received approximately $160,000, $2.8 million and $1.0 million, respectively, in proceeds from shares of Common stock issued as a result of the exercise of stock options.
The following table sets forth the weighted average assumptions used in applying the Black Sholes option pricing model to the option grants in 2014 and 2013. No options were granted in 2015.
 
2014
 
2013
Weighted average fair value of options granted
$
5.65

 
$
3.78

Expected dividend yield
—%
 
—%
Expected volatility
101.6
%
 
103.8
%
Risk—free interest rate
1.64
%
 
1.47
%
Expected life of options
5 years
 
5 years


The following table reflects stock option activity in 2015, 2014 and 2013.
 
Approximate
number of
shares
 
Range of exercise
prices per share
 
Weighted
average exercise
price per share
 
Weighted
average remaining
contractual life (years)
Options outstanding at January 1, 2013
440,800

 
 
 
$
42.25

 
2.26
Granted in 2013
10,000

 
$
24.75

 
$
24.75

 
4.87
Options exercised in 2013
(62,800
)
 
$13.95 - $23.55

 
$
16.15

 
 
Canceled in 2013
(10,000
)
 
$23.55 - $213.75

 
$
64.20

 
 
Options outstanding at December 31, 2013
378,000

 
 
 
$
33.15

 
1.46
Granted in 2014
1,600

 
$
35.85

 
$
35.85

 
3.87
Options exercised in 2014
(153,600
)
 
$13.95 - $34.50

 
$
23.35

 
 
Forfeited in 2014
(1,000
)
 
$
24.75

 
$
19.35

 
 
Canceled in 2014
(68,800
)
 
$15.00 - $213.75

 
$
72.30

 
 
Options outstanding at December 31, 2014
156,200

 
 
 
$
33.25

 
1.47
Options exercised in 2015
(81,600
)
 
$13.95-$27.15

 
 
 
 
Forfeited in 2015
(18,000
)
 
$13.95 -$127.95

 
 
 
 
Options outstanding at December 31, 2015
56,600

 
 
 
$
48.50

 
2.61