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Stock Options
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Options
STOCK COMPENSATION

In accordance with ASC 718, the Company had no stock option expense for the three and nine months ended September 30, 2017 and September 30, 2016. The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. In 2016, the Company's Board of Directors replaced the 2008 Stock Option Plan with the 2016 Equity Incentive Plan, which does not provide for the issuance of options. Consequently, the Company cannot issue any additional options, if, and until, a new stock option plan is approved by the Board of Directors.

The following table summarizes options outstanding at September 30, 2017
   
 
Number of Shares
Weighted Average Exercise Price
Balance, December 31, 2016
68,133

$
1.79

Granted
—

—

Forfeited
(1,000
)
(2.15
)
Exercised
(56,800
)
(2.05
)
 
 
 
Outstanding options at September 30, 2017
10,333

$
1.21

 
 
 
Outstanding exercisable options at September 30, 2017
10,333

$
1.21

 
 
 


The intrinsic value of outstanding and exercisable options at September 30, 2017 was approximately $70,000.


The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the nine months ended September 30, 2017 is as follows:

 
Number of Shares
Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2016
103,000

$
4.95

Granted
74,000

5.45

Vested
(15,000
)
(5.45
)
Forfeited
—

—

 
 
 
Non-vested, end of period
162,000

$
5.13

 
 
 

Awards are being amortized to expense ratably, on an annual basis, over a three year vesting term, except one grant in January 2017 for 15,000 shares of restricted stock, which vested upon grant. There was stock compensation expense of $289,596 for the nine months ended September 30, 2017 and no stock compensation expense for the nine months ended September 30, 2016, as the grants were made in December 2016 and January 2017. The total unrecognized compensation cost as of September 30, 2017 related to the non-vested restricted stock is $623,550.