Stock Compensation

12 Months Ended

Dec. 31, 2019

Compensation Related Costs [Abstract]

Stock Compensation

On September 19, 2008, the Board of Directors and Stockholders of the Company adopted the 2008 Stock Option Plan (the "2008 Plan") in addition to the 2004 Stock Option Plan, which allowed the Company to grant up to 500,000 options to employees, officers, directors and consultants to purchase shares of the Company's Common Stock. Options granted under the 2008 Plan could have been either Incentive Stock Options or Non-Qualified Stock Options. There have not been any grants under the 2008 Stock Option Plan since its inception. The Board of Directors replaced the 2008 Stock Option Plan with the 2016 Equity Incentive Plan described below.

There were no options exercised under the 2004 Stock Option Plan for the year ending December 31, 2019 and there were 10,333 options exercised in 2018. There were no options outstanding and exercisable under either the 2004 Stock Option Plan or the 2008 Plan at December 31, 2019.

On October 13, 2016, the Board of Directors of the Company adopted the 2016 Equity Incentive Plan, which allows the Company to grant up to 400,000 shares of restricted common stock of the Company to employees, officers, directors and consultants. The grants may be in the form of restricted or performance shares of common stock of the Company. There were 2,000 and 2,500 shares of restricted stock issued that vested immediately during the years ended December 31, 2019 and December 31, 2018, respectively. The shares have a three year vesting period which vests ratably, on an annual basis, over a three year period. The total intrinsic value (in thousands) of the outstanding shares of restricted stock is $118.

The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of date of grant. Restricted stock activity during the years ended December 31, 2018 and 2019 is as follows:

	Number of Shares		Weighted Average Grant Date Fair Value per Share
Non-vested, December 31, 2017		125,333	$	5.19
Granted		2,500		7.00
Vested		54,333		5.27
Forfeited		4,000		4.95
Non-vested, December 31, 2018		69,500		5.19
Granted		2,000		7.43
Vested		51,499		5.27
Forfeited		334		4.95
Non-vested, December 31, 2019		19,667	$	5.45

Awards are being amortized to expense ratably, on a monthly basis, over a three year vesting term, except two grants that vested immediately. Stock compensation (in thousands) for the year ended December 31, 2019 was approximately $270, based upon the value at the date of grant. Stock compensation for the year ended December 31, 2018 was approximately $242, based upon the value at the date of grant. There was $1 of unrecognized compensation cost related to the non-vested restricted stock as of December 31, 2019