Stock Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

3. STOCK BASED COMPENSATION

The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation”. The Company recognizes compensation cost in its financial statements for all share based payments granted, modified, or settled during the period.

For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

For the three months ended March 31, 2018 and 2017, the Company recorded compensation expense (included in general and administrative expense) of $4,000 and $4,000, respectively, related to stock options and $1,495,000 and $1,589,000, respectively, related to amortization of non-vested stock grants and performance-based awards.    

No stock options were exercised by employees and directors during the three months ended March 31, 2018 and 2017. During the three months ended March 31, 2018 and 2017, 36,191 and 44,789 shares of non-vested stock, respectively, vested.

During the three months ended March 31, 2018, the Company issued 242 shares of non-vested stock to non-employee directors which vest over one year. The per share fair market value on the date of grant of the non-vested stock issued during the three months ended March 31, 2018 was $81.86, resulting in an aggregate fair value of approximately $20,000.