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STOCK BASED COMPENSATION
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Mar. 31, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE G - Stock Based Compensation
In August 2013, the Company adopted the 2013 Equity Compensation Plan (the “Plan”), which provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. Options under the Plan may be granted at prices not less than 100% of the fair value of the shares on the date of grant as determined by the Board Committee. The Board Committee determines the period over which the options become exercisable subject to certain restrictions as defined in the Plan, with the current outstanding options generally vesting over three years. The term of the options is no longer than ten years. The Company currently has reserved 8,250,000 shares of common stock for issuance under the plan. With the approval of the Board of Directors and majority Shareholders, effective May 8, 2014, the Plan was amended and restated. The amendment provides for an automatic increase in the number of shares of Common Stock available for issuance under the Plan each January (with Board approval), commencing January 1, 2015 in an amount up to four percent (4%) of the total number of shares of Common Stock outstanding on the preceding December 31st. The Company recognized stock-based compensation expense in its consolidated statements of operations as follows ($ in thousands):
Stock Incentive Plans: The following table contains information about the Company’s stock plan at March 31, 2015:
* includes both stock grants and option grants The following table summarizes the Company’s stock option activity and related information for the period from December 31, 2014 to March 31, 2015:
As of March 31, 2015, the number of vested shares underlying outstanding options was 2,868,389 at a weighted average exercise price of $1.03. The aggregate intrinsic value of in the-money options outstanding as of March 31, 2015 was $0.9 million. The aggregate intrinsic value is calculated as the difference between the Company’s closing stock price of $0.55 on March 31, 2015, and the exercise price of options, multiplied by the number of options. As of March 31, 2015, there was $2.1 million of total unrecognized share-based compensation. Such costs are expected to be recognized over a weighted average period of approximately 1.9 years. |
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