Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Capital Stock, Stock Plans and Stock-based Compensation

v3.4.0.3
Note 4 - Capital Stock, Stock Plans and Stock-based Compensation
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
4.
Capital Stock, Stock Plans and Stock Based Compensation
 
The Company has certain stock option plans under which it awards incentive and non-qualified stock options to employees, officers, and outside directors. No stock options were granted during the first quarter of 2016 and 2015.
 
 
The summary of the Company’s total Stock Option Plans as of March 31, 2016, as compared to March 31, 2015, and changes during the periods then ended, are presented below. The Company’s Plans consist of the 2010 Stock Option Plan and the 2003 Outside Directors Stock Plan (“2003 Plan”):
 
 
   
Shares
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Remaining
Contractual
Term
(years)
   
Aggregate
Intrinsic
Value
(2)
 
Options outstanding January 1, 2016
    218,200     $ 7.65                  
Granted
             
           
Exercised
                           
Forfeited/expired
             
           
Options outstanding end of period
(1)
    218,200     $ 7.65       4.6     $ 13,980  
Options exercisable at March 31, 2016
(1)
    181,533     $ 8.18       4.6     $ 13,980  
Options exercisable and expected to be vested at March 31, 2016
    212,333     $ 7.72       4.6     $ 13,980  
 
   
Shares
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Remaining
Contractual
Term
(years)
   
Aggregate
Intrinsic
Value
(2)
 
Options outstanding Janury 1, 2015
    239,023     $ 7.81                  
Granted
             
           
Exercised
    (1,257 )     2.79             $ 2,043  
Forfeited/expired
    (15,000 )     7.10    
           
Options outstanding end of period
(1)
    222,766       7.89       5.0     $ 22,616  
Options exercisable at March 31, 2015
(1)
    167,766     $ 8.84       4.9     $ 22,616  
Options exercisable and expected to be vested at March 31, 2015
    213,966     $ 8.01       5.0     $ 22,616  
 
(1)
Options with exercise prices ranging from $2.79 to $14.75
(2)
The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price
of the option.
 
The following table summarizes stock-based compensation recognized for the three months ended March 31, 2016 and 2015 for our employee and director stock options.
 
 
Stock Options
 
Three Months Ended
March 31,
 
   
2016
   
2015
 
Employee Stock Options
  $ 13,000     $ 13,000  
Director Stock Options
    15,000       20,000  
Total
  $ 28,000     $ 33,000  

As of March 31, 2016, the Company has approximately $59,000 of total unrecognized compensation cost related to unvested options, of which $40,000 is expected to be recognized in remaining 2016, with the remaining $19,000 in 2017.
 
During the three months ended March 31, 2016, the Company issued a total of 14,354 shares of our Common Stock under the 2003 Plan to our outside directors as compensation for serving on our Board of Directors. The Company has recorded approximately $60,000 in compensation expenses (included in selling, general and administration expenses) in connection with the issuance of these shares of our Common Stock to our outside directors.