Stockholders' Equity and Stock Based Compensation
|9 Months Ended|
Sep. 30, 2018
|Stockholders' Equity and Stock Based Compensation|
|Stockholders' Equity and Stock Based Compensation||
12. Stockholders’ Equity and Stock Based Compensation:
The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Stock Bonuses and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2012 Plan was 600,000 which was increased to 1,000,000 shares by shareholder approval at the Company’s 2018 Annual Meeting in June 2018. As of September 30, 2018, the number of shares of Common stock available for future award grants to employees, officers and directors under the 2012 Plan is 530,022.
During 2017, the Company granted a total of 87,076 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest between twelve and twenty equal quarterly installments. In 2017, a total of 22,694 shares of Restricted Stock were forfeited as a result of officers and employees terminating employment with the Company.
During 2018, the Company granted a total of 123,000 shares of Restricted Stock to officers, employees and directors. In 2018, a total of 7,176 shares of Restricted Stock were forfeited. These shares of Restricted Stock vest between one and twenty equal quarterly installments.
A summary of nonvested shares of Restricted Stock awards outstanding under the Company’s the 2012 Plan as of September 30, 2018, and changes during the nine months then ended is as follows:
As of September 30, 2018, there is approximately $1.6 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.2 years.
For the nine months ended September 30, 2018 and 2017, the Company recognized share-based compensation cost of $2.6 million and $1.0 million respectively. During the nine months ended September 30, 2018, $1.7 million of stock compensation expense, related to accelerated vesting of shares upon the resignation of the Company’s former Chief Executive Officer, was included in separation expense. All other share-based compensation is included in selling, general and administrative expenses.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef