3. Stock-Based Compensation
|6 Months Ended|
Jun. 30, 2015
|3. Stock-Based Compensation||
At June 30, 2015, the Company had two stock-based compensation plans described in Note 9 of the Annual Report. Total compensation expense related to these plans was $2,843 and $3,551 for the quarters ended June 30, 2015 and 2014, respectively, of which $0 and $0, respectively, related to options awarded to non-employees. Total compensation expense related to these plans was $5,714 and $8,805 for the six months ended June 30, 2015 and 2014, respectively. The Company estimates the fair value of options granted using a Black-Scholes valuation model to establish the expense. When stock-based compensation is awarded to employees, the expense is recognized ratably over the vesting period. When stock-based compensation is awarded to non-employees, the expense is recognized over the period of performance. The fair values of option awards granted in the three months and six months ended June 30, 2015 and 2014, were estimated using the Black-Scholes option pricing model using the following assumptions:
The status of the options issued as of June 30, 2015 and changes during the six months ended June 30, 2015 and 2014 were as follows:
The following table summarizes information about options at June 30, 2015:
Nonvested stock awards as of June 30, 2015 and changes during the six months ended June 30, 2015 were as follows:
As of June 30, 2015 and 2014, unrecognized compensation cost associated with non-vested share-based compensation totaled $3,958 and $8,018, respectively, which are expected to be recognized over weighted average periods of 5 months and 6 months, respectively.
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year.
Reference 1: http://www.xbrl.org/2003/role/presentationRef