Quarterly report pursuant to Section 13 or 15(d)

Stock Based Awards

Stock Based Awards
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Awards



Effective on November 8, 2017, the Company’s Board of Directors adopted the 2017 Omnibus Incentive Plan (“2017 Plan”) which provides for up to an additional 3,000,000 common stock shares available for issuance to provide for long-term incentive for officers, employees directors and/or consultants to directly link incentives to stockholder value. The Company’s 2017 Plan provides for awards of common stock in the form of incentive stock options, non-qualified stock options, SARs, restricted stock, performance shares or other stock-based awards. The 2017 Plan was approved by written consent by stockholders holding a majority of voting power. Awards are discretionary and are determined by a majority of the independent directors of the Board of Directors. The exercise price of stock options are equal to the fair market value of the underlying Common Stock on the date of grant. The options vest on the anniversary of the grant over a four-year term.


The following table summarizes stock option award activity during the three months ended March 31, 2018:


    Stock Options  
    Shares     Weighted
Exercise Price
    Weighted Average
Remaining Contractual
Life (In years)


Intrinsic Value

(In thousands)

Outstanding as of December 31, 2017     47,870       8.72       8.4       65  
Granted         $              
Options exercised                        
Outstanding as of March 31, 2018     47,870       8.72       8.2       532  
Exercisable options as of March 31, 2018     12,750       8.0       4.6       150  


Stock compensation expense related to the options totaled approximately $15 and $-0- for the three months ended March 31,2018 and 2017.


As of March 31, 2018, the Company had unrecognized compensation expense related to stock options, of $197. This expense will be recognized over a weighted-average number of years of 3.5, based on the average remaining service periods for the awards.


The aggregate intrinsic values presented above represent the total pre-tax intrinsic values (the difference between the Company’s closing stock price of $19.78 on the last trading day, March 29, 2018 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the first quarter of 2018. The amount of aggregate intrinsic value will change based on the price of the Company’s Common Stock.


There were no additional stock options granted, exercised or forfeited for the three months ended March 31, 2018.




A summary of the warrant activity for the three months ended March 31, 2018 is as follows:


          Weighted     Weighted  
          Average     Average  
    Number of     Exercise     Remaining  
    Warrants     Price     Life in Years  
Outstanding, December 31, 2017     980     $ 13.00       3.59  
Issued     150       10.00       3.99  
Outstanding, March 31, 2018     1,130       $          
Exercisable, March 31, 2018     1,130     $ 12.73       3.79