Quarterly report pursuant to Section 13 or 15(d)

Stock Based Awards

Stock Based Awards
9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Awards



The Company’s 2017 Omnibus Incentive 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. Awards are discretionary. The exercise price of stock options is 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 nine months ended September 30, 2018:


    Stock Options  
    Shares     Weighted
Exercise Price
    Weighted Average
Life (In years)
Intrinsic Value
(In thousands)
Outstanding as of December 31, 2017     47,870     $ 8.72       8.4     $ 65  
Granted         $              
Options exercised         $              
Forfeited or expired     (1,380 )   $              
Outstanding as of September 30, 2018     46,490     $ 8.72       7.6     $ 144  
Fully vested and exercisable as of September 30, 2018     12,750     $ 8.0       4.1     $ 47  


Stock compensation expense related to the options totaled approximately $14 and $42 for the three and nine months ended September 30, 2018 and is included in Selling, General and Admin on the Condensed Consolidated Statement of Operations. No stock compensation expense related to options was incurred for the three or nine months ended September 30, 2017.


As of September 30, 2018, the Company had unrecognized compensation expense related to stock options of $160. This expense will be recognized over a weighted-average number of years of approximately 3.0, 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 $11.67 on the last trading day, September 28, 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 second quarter of 2018. The amount of aggregate intrinsic value will change based on the price of the Company’s common stock.


There were no stock options granted and/or exercised during the nine months ended September 30, 2018.




A summary of the warrant activity for the nine months ended September 30, 2018 is as follows:


          Weighted     Weighted  
          Average     Average  
    Number of     Exercise     Remaining  
    Warrants     Price     Life in Years  
Outstanding, December 31, 2017     980     $ 13.12       4.08  
Issued     340     $ 10.39       3.33  
Exercised     (234 )   $ 5.60        
Expired         $        
Outstanding, September 30, 2018     1,086     $ 13.88       3.33  
Exercisable, September 30, 2018     1,086     $ 13.88       3.33