Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation Plans

v3.19.1
Stock-Based Compensation Plans
3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Based Compensation Plans
Note 10 – Stock-Based Compensation Plans
 
A summary of stock option activity for the three months ended March 31, 2019 is as follows:
 
 
 
Number of 

Options
 
 
Weighted

Average

Exercise

Price
 
 
 
 
 
 
 
 
Outstanding at December 31, 2018
 
 
1,546,521
 
 
$
5.11
 
Granted
 
 
 
 
 
 
Exercised
 
 
 
 
 
 
Expired or Forfeited
 
 
(11,500
)
 
 
5.98
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2019
 
 
1,535,021
 
 
$
5.10
 
 
The weighted average remaining contractual term for all options as of March 31, 2019 and December 31, 2018 was 6.9 years and 7.2 years, respectively.
 
As of March 31, 2019, there were 999,891 options that were fully-vested and exercisable at a weighted average exercise price of $4.73 per share. The weighted average remaining contractual term on the vested options is 6.0 years.
 
As of March 31, 2019, there were 535,130 unvested options exercisable at a weighted average exercise price of $5.80 per share. The weighted average remaining contractual term on the unvested options is 8.7 years.
 
The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2019, the Company had approximately $2,700,000 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 2.7 years.
 
For the three months ended March 31, 2019 and 2018, the Company recorded total stock-based compensation expense
, including stock awards, of 
approximately $490,000 and $508,000, respectively.