|3 Months Ended|
Mar. 31, 2018
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
4. Stock-based Compensation
The Company recognized stock-based compensation on all employee and non-employee awards as follows:
The Company granted -0- stock options during the three months ended March 31, 2018 and March 31, 2017, respectively.
During the three months ended March 31, 2018, 33,330 stock options previously granted have vested, and no stock options were forfeited and no stock options were exercised.
On February 9, 2017, in connection with and in furtherance of the equity based award program, the Board approved the award of 40,000 restricted shares of the Company’s common stock to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, and Robert Koski under the Company’s 2012 Equity Incentive Plan (the “2012 Plan”), of which, 10,000 restricted shares vested at the end of each calendar quarter in 2017, as each recipient remained a director through the vesting date.
Each executive officer and non-employee director receiving equity based awards will be subject to a minimum dollar value stock ownership holding requirement with respect to the awards received as well as all prior equity awards under the 2012 Plan which requirements are intended to align the ability to sell shares with the performance of the Company’s stock price. The executive officer recipients will each have a minimum dollar value stock ownership holding requirement threshold equal to two times (2x) their then base salaries below which dollar threshold they would be precluded from selling any shares of Company stock obtained from the Company under its 2012 Plan. Also, the non-employee directors will each be subject to a minimum dollar value stock ownership holding requirement threshold equal to six times the annual Board retainer ($270,000) below which dollar threshold they would be precluded from selling shares of Company stock acquired from the Company under its 2012 Plan.
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://www.xbrl.org/2003/role/presentationRef