Quarterly report pursuant to Section 13 or 15(d)

Common Stock

Common Stock
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Common Stock

9. Common Stock

On March 16, 2015, in connection with and in furtherance of the new equity based award program (see Note 4), the Board approved the award of 40,000 restricted shares of Company common stock to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, Christine Koski and Robert Koski under the Company’s 2012 Plan of which 10,000 restricted shares vested on March 31, 2105 and the remainder will vest at the end of each calendar quarter in 2015 provided the recipient remains a director through the vesting date. The awards are considered issued and outstanding as of the date of the grant and are eligible to be voted by the recipient. The Company has $198,000 in unrecognized compensation expense relating to these awards that will be recognized pro-rata through the remainder of 2015.