Note 9 - Share-Based Compensation 

 

As discussed in Note 8, the Company grants various forms of share-based compensation awards to employees of the Company and its subsidiaries and to non-employee members of the Board of Directors. At December 31, 2014, shares available for future share-based awards, including stock options or restricted stock grants, under the Company’s only active plan, the 2011 Plan, were 1,132,000. 

 

The following table presents share-based compensation expense for each respective period:

 

 

The following table presents the unrecognized compensation cost for the indicated periods:

 

 

The Company’s unrecognized compensation cost related to unvested RSU and cash-settleable RSU awards is expected to be recognized over a weighted-average period of 1.6 years.

 

The following table summarizes the Company’s liability for cash-settled RSU awards for the periods indicated:

 

 

Stock Options

 

The Company issued no stock options for the past three years and had no options vest or forfeit during 2014. Additionally, no options were exercised, and 22,000 options expired unexercised during the year. As of December 31, 2014, the Company had 30,000 options outstanding and exercisable at a weighted average exercise price per option of $14.04, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 1.3 years.

 

As of December 31, 2013, the Company had 52,000 options outstanding and exercisable at a weighted average exercise price per option of $13.75, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 2.3 years. As of December 31, 2012, the Company had 67,000 options outstanding and exercisable at a weighted average exercise price per option of $11.82, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 2.7 years.

 

Restricted Stock Units

 

The following table represents unvested restricted stock activity for the year ended December 31, 2014:

 

For the year ended December 31, 2013, the Company granted 944,000 RSUs with a weighted average grant-date fair value of $3.82 per share. The fair value of shares vested during 2013 was $2,689. For the year ended December 31, 2012, the Company granted 1,008,000 RSUs with a weighted average grant-date fair value of $5.22 per share. The fair value of shares vested during 2012 was $2,817.