Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v2.4.1.9
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2014
Summary of Stock Option Activity

The following table summarizes option activity of the 2003 and 2013 Plans:

 

     Number of
Shares
Outstanding
Under Option
     Weighted
Average
Exercise
Price
 

Balance, January 1, 2012

     737,020       $ 4.26   

Options granted at market

     54,250         0.54   

Options exercised

     —           —     

Options forfeited or expired

     (84,467      1.83   
  

 

 

    

 

 

 

Balance, December 31, 2012

  706,803    $ 4.27   

Options granted at market

  —        —     

Options exercised

  (108,146   2.45   

Options forfeited or expired

  (191,637   4.76   
  

 

 

    

 

 

 

Balance, December 31, 2013

  407,020    $ 4.52   

Options granted at market

  52,500      2.32   

Options exercised

  —        —     

Options forfeited or expired

  (45,140   2.82   
  

 

 

    

 

 

 

Balance, December 31, 2014

  414,380    $ 4.29   
  

 

 

    

 

 

 
Summary of Non-Vested Shares

A summary of the non-vested options as of December 31, 2014 and changes during the year ending December 31, 2014 is presented below:

 

Non-vested Shares

   Shares      Weighted-Average
Grant-Date

Fair Value
 

Non-vested at January 1, 2014

     667      $ 1.23   

Granted

     52,500        3.02   

Vested

     (667 )      1.23   

Forfeited

     (17,500 )      3.02   
  

 

 

    

 

 

 

Non-vested at December 31, 2014

  35,000   $ 3.02   
  

 

 

    

 

 

 
Performance Based Stock Options  
Summary of Stock Option Activity

A summary of activity of options that vested upon achievement of certain performance criteria under the 2003 Plan as of December 31, 2014 and changes during the year then ended is presented below. These shares were also included in the summary of activity of stock option plans for the year ended December 31, 2014 above.

 

Performance Based Shares

   Shares      Weighted
Average
Exercise Price
     Weighted
Average
Remaining
Contractual Term
     Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

     161,240       $ 3.79         5.91       $ —     

Granted

     —           —           

Options exercised

     —           —           

Forfeited or expired

     —           —           
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2012

  161,240    $ 3.79      4.91    $ —     

Granted

  —        —     

Options exercised

  —        —     

Forfeited or expired

  153,600      3.71      3.83      —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2013

  7,640      5.30      5.45      —     

Granted

  —        —     

Options exercised

  —        —     

Forfeited or expired

  7,640      5.30      4.45      —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2014

  —        —        —        —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2014

  —      $ —        —      $ —