Restricted Stock Units  

During the nine months ended September 30, 2019, the Company issued 15,000 restricted stock units ("RSUs") to each of its three non-management directors as an annual grant for 2019 for service on the Company's Board of Directors. The RSUs vest in four equal quarterly installments of 3,750 shares of common stock on March 15, 2019, June 15, 2019, September 15, 2019 and December 15, 2019, subject to continued service on the Board of Directors. 

On July 14, 2019, 125,000 restricted stock units owned by the Company's Chairman and Chief Executive Officer vested in accordance with his employment agreement dated July, 14, 2016 (see Note H[1] hereof). With respect to the vesting of such restricted stock units, the Company's Chairman and Chief Executive Officer delivered 56,813 shares of common stock to satisfy withholding taxes and received 68,187 net shares of common stock. 

During the nine months ended September 30, 2018, the Company issued 15,000 RSUs to each of its three non-management directors as an annual grant for 2018 for service on the Company's Board of Directors.  The RSUs vested in four equal quarterly installments of 3,750 shares of common stock on March 15, 2018, June 15, 2018, September 15, 2018 and December 15, 2018, subject to continued service on the Board of Directors. 

On July 14, 2018, 375,000 restricted stock units owned by the Company's Chairman and Chief Executive Officer vested in accordance with his employment agreement, dated July 14, 2016 (see Note H[1] hereof).  With respect to such vesting of restricted stock units, the Company's Chairman and Chief Executive Officer delivered 172,313 shares of common stock to satisfy withholding taxes and received 202,687 net shares of common stock. A summary of restricted stock unit activity for the nine months ended September 30, 2019 is as follows (each restricted stock unit issued by the Company represents the right to receive one share of the Company's common stock): 

Restricted stock unit compensation expense was $154,000 and $120,000 for the three months ended September 30, 2019 and September 30, 2018, respectively.  Restricted stock unit compensation expense was $425,000 and $571,000 for the nine months ended September 30, 2019 and September 30, 2018, respectively. 

The Company has an aggregate of $308,000 of unrecognized restricted stock unit compensation as of September 30, 2019 to be expensed over a weighted average period of 1.25 years. 

All of the Company's outstanding (unvested) restricted stock units have dividend equivalent rights.  As of September 30, 2019, there was $90,000 accrued for dividend equivalent rights.  As of December 31, 2018, there was $76,000 accrued for dividend equivalent rights. 

Stock Options 

There were no stock option grants during the nine months ended September 30, 2019 and September 30, 2018.  The following table presents information relating to all stock options outstanding and exercisable at September 30, 2019:

The Company had no recorded stock-based compensation related to stock option grants for the three months ended September 30, 2019 and September 30, 2018. 

The Company had no unrecognized stock-based compensation cost as of September 30, 2019.  The aggregate intrinsic value of stock options exercisable at September 30, 2019 was $570,000. 

During the three months ended September 30, 2019 and September 30, 2018, there were no stock option exercises. 

During the nine months ended September 30, 2019, stock options to purchase an aggregate of 925,000 shares of common stock were exercised by executive officers of the Company and a consultant (750,000 shares at an exercise price of $0.83 per share by the Company's Chairman andChief Executive Officer, 50,000 shares at an exercise price of $1.65 per share by each of the Company's Chief Financial Officer and Executive Vice President and 75,000 shares at an exercise price of $1.65 per share by a consultant).  With respect to such stock option exercises, options to purchase an aggregate of 859,849 shares were exercised on a net exercise (cashless) basis by the Company's Chairman and Chief Executive Officer (750,000 shares), the Company's Executive Vice President (34,849 shares)  and a consultant (75,000 shares) resulting in net shares (after delivery of shares for withholding taxes) of an aggregate of 328,111 issued to the Company's Chairman and Chief Executive Officer, 27,713 net shares issued to the Company's Executive Vice President and 28,824 net shares issued to the consultant. 

During the nine months ended September 30, 2019, stock options to purchase an aggregate of 105,000 shares of the Company's common stock, at an exercise price of $1.65 per share, were exercised on a net exercise (cashless) basis by three non-management directors of the Company.  With respect to the aforementioned stock options, net shares of an aggregate of 35,884 were delivered to the three non-management directors. 

During the nine months ended September 30, 2018, a director of the Company exercised on a net exercise (cashless) basis a stock option to purchase 300,000 shares of common stock, at an exercise price of $1.88 per share, which resulted in net shares of 118,064 issued to the director. In addition, during the nine months ended September 30, 2018, stock options to purchase an aggregate of 75,000 shares of the Company's common stock, at an exercise price of $1.19 per share, were exercised by three non-management directors (25,000 shares were exercised for cash by a director and 50,000 shares were exercised by two directors on a net exercise (cashless) basis). With respect to the aforementioned stock options to purchase 50,000 shares on a net exercise basis by two directors of the Company, net shares of an aggregate of 26,890 were delivered to the directors.