Restricted Stock Units

 

The 2013 Stock Incentive Plan (“2013 Plan”) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided, the 2013 Plan provides for an aggregate of 2,600,000 shares of the Company’s common stock to be available for distribution. The Company’s Compensation Committee generally has the authority to administer the 2013 Plan, determine participants who will be granted awards, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to employees, directors and consultants of the Company and its subsidiaries. As of March 31, 2021, there are 1,832,308 shares of common stock available for issuance under the 2013 Plan.

 

A summary of restricted stock unit activity for the three months ended March 31, 2021 is as follows (each restricted stock unit issued by the Company represents the right to receive one share of the Company’s common stock):

 

		Number of Shares				Weighted-Average Grant Date Fair Value
Balance of restricted stock units outstanding at December 31, 2020			162,500			$	2.25
Grants of restricted stock units			45,000				3.51
Vested restricted stock units			(11,250	)			(3.51	)
Balance of unvested restricted stock units at March 31, 2021			196,250			$	2.47

 

Restricted stock unit compensation expense was $59,000 and $72,000 for the three months ended March 31, 2021 and 2020, respectively.

 

The Company has an aggregate of $232,000 of unrecognized restricted stock unit compensation as of March 31, 2021 to be expensed over a weighted average period of 1.02 years.

 

All of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of March 31, 2021, there was $63,000 accrued for dividend equivalent rights.  As of December 31, 2020, there was $53,000 accrued for dividend equivalent rights.

 

Stock Options

 

There were no stock option grants during the three months ended March 31, 2021 and 2020. The following table presents information relating to all stock options outstanding and exercisable at March 31, 2021:

 

Options Outstanding				Weighted Average Exercise  Price				Weighted Average Remaining Life in Years				Options Exercisable
	500,000			$	1.19				1.59				500,000

 

The Company had no recorded stock-based compensation related to stock option grants for the three months ended March 31, 2021 and 2020.

       

The Company had no unrecognized stock-based compensation cost as of March 31, 2021. The aggregate intrinsic value of stock options exercisable at March 31, 2021 was $965,000.