Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.19.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company granted the following stock-based awards:
 
Three Months Ended
 March 31,
 
2019
 
2018
Stock options
17,000

 

Restricted stock awards and restricted stock units
98,492

 


The stock options and restricted stock awards granted during the three months ended March 31, 2019 and 2018 were granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder approved plan.
The Company granted performance stock units during 2018 ("2018 Performance Stock Units") and 2017 ("2017 Performance Stock Units"). The 2018 Performance Stock Units consisted of 147,741 units outstanding as of December 31, 2018, of which 98,492 vested during the three months ended March 31, 2019. In settlement of the vested 2018 Performance Stock Units, during the three months ended March 31, 2019, the Company issued 98,492 shares of restricted stock upon vesting, which is equal to the number of 2018 Performance Stock Units vested multiplied by the percentage achievement of the performance goals of 100.0%.
The 2017 Performance Stock Units consisted of 140,493 units outstanding as of December 31, 2017, of which 116,168 vested during the three months ended March 31, 2018. In settlement of the vested 2017 Performance Stock Units, during the three months ended March 31, 2018, the Company issued 25,726 shares upon vesting, which is equal to the number of 2017 Performance Stock Units vested multiplied by the weighted percentage achievement of the performance goals for the 2017 Incentive Plan of approximately 22.1%.
The Company recognized the following expense related to its share-based payment arrangements (in thousands):
 
 
Three Months Ended
 March 31,
 
 
2019
 
2018
Stock-based compensation cost, before income tax benefit:
 
 

 
 

Stock options
 
$
94

 
$
47

Restricted stock awards and restricted stock units
 
132

 
163

Performance stock units
 
5

 

Total stock-based compensation
 
$
231

 
$
210

 
 
 
 
 
 
 
Three Months Ended
 March 31,
 
 
2019
 
2018
Stock-based compensation cost included in:
 
 

 
 

Cost of revenues
 
$
8

 
$
10

Operating expenses
 
223

 
200

Total stock-based compensation
 
$
231

 
$
210