12.         Stockholders’ Equity and Stock Based Compensation:

The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2012 Plan was 600,000. As of March 31, 2018, the number of shares of Common stock available for future award grants to employees, officers and directors under the 2012 Plan is 185,346.

During 2017, the Company granted a total of 87,076 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest between twelve and twenty equal quarterly installments.  In 2017, a total of 22,694 shares of Restricted Stock were forfeited as a result of officers and employees terminating employment with the Company.

During 2018, the Company granted a total of 60,500 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest between sixteen and twenty equal quarterly installments. 

A summary of nonvested shares of Restricted Stock awards outstanding under the Company’s the 2012 Plan as of March 31, 2018, and changes during the three months then ended is as follows:

As of March 31, 2018, there is approximately $3.1 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.8 years.

For the three months ended March 31, 2018 and 2017, the Company recognized share-based compensation cost of $0.3 million and $0.3 million respectively, which is included in the Company’s general and administrative expense.