ADAMS GOLF INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 11, 2012

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Note 9 - Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
9.   Stock-Based Compensation

We maintained the 2002 Equity Incentive Plan (the "Plan") for employees, outside directors and consultants until April 30, 2012, at which point future awards could no longer be granted under the Plan.  At March 31, 2012, 250,847 options were outstanding under the Plan with exercise prices ranging from $0.04 to $4.80 per share.  The requisite service periods for the options to vest vary from six months to four years and the options expire ten years from the date of grant.  At March 31, 2012, 36,713 shares remained available for grant under the Plan, including forfeitures.

During the three months ended March 31, 2012 and 2011, no options were granted.  

Compensation expense associated with stock options and restricted stock grants for the three months ended March 31, 2012 and 2011 was $182,000 and $164,000, respectively.  

   
Number of
Options
   
Weighted
Average
Exercise Price
   
Aggregate
Intrinsic
Value of Options
 
                   
Options outstanding at December 31, 2011
    438,569     $ 0.77        
Options granted during the period
    --       --       --  
Options forfeited / expired during the period
    --       --       --  
Options exercised during the period
    (187,722 )     0.04       1,689,436  
                         
Options outstanding at March 31, 2012
    250,847       1.76       2,248,046  
                         
Options exercisable at March 31, 2012
    225,847       1.62       2,055,546  

The weighted average remaining contractual life of the options outstanding under the Plan at March 31, 2012 was 3.44 years and for those outstanding options that were exercisable at March 31, 2012 was 3.07 years.

As of March 31, 2012, compensation costs related to non-vested awards under the Plan totaled $1.2 million for non-vested restricted shares and $0.1 million for non-vested options, which are expected to be recognized over a weighted average period of 2.2 years.

The compensation costs of restricted stock awards under the Plan were determined based on the fair value of our common stock on the date of grant and expensed over each award's respective vesting period.  Restricted stock vesting periods vary from immediate to four years from the date of grant.  During the three months ended March 31, 2012, no restricted shares were granted.  

Below is a summary of restricted stock grant and vesting activity:

   
Number of
Shares
   
Weighted
Average
Grant Date Fair Value
 
             
Non-vested stock at December 31, 2011
    406,365     $ 4.24  
Stock granted during the period
    --       --  
Stock vested during the period
    (25,000 )        4.98  
                 
Non-vested stock at March 31, 2012
    381,365       4.19  

Due to the passage of The American Jobs Creation Act and the subsequent IRS Section 409A rules, stock options that were issued at a strike price less than market value at the date of grant will now be considered deferred compensation by the IRS and the individual who was granted the options will incur adverse tax consequences, including, but not limited to excise taxes, unless the individual designated a specific future exercise date of the unvested stock options at December 31, 2004 and made this election before December 31, 2005.  As a result of the compliance with The American Job Creation Act, a summary of these designated future exercise dates is as follows:

 
Period of Exercise
 
Total Options to be Exercised
   
           
 
2012
    15,396    
 
2013
    1,250    
 
Total Options
    16,646    

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