Stock-Based Compensation |
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Nov. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION
On June 15, 2005, the shareholders approved an amended and Restated Stock Option Plan amending the 2003 Stock Option Plan (the “Plan”). The Plan authorizes the issuance of up to one million shares of common stock (subject to customary adjustments set forth in the plan) pursuant to equity awards, which may take the form of incentive stock options, nonqualified stock options restricted shares, stock appreciation rights and/or performance shares. The plan expired in April, 2015. On August 13, 2015, the shareholders approved the 2015 CCA Industries, Inc. Incentive Plan(the "2015 Plan"). The 2015 Plan authorizes the issuance of up to 700,000 shares of common stock (subject to customary adjustments set forth in the plan) pursuant to equity awards, which may take the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance shares and cash awards.
On January 1, 2006, the Company adopted ASC Topic 718, "Stock Compensation" which requires an entity to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees in the financial statements.
The fair value of the stock option grants below were estimated on the date of the grant using a Black-Scholes valuation model and the assumptions in the following table:
On January 5, 2015, the Company granted incentive stock options for an aggregate of 175,000 shares to eight employees of the Company at 3.48 per share. The closing price of the Company's stock on the date of the grant was 3.48 per share. The options vest in equal 20% increments commencing one year after the date of grant, and for each of the four subsequent anniversaries of such date. The options expire on January 5, 2025. The Company had estimated the fair value of the options granted to be $297,833 as of the grant date. Subsequent to the grant date, 140,000 incentive stock option shares were forfeited, which had a fair market value of $238,267 at the time of the grant. The balance of 35,000 shares outstanding from the January 5, 2015 grant with a fair market value of $59,566 is being amortized as an expense over a five year period. Accordingly, the Company recorded a charge against earnings in the amount of $14,041 for the fiscal year end November 30, 2015.
On April 9, 2015, the Company granted incentive stock options for 10,000 shares to an employee of the Company, at $3.18 per share. The closing price of the Company's stock on the date of grant was $3.18 per share. The options vest in equal 20% increments commencing one year after the date of grant, and for each of the four subsequent anniversaries of such date. The options expire on April 8, 2025. The Company has estimated the fair value of the options granted to be $15,418 as of the grant date, which amount shall be amortized as an expense over a five year period. Accordingly, the Company recorded a charge against earnings in the amount of $2,056 for the fiscal year end November 30, 2015.
On December 1, 2015, the Company granted non-qualified stock options for an aggregate of 300,000 shares to 4 directors of the Company at $3.16 per share. The closing price of the Company's stock on the date of the grant was $3.16 per share. The options vest one year after the date of grant. The options expire on November 30, 2020. The Company had estimated the fair value of the options granted to be $263,550 as of the grant date and the Company recorded a charge against earnings in that amount for the fiscal year ended November 30, 2016.
On June 22, 2016, the Company granted incentive stock options for an aggregate of 130,000 shares to seven employees of the Company at $3.35 per share. The closing price of the Company's stock on the date of the grant was $3.35 per share. The options vest in equal 20% increments commencing one year after the date of grant, and for each of the four subsequent anniversaries of such date. The options expire on June 21, 2026. The Company had estimated the fair value of the options granted to be $202,904 as of the grant date. Accordingly, the Company recorded a charge against earnings in the amount of $18,600 for the fiscal year end November 30, 2016.
On June 22, 2016, the Company granted non-qualified stock options for 75,000 shares to one director of the Company at $3.35 per share. The closing price of the Company's stock on the date of the grant was $3.35 per share. The options vest one year after the date of grant. The options expire on June 21, 2021. The Company had estimated the fair value of the options granted to be $90,075 as of the grant date. The Company recorded a charge against earnings in the amount of $41,284 for the fiscal year end November 30, 2016.
On October 5, 2016, the Company granted non-qualified stock options for an aggregate of 14,000 shares to six consultants to the Company, at $3.03 per share. The closing price of the Company's stock on the date of grant was $3.03 per share. The options vest in full one year after the date of grant. The options expire on October 4, 2021. The Company had estimated the fair value of the options granted to be $14,182 as of the grant date.
There were 59,000 incentive stock option shares forfeited in fiscal 2016 that were granted in fiscal 2015 and 2014. The Company had estimated the fair market value of the forfeited shares to be $71,139 as of the grant date.
A summary of stock option activity for the Company is as follows:
Deferred compensation expense recognized for the years ended November 30, 2016, 2015 and 2014 was $338,540, $67,398 and $29,035, respectively.
A summary of the amortization expense of stock options outstanding as of November 30, 2016 is as follows:
The following table summarizes information about currently outstanding and vested stock options at November 30, 2016:
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