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STOCK-BASED COMPENSATION
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Mar. 31, 2013
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| STOCK-BASED COMPENSATION |
12. STOCK-BASED COMPENSATION
A summary of the status of the Company's stock option awards is presented below:
The fair value of the options granted below was calculated using the Black Scholes option valuation model with the assumptions as disclosed in prior quarterly and annual filings.
Directors' compensation of approximately $94,000 and $63,000 during the three months ended March 31, 2013, and 2012, respectively, were recognized related to options to purchase shares vesting through 2017.
Employee compensation of approximately $119,000 and $130,000 during the three months ended March 31, 2013, and 2012, respectively, was recognized related to options with a 4 year vesting period awarded to officers and key employees. These options vest through 2015.
Post-retirement compensation of approximately $24,000 was recognized during the three months ended March 31, 2013, and 2012, related to options awarded to Mr. Hatem El Khalidi in July 2009. On May 9, 2010, the Board of Directors determined that Mr. El Khalidi forfeited these options and other retirement benefits when he made various demands against the Company and other AMAK Saudi shareholders which would benefit him personally and were not in the best interests of the Company and its shareholders. The Company is litigating its right to withdraw the options and benefits and as such, these options and benefits continue to be shown as outstanding. See further discussion in Note 17.
See the Company's Annual Report on Form 10-K/A for the year ended December 31, 2012, for additional information.
On February 1, 2013, the Company issued a warrant for the purchase of 100,000 shares of common stock to Genesis Select Corporation ("Genesis") at a strike price of $10.00 per share. The term of the warrant is 5 years with 50% vesting in equal increments of 1/12th each calendar month throughout the first year. The remaining 50% will vest in equal increments of 1/36th each calendar month over years 2 through 4 contingent upon continuous investor relations service under the consulting agreement with Genesis. Investor relations expense recognized in connection with this warrant was approximately $30,000. The fair value of the warrants granted was calculated using the Black-Scholes valuation model with the following range of assumptions:
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