the computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock  options, when the average market price of the common stock is lower than the exercise price of the related options during the  period. these outstanding stock awards are not included in the computation of diluted earnings per share because the effect  would have been antidilutive. For the years ended December 31, 2014, 2013 and 2012, the number of stock awards excluded from  the computation was 53,651, 78,908 and 17,770, respectively. the Company’s 1993 employee stock Option plan (“employee stock Option plan”), which is stockholder approved, provides  long-term rewards and incentives in the form of stock options to the Company’s key employees, officers, employee directors,  consultants, and advisors. the plan provides for either non-qualified stock options or incentive stock options for the issuance of  up to 1,550,000 shares of common stock. the exercise price of the incentive stock options may not be less than the fair market  value of the common stock on the date of grant, and the exercise price for non-qualified stock options shall be determined by  the Compensation Committee. these options expire over 5- to 10-year periods.  Options granted under the plan generally become exercisable with respect to 25% of the total number of shares subject to such  options at the end of each 12-month period following the grant of the options, except for options granted to officers, which may  vest on a different schedule. At December 31, 2014, there were 15,000 options outstanding under the employee stock Option  plan. the plan expired on April 12, 2010. In June 2003, the Company formally adopted the 2003 Incentive plan (the “plan”). the plan was originally intended to benefit  the Company by offering equity-based incentives to certain of the Company’s executives and employees, thereby giving them  a permanent stake in the growth and long-term success of the Company and encouraging the continuance of their involvement  with the Company’s businesses. the plan was amended effective June 4, 2008, to permit certain performance-based cash  awards to be made under the plan. the plan was further amended on June 8, 2011, to increase the maximum number of shares  of common stock in the aggregate to be issued to 2,250,000. the amendment also added appropriate language so as to  enable grants of stock-based awards under the plan to continue to be eligible for exclusion from the $1,000,000 limitation on  deductibility under section 162(m) of the Internal Revenue Code (the “Code”). the plan was further amended on March 7, 2013,  to (i) prohibit the repricing of stock options or other equity awards without the consent of the Company’s shareholders, and (ii)  prohibit the Company from buying out underwater stock options. two types of equity awards may be granted to participants under the plan: restricted shares or other stock awards. Restricted  shares are shares of common stock awarded subject to restrictions and to possible forfeiture upon the occurrence of specified  events. Other stock awards are awards that are denominated or payable in, valued in whole or in part by reference to, or  otherwise based on or related to, shares of common stock. such awards may include Restricted stock Unit Awards (“RsUs”),  unrestricted or restricted stock, incentive and non-qualified stock options, performance shares, or stock appreciation rights. the  Company determines the form, terms, and conditions, if any, of any awards made under the plan. through December 31, 2014, 1,150,533 shares of common stock have been issued under the 2003 Incentive plan, none of  which have been restricted. An additional 35,088 shares are being reserved for outstanding grants of RsUs and other share- based compensation that are subject to various performance and time-vesting contingencies. the Company has also granted  awards in the form of stock options under this plan. through December 31, 2014, 170,000 options have been granted and  115,000 options are outstanding. At December 31, 2014, 905,629 shares or options are available for future issuance in the 2003  Incentive plan. effective July 15, 1998, the Company adopted the 1998 Director plan, which was amended and renamed, on June 3, 2009, the  2009 non-employee Director stock Incentive plan (the “Director plan”). the Director plan was amended on March 7, 2013, to  (i) prohibit the repricing of stock options or other equity awards without the consent of the Company’s shareholders, and (ii)  prohibit the Company from buying out underwater stock options. the Director plan, as amended, provides for the issuance of  stock options and other equity-based securities of up to 975,000 shares to non-employee members of the Company’s board of  directors. through December 31, 2014, 289,782 options have been granted and 210,107 options are outstanding. For the year  ended December 31, 2014, 5,092 shares of common stock were issued and 177,993 shares remained available to be issued under  the Director plan. director Plan  29 incentive Plan  employee Stock option Plan  (12) Stock option and equity incentive Plans