InfuSystem Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Share-based Compensation (Tables)

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes restricted share activity for the years ended December 31:


	Number of Shares (In thousands)			Weighted average grant date fair value
Unvested at December 31, 2012		568		$	1.87
Granted		212			1.73
Vested		(168	)		2.00
Vested shares forgone to satisfy minimum statutory withholding		(55	)		1.82
Forfeitures		(103	)		1.65

Unvested at December 31, 2013		454			1.82
Granted		—			—
Vested		(128	)		1.39
Vested shares forgone to satisfy minimum statutory withholding		(66	)		2.68
Forfeitures		(4	)		2.03

Unvested at December 31, 2014		256		$	1.78

Summary of Stock Option and Inducement Stock Option Activity

The following table details the various stock option and inducement stock option activity for the years ended December 31:


2007 Plan (Options)	Number of Authorized Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		1,375,000		$	2.21		3.62	$	—	(a)
Granted		245,000			1.52		2.69
Exercised		—			—
Forfeited		(26,666	)		2.13

Outstanding at December 31, 2013		1,593,334		$	2.11		3.09	$	53,083

Granted		245,000			2.83		1.39
Exercised		(212,949	)		2.18
Exercised shares forgone to satisfy minimum statutory withholding		(38,029	)
Forfeited		(992,356	)		2.22

Outstanding at December 31, 2014		595,000		$	2.19		1.51	$	571,717

Exercisable at December 31, 2014		397,084		$	2.03

(a)	No options were in-the-money as of December 31, 2012.

Aggregate Intrinsic Value = Excess of market value at December 31 over the option exercise price of all in-the-money stock options outstanding at December 31.


2014 Plan (Options)	Number of Authorized Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2013		—	$	—		—	$	—
Granted		530,000		2.69		5.00
Exercised		—
Exercised shares forgone to satisfy minimum statutory withholding		—
Forfeited		—

Outstanding at December 31, 2014		530,000	$	2.69		5.00	$	243,800

Exercisable at December 31, 2014		—	$	—

Aggregate Intrinsic Value = Excess of market value at December 31 over the option exercise price of all in-the-money stock options outstanding at December 31.


Inducement Options	Number of Authorized Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		—	$	—		—	$	—
Granted		800,000		2.25		4.87		—
Exercised		—		—		—		—
Forfeited		—		—		—		—

Outstanding at December 31, 2013		800,000	$	2.25		4.87	$	156,000

Granted		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—

Outstanding at December 31, 2014		800,000	$	2.25		3.89	$	720,000

Exercisable at December 31, 2014		339,583	$	2.27

Schedule of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:


2007 Plan (Options):	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price		Number of Shares Exercisable		Weighted- Average Exercise Price
$1.50 - $1.75		—		2.50	$	—		171,667	$	1.52
$1.76 - $2.00		—		2.04		—		67,500		1.63
$2.01 - $3.00		595,000		1.40		2.19		157,917		2.63

Outstanding at December 31, 2014		595,000		1.51	$	2.19		397,084	$	2.03


2014 Plan (Options):	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price		Number of Shares Exercisable		Weighted- Average Exercise Price
$2.01 - $3.00		530,000		5.00		2.69		—		—

Outstanding at December 31, 2014		530,000		5.00	$	2.69		—	$	—


Inducement Options:	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price		Number of Shares Exercisable		Weighted- Average Exercise Price
$1.50 - $1.75		400,000		3.80	$	1.75		164,583	$	1.75
$2.26 - $2.75		400,000		4.01		2.75		175,000		2.75

Outstanding at December 31, 2014		800,000		3.89	$	2.25		339,583	$	2.27

Schedule of Share-based Compensation Expense Based on Fair Value of Options

The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted during the years ended December 31:


Stock Options:	2014		2013
Expected volatility		48 to 54%		29% to 57%
Risk free interest rate		0.25%		0.25% to 0.45%
Expected lives at date of grant (in years)		2.39		2.89
Weighted average fair value of options granted		$2.83		$1.52


Inducement Stock Options:	2013
Expected volatility		56	%
Risk free interest rate		0.25	%
Expected lives at date of grant (in years)		5.34
Weighted average fair value of options granted	$	2.25

Stock Based Compensation

The following table presents the total stock-based compensation expense, which is included in selling, general and administrative expenses for the years ended December 31 (in thousands):


	2014		2013
Restricted share expense	$	218	$	586
Stock option expense		358		534

Total stock-based compensation expense	$	576	$	1,120