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, 2015

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

Summary of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan

The following table summarizes restricted share activity, excluding the Company’s employee stock purchase plan, for the years ended December 31:


	Number of shares (In thousands)			Weighted average grant date fair value		Aggregate fair value (In thousands)
Unvested at December 31, 2013		454		$	1.82
Granted		—			—
Vested		(128	)		1.39	$	347
Vested shares forgone to satisfy minimum statutory withholding		(66	)		2.68	$	174
Forfeitures		(4	)		2.03

Unvested at December 31, 2014		256			1.78
Granted		62			2.60	$	244
Vested		(83	)		1.53	$	71
Vested shares forgone to satisfy minimum statutory withholding		(24	)		2.96
Forfeitures		(40	)		1.79

Unvested at December 31, 2015		171		$	2.09

Summary of Activity Relating to Company's ESPP Program

The following table summarizes the activity relating to the Company’s ESPP program for the year ended December 31, 2015. No shares or expenses were recorded in 2014.


	2015
Shares of stock sold to employees		98,070
Compensation expense	$	40,233
Weighted average fair value per ESPP award	$	2.73

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, 2013		1,593,334		$	2.11		3.09	$	53,083
Granted		245,000			2.83		1.39
Exercised		(212,949	)		2.59				803,234
Exercised shares forgone to satisfy minimum statutory withholding		(38,029	)		2.00
Forfeited		(992,356	)		2.23

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

Granted		—			—		—
Exercised		(52,030	)		1.64				140,368
Exercised shares forgone to satisfy minimum statutory withholding		(7,688	)		1.76
Cashless exercise		(41,950	)		1.70
Forfeited		(5,000	)		1.93

Outstanding at December 31, 2015		488,332		$	2.31		0.41	$	348,415

Exercisable at December 31, 2015		416,667		$	2.33

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


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		—		$	—

Granted		470,000			2.90		3.25
Exercised		—
Exercised shares forgone to satisfy minimum statutory withholding		—
Forfeited		(30,000	)		2.69

Outstanding at December 31, 2015		970,000		$	2.79		3.58	$	222,200

Exercisable at December 31, 2015		410,903		$	2.85

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


Inducement Options	Number of Authorized Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value
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

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

Outstanding at December 31, 2015		800,000	$	2.25		2.90	$	616,000

Exercisable at December 31, 2015		547,916	$	2.25

Schedule of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2015:


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		110,000		1.50	$	1.51		73,333	$	1.51
$1.76 - $2.00		91,665		1.20		1.93		84,167		1.73
$2.01 - $3.00		286,667		0.36		2.71		259,167		2.69

Outstanding at December 31, 2015		488,332		0.41	$	2.31		416,667	$	2.33


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		970,000		3.58	$	2.79		410,903	$	2.85

Outstanding at December 31, 2015		970,000		3.58	$	2.79		410,903	$	2.85


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		2.81	$	1.75		272,916	$	1.75
$2.26 - $2.75		400,000		3.01		2.75		275,000		2.75

Outstanding at December 31, 2015		800,000		2.90	$	2.25		547,916	$	2.25

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:	2015		2014
Expected volatility		50% to 54%		48% to 54%
Risk free interest rate		0.25% to 0.66%		0.25%
Expected lives at date of grant (in years)		4.43		2.39
Weighted average fair value of options granted	$	2.90	$	2.83

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):


	2015		2014
Restricted share expense	$	107	$	218
Stock option expense		889		358

Total stock-based compensation expense	$	996	$	576