Annual report pursuant to Section 13 and 15(d)

Share-based Compensation (Tables)

v3.3.1.900
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