Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

8. STOCK-BASED COMPENSATION

Stock awards under the Company’s stock option plans have been granted with exercise prices that are no less than the market value of the stock on the date of the grant. Options granted under the 2013 and 2005 Plans are generally time-based or performance-based options and vesting varies accordingly. Options under the plans expire up to a maximum of ten years from the date of grant.

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table:


	June 30,
	2014		2013
Expected life		6.5 years		5.5-6.5 years
Expected volatility		75.51-73.87%		71.71%-76.83%
Risk-free interest rate		2.14-2.45%		.71-1.95%
Dividend yield		—		—

Stock-based compensation expense for the three and six months ended June 30, 2014 was $167,947 and $312,663, respectively, and for the three and six months ended June 30, 2013 was $749,225 and $1,017,606, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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