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Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2015
Schedule of computation of basic and diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2015

 

2014

 

2013

Numerator:

 

 

    

    

 

    

    

 

    

Net income

 

$
10,362,448

 

$
3,160,385

 

$
22,006

Amounts allocated to participating preferred stockholders under the two-class method

 

 
(1,218,970)

 

 
(357,248)

 

 
(2,507)

Net income applicable to common stockholders (basic and dilutive)

 

$
9,143,478

 

$
2,803,137

 

$
19,499

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average common stock outstanding (basic)

 

 
52,545,934

 

 
53,494,952

 

 
52,943,203

Common equivalent shares from options and warrants to purchase common stock

 

 
725,314

 

 
1,138,229

 

 
1,522,082

Weighted-average common stock outstanding (diluted)(1)

 

 
53,271,248

 

 
54,633,181

 

 
54,465,285

Basic net income per share applicable to common stockholders

 

$
0.17

 

$
0.05

 

$
0.00

Diluted net income per share applicable to common stockholders(1)

 

$
0.17

 

$
0.05

 

$
0.00

 

(1)

In accordance with ASC 260‑10‑45‑48 for the years ended December 31, 2015, 2014 and 2013, the Company has excluded 1.0  million, 1.3 million and 1.6 million, respectively, contingently issued restricted shares from diluted weighted-average common stock outstanding as the contingencies (a) were not satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period.
Schedule of weighted average securities outstanding that have been excluded from the diluted net income (loss) per share calculation because the effect would have been anti-dilutive

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2015

 

2014

 

2013

Stock options

 

 
4,897,096

    

 
5,107,474

    

 
2,458,471

Restricted stock awards

 

 
109,506

 

 
90,467

 

 

 —

Warrants

 

 

 —

 

 
68,304

 

 
85,629

Convertible preferred stock(1)

 

 
6,851,144

 

 
6,851,144

 

 
6,851,144

Total anti-dilutive securities

 

 
11,857,746

 

 
12,117,389

 

 
9,395,244

 

(1)

Diluted net income per share increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the years ended December 31, 2015, 2014 and 2013. 
Summary of stock-based compensation expense recognized by income statement classification

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2015

 

2014

 

2013

Processing and service costs

 

$
179,750

    

$
259,663

    

$
238,101

Selling, general and administrative expenses

 

 
1,594,482

 

 
849,640

 

 
989,268

Restructuring charges

 

 
36,924

 

 
154,357

 

 

 —

Total stock-based compensation expense

 

$
1,811,156

 

$
1,263,660

 

$
1,227,369

 

Summary of stock-based compensation expense recognized by type

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2015

 

2014

 

2013

Stock options

 

$
1,053,510

    

$
850,727

    

$
983,810

Restricted stock awards

 

 
757,646

 

 
412,933

 

 
243,559

Total stock-based compensation expense

 

$
1,811,156

 

$
1,263,660

 

$
1,227,369

 

Summary of the unamortized stock-based compensation expense and associated weighted average remaining amortization periods

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

As of December 31, 2014

 

 

Unamortized

 

Weighted-average

 

Unamortized

 

Weighted-average

 

 

stock-based

 

remaining

 

stock-based

 

remaining

 

 

compensation

 

amortization period

 

compensation

 

amortization period

 

 

expense

 

(in years)

 

expense

 

(in years)

Stock options

    

$
1,354,926

    
1.73

    

$
813,461

    
1.85

Restricted stock awards

 

 
785,419

 
1.64

 

 
424,795

 
1.49

 

Schedule of valuation assumptions used for the estimated fair market value of each stock based award granted on the grant date using the Black-Scholes Option Pricing Model

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2015

 

2014

 

2013

Expected life (in years)

          

5.41

-

6.00

          

5.88

-

6.02

          

5.51

-

5.98

Expected volatility (percentage)

 

35.11

-

39.57

 

38.48

-

41.98

 

40.74

-

42.41

Risk-free interest rate (percentage)

 

1.52

-

1.94

 

1.77

-

2.02

 

0.94

-

1.77

Expected dividend yield

 

 —

 

 —

 

 —

 

Restricted Stock With Performance And Market Conditions [Member]  
Schedule of valuation assumptions used for the estimated fair market value of each stock based award granted on the grant date using the Black-Scholes Option Pricing Model

 

 

 

 

 

 

    

Market Condition

    

Performance Condition

Expected life (in years)

 

0.85 - 2.74

 
1.91

Expected volatility (percentage)

 

29.97 - 31.36

 
29.97

Risk-free interest rate (percentage)

 

0.88 - 0.99

 
0.63

Expected dividend yield

 

 —

 

 —

 

Accounts Receivable  
Schedule of concentrations of 10% and greater

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

2015

 

2014

 

Customer A

 
15

%  
28

%  

Customer B

 

*

 
13

 

Customer C

 

*

 
17

 

Customer H

 
11

 

*

 

 

(*) Less than 10% accounts receivable concentration.

Revenue  
Schedule of concentrations of 10% and greater

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

  

2015

    

2014

    

2013

 

Customer A

 
18

%  
21

%  
21

%  

Customer C

 

*

 

*

 
12

 

Customer H

 
11

 

*

 

*

 

 

(*)Less than 10% revenue concentration.