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Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2016
Schedule of computation of basic and diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2016

 

2015

 

2014

Numerator:

 

 

    

    

 

    

    

 

    

Net income

 

$
25,072,002

 

$
10,362,448

 

$
3,160,385

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

 

 
(2,202,318)

 

 
(1,218,970)

 

 
(357,248)

Net income applicable to common stockholders (basic and dilutive)

 

$
22,869,684

 

$
9,143,478

 

$
2,803,137

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average common stock outstanding (basic)

 

 
49,472,512

 

 
52,545,934

 

 
53,494,952

Common equivalent shares from options and warrants to purchase common stock

 

 
2,088,286

 

 
725,314

 

 
1,138,229

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

 

 
51,560,798

 

 
53,271,248

 

 
54,633,181

Basic net income per share applicable to common stockholders

 

$
0.46

 

$
0.17

 

$
0.05

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

 

$
0.44

 

$
0.17

 

$
0.05

 

(1)

In accordance with ASC 260‑10‑45‑48 for the years ended December 31, 2016, 2015 and 2014, the Company has excluded 0.4 million, 1.0 million and 1.3 million, respectively, of 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,

 

 

2016

 

2015

 

2014

Stock options

    

 
3,135

    

 
4,897,096

    

 
5,107,474

Restricted stock awards

 

 
32,544

 

 
109,506

 

 
90,467

Warrants

 

 

 —

 

 

 —

 

 
68,304

Convertible preferred stock(1)

 

 
5,291,014

 

 
6,851,144

 

 
6,851,144

Total anti-dilutive securities

 

 
5,326,693

 

 
11,857,746

 

 
12,117,389

 

(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, 2016, 2015 and 2014. 
Summary of stock-based compensation expense recognized by income statement classification

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2016

 

2015

 

2014

Processing and service costs

 

$
174,027

    

$
179,750

    

$
259,663

Selling, general and administrative expenses

 

 
1,646,377

 

 
1,594,482

 

 
849,640

Restructuring charges

 

 

 —

 

 
36,924

 

 
154,357

Total stock-based compensation expense

 

$
1,820,404

 

$
1,811,156

 

$
1,263,660

 

Summary of stock-based compensation expense recognized by type

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2016

 

2015

 

2014

Stock options

 

$
988,890

    

$
1,053,510

    

$
850,727

Restricted stock awards

 

 
831,514

 

 
757,646

 

 
412,933

Total stock-based compensation expense

 

$
1,820,404

 

$
1,811,156

 

$
1,263,660

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

December 31, 2015

 

 

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

    

$
956,947

    
1.57

    

$
1,354,926

    
1.73

Restricted stock awards

 

 
206,963

 
0.60

 

 
785,419

 
1.64

 

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,

 

 

2016

 

2015

 

2014

Expected life (in years)

          

5.50

          

5.41

-

6.00

          

5.88

-

6.02

Expected volatility (percentage)

 

35.61

-

35.85

 

35.11

-

39.57

 

38.48

-

41.98

Risk-free interest rate (percentage)

 

1.14

-

1.39

 

1.52

-

1.94

 

1.77

-

2.02

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

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2016

 

2015

 

Customer A

 
22

%  
15

%  

Customer B

 
17

 

*

 

Customer H

 

*

 
11

 

 

(*) Less than 10% accounts receivable concentration.

Revenue  
Schedule of concentrations of 10% and greater

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

  

2016

    

2015

    

2014

 

Customer A

 
17

%  
18

%  
21

%  

Customer G

 
12

 

*

 

*

 

Customer H

 

*

 
11

 

*

 

 

(*)Less than 10% revenue concentration.