Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

We have authorized 300,000,000 shares of common stock, with a par value of $0.001 per share. As of December 31, 2015, we had 95,832,238 shares of common stock outstanding.

Holders of our common stock are entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Holders of our common stock are also entitled to dividends when, and if, declared by our board of directors. We have not declared and paid any dividends through December 31, 2015, and our Senior Credit Facility contains restrictions on our ability to pay dividends. Stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors.

We issue stock-based awards to our employees in the form of stock options, restricted stock units, and restricted stock awards. We also have an employee stock purchase plan.

Preferred Stock

We have authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. As of December 31, 2015, we had no shares of preferred stock outstanding.

Stock Warrants

As of December 31, 2015, we had warrants to purchase 2,334,044 shares of common stock at an exercise price of $0.68 that expire on October 3, 2016 outstanding.

During the year ended December 31, 2014, 166,666 warrants to purchase common shares were exercised, of which 83,333 warrants were exercised for $0.4 million and 83,333 warrants were net exercised for a total of 58,428 shares.

In February 2016, the outstanding warrants to purchase 2,334,044 shares of common stock were net exercised for a total of 2,210,335 shares.