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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Fair Value Assumptions used in valuing Stock Options

Option awards are valued based on the grant date fair value of the instruments, net of estimated forfeitures, using a Black-Scholes option pricing model with the following assumptions:

 

      Six Months Ended June 30,  
      2016       2015  
                 
Volatility     38% - 50 %     69% - 76 %
Risk-free interest rate     1.12% - 1.65 %     1.34% - 1.75 %
Expected term     6.25 years       6.25 years  

 

Schedule of Stock Option Activity

The following summarizes stock option activity for the six months ended June 30, 2016:

 

          Weighted     Weighted     Aggregate  
    Number of     Average     Average Remaining     Intrinsic  
    Options     Exercise Price     Contractual Life     Value  
Outstanding at December 31, 2015     1,066,360     $ 5.37       7.4     $ 64,500  
                                 
Granted     153,850       3.57                  
Exercised     (900 )     1.25                  
Forfeited     (84,566 )     5.27                  
Outstanding at June 30, 2016     1,134,744     $ 5.14       7.2     $ 478,593  
                                 
Exercisable at June 30, 2016     414,943     $ 5.30       4.8     $ 162,717