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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2017
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:

 

      Nine Months Ended September 30,  
      2017       2016  
                 
Volatility     48 - 49%       38% - 50%  
Risk-free interest rate     1.85% - 2.26%       1.12% - 1.65%  
Expected term     6.25 years       6.25 years  

Schedule of Stock Option Activity

The following summarizes stock option activity for the three months ended September 30, 2017:

 

          Weighted     Weighted     Aggregate  
    Number of     Average     Average Remaining     Intrinsic  
    Options     Exercise Price     Contractual Life     Value  
Outstanding at December 31, 2016     1,128,368     $ 5.12       7.0     $ 514,439  
                                 
Granted     353,500       4.78                  
Exercised     (14,407 )     1.31                  
Forfeited     (380,838 )     4.99                  
Outstanding at September 30, 2017     1,086,623     $ 5.11       8.0     $ 500  
                                 
Exercisable at September 30, 2017     428,721     $ 5.47       7.0     $ 344