Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Equity-Based Compensation Activity

The following table summarizes the Company’s activity for restricted stock units for the year ended December 31, 2015:


		Restricted Stock
		Units
Balance, January 1, 2015		40,472
Granted		85,680
Forfeited		(6,588)
Delivered and exchanged for shares of Class A common stock (a)		(14,866)
Cancelled (b)		(7,933)
Balance, December 31, 2015		96,765

As of December 31, 2015
Vested		—
Unvested		96,765

(a)

In connection with a retirement agreement entered into with the Company’s former President as described in Note 13, Leadership Changes and Restructuring Activities, 7,576 unvested restricted stock units granted in October 2013 vested in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $216,000 was recognized during the year ended December 31, 2015.

(b)

During the year ended December 31, 2015, 22,799 restricted stock units vested, of which 7,933 shares were withheld and cancelled with an estimated value of $295,000 to cover the Company’s minimum statutory tax withholding obligation.

Valuation Assumptions for Grants

The risk-free rate for the expected term of the option was based on the U.S. Treasury yield curve at the date of grant.


	2013
Valuation assumptions:
Expected dividend yield	—	%
Expected volatility	78.0	%
Expected term (years)	5.1
Risk-free interest rate	0.75	%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2015 (weighted average remaining contractual term in years and aggregate intrinsic value in thousands):


				Weighted Average
		Weighted Average		Remaining	Aggregate
	Options	Exercise Price		Contractual Term	Intrinsic Value
Balance at January 1, 2015	652,500
Granted	—
Exercised	(624,443)	$	3.60
Forfeited	—
Forfeited	—
Balance at December 31, 2015 (a)	28,057			6.9	$	946
Exercisable at December 31, 2015	28,057			6.9	$	946