Equity Incentive Plans

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

Note 9 – Equity Incentive Plans:

Total compensation cost for share-based payments recognized for the three months ended September 30, 2015 and 2014 was $1,853,491 and $242,926, respectively. Total compensation cost for share-based payments recognized for the nine months ended September 30, 2015 and 2014 was $5,573,451 and $728,778, respectively.

2006 Stock Plan—In December 2006, the Company approved the 2006 Stock Plan (the “2006 Plan”) under which options to purchase approximately 624,223 shares of the Company’s common stock were granted to employees and affiliates of the Company. These options vest over 5 years. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2006 Plan). The options granted have maximum contractual terms of up to 10 years. At September 30, 2015, there were zero shares available for grant as the plan is frozen.

During the three months ended September 30, 2015, 6,221 shares were exercised at a weighted average exercise price of $6.27. During the nine months ended September 30, 2015, there were 37,119 shares exercised at a weighted average exercise price of $6.46.

2010 Stock Plan—In December 2010, the Company approved the 2010 Stock Plan (the “2010 Plan”) under which options to purchase approximately 2,146,320 shares of the Company’s common stock were granted to employees, directors, and affiliates of the Company (in 2012, the 2010 Plan was amended to allow for the granting of approximately 2,220,280 options to purchase shares of the Company’s common stock). These options are either time-based (vest over 4 years), performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or vest at the occurrence of an exit event which is defined as a Change of Control in the Company or an initial public offering registered under the Securities Act, as defined in the stock grant agreement.

In November, 2014, the Company modified performance-based awards and exit-event awards under the 2010 Plan. Performance-based awards were modified to time vested awards that cliff vest over two years. At the time of modification, the original performance-based awards’ vesting criteria was not considered probable. The exit-event awards were modified to performance-based awards. At December 31, 2014, the new performance-based awards’ vesting criteria was considered probable. The modified awards were fair valued on the modification date. The options granted have maximum contractual terms of 10 years. The Company’s board of directors froze the 2010 Stock Plan such that no further grants may be issued under the 2010 Stock Plan.

During the three months ended September 30, 2015, there were 1,449 shares exercised at a weighted average exercise price of $7.10. During the nine months ended September 30, 2015, there were 7,313 shares exercised at a weighted average exercise price of $7.10.

2014 Omnibus Incentive Plan—In November 2014, the Company approved the 2014 Omnibus Incentive Plan (the “2014 Plan”) under which 1,479,200 shares of common stock may be issued or used for reference purposes as awards granted under the 2014 Plan. These awards may be in the form of stock options, stock appreciation rights, restricted stock, as well as other stock-based and cash-based awards. As of September 30, 2015, the stock options granted were either time-based (cliff vest over 3 years) or performance-based (vest when performance targets are met, as defined in the stock option grant agreement).

In addition to stock options granted under the 2014 Plan, the Company may issue restricted stock units to the members of its board of directors as compensation for their services. The fair value of restricted stock units is based on the share price on the date of grant. Restricted stock units granted in 2014 vest over one year, and the Company will settle these awards by common stock transfer. During the three months ended September 30, 2015, there were no restricted stock units granted.

During the three months ended September 30, 2015, there were no grants or exercises. During the nine months ended September 30, 2015 there were 6,550 units granted, at a weighted average exercise price of $17.00, and there were no exercises.

At September 30, 2015, there were 936,648 shares of common stock available to be issued or used for reference purposes under the 2014 Plan.