Equity Incentive Plans

6 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

Note 7 – Equity Incentive Plans:

Total compensation cost for share-based payments recognized for the three months ended June 30, 2016 and 2015 was $1,684,390 and $1,832,141, respectively.  Total compensationcost for share-based payments recognized for the six months ended June 30, 2016 and 2015 was $2,703,078 and $3,719,961, 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). At June 30, 2016, there were zero shares available for grant as the plan is frozen.

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 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, as defined in the stock grant agreement. At June 30, 2016, there were zero shares available for grant as the plan is frozen.

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 June 30, 2016, the awards granted were either time-based (cliff vest over 3 years), performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or restricted stock units (employee RSUs cliff vest over 3 years and non-employee director RSUs cliff vest over 1 year).

At June 30, 2016, there were 371,425 shares of common stock available to be issued or used for reference purposes under the 2014 Plan.

Service Period Stock Options

The following table includes activity related to outstanding service period stock options during the six months ended June 30, 2016.

Service Period Stock Options	Number of Options			Weighted Average Exercise Price
Outstanding at December 31, 2015		1,976,810		$	8.00
Granted		345,131			9.05
Forfeited, Canceled, Expired		(4,771	)		8.95
Exercised		(36,864	)		6.32
Outstanding at June 30, 2016		2,280,306		$	8.18

Performance-Vested Stock Options

The following table includes activity related to outstanding performance-vested stock options during the six months ended June 30, 2016.

Performance-Vested Stock Options	Number of Options (1)			Weighted Average Exercise Price
Outstanding at December 31, 2015		916,183		$	9.34
Granted		117,759			9.05
Forfeited, Canceled, Expired		(1,120	)		15.00
Exercised		—			0.00
Outstanding at June 30, 2016		1,032,822		$	9.30

(1) As of June 30, 2016, 117,759 performance-vested stock options at a weighted average exercise price of $9.05 have performance metrics that are probable of achievement. These shares are included in share-based compensation costs for the three and six months ended June 30, 2016.

Restricted Stock Units

The following table includes activity related to outstanding restricted stock units during the six months ended June 30, 2016.

Restricted Stock Units	Number of RSUs		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015		—		—
Granted		105,313	$	9.05
Forfeited, Canceled, Expired		—		—
Issued Upon Vesting		—		—
Outstanding at June 30, 2016		105,313	$	9.05