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Equity Incentive Plans
6 Months Ended
Jun. 30, 2018
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, 2018 and 2017 is $1,301,774 and $1,229,353, respectively. Total compensation cost for share-based payments recognized for the six months ended June 30, 2018 and 2017 is $2,394,034 and $2,159,510, respectively.

2006 Stock Plan—The options in this plan are time-based (vest over five years). Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2006 Plan). At June 30, 2018, there were zero shares available for grant as the 2006 Plan is frozen. The total number of unexercised options for the 2006 Plan is 14,544.

2010 Stock PlanThe outstanding options are time-based (vest between two and four years). At June 30, 2018, there were zero shares available for grant as the 2010 Plan is frozen no further grants may be issued under the 2010 Plan. The total number of unexercised options for the 2010 Plan is 661,523.

2014 Omnibus Incentive Plan—In November 2014, the Company approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). Under the 2014 Plan 3,979,200 shares of common stock may be issued or used for reference purposes as awards granted. 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. At June 30, 2018, the awards granted were either time-based, performance-based (vest when performance targets are met, as defined in the stock option grant agreement), or restricted stock units (employee RSUs vest over three years and non-employee director RSUs vest over one year).The total number of unexercised options and RSUs for the 2014 Plan is 1,723,481.

At June 30, 2018, there were 1,938,717 shares of common stock available to be issued or used for reference purposes under the 2014 Plan.

NASDAQ Marketplace Rules Inducement Award—During fiscal year 2016, share-based awards were granted to the Company’s Chief Executive Officer as an inducement under the NASDAQ Marketplace Rules, and therefore outside of any Plan. Under the terms of the agreement, the grant is governed as if issued under the 2014 Omnibus Plan. As of June 30, 2018, the awards granted were time-based (cliff vest in equal increments over four years) and performance-based (vest when performance targets are met, as defined in the stock option grant agreement).

Service Period Stock Options

The following table includes activity related to outstanding service period stock options during the six months ended June 30, 2018.

 

Service Period Stock Options

 

Shares

 

 

Weighted Average Exercise Price

 

Outstanding at December 31, 2017

 

 

2,030,266

 

 

$

9.47

 

Granted

 

 

95,364

 

 

 

16.45

 

Exercised

 

 

(110,389

)

 

 

9.05

 

Outstanding at June 30, 2018

 

 

2,015,241

 

 

$

9.82

 

 

Performance-Vested Stock Options

The following table includes activity related to outstanding performance-vested stock options during the six months ended June 30, 2018.

Performance Based Options

 

Shares

 

 

Weighted Average Exercise Price

 

Outstanding at December 31, 2017

 

 

1,154,393

 

 

$

10.50

 

Granted

 

 

21,455

 

 

 

16.45

 

Outstanding at June 30, 2018

 

 

1,175,848

 

 

$

10.61

 

 

As of June 30, 2018, 488,352 performance-vested stock options at a weighted average exercise price of $10.00 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, 2018.

Restricted Stock Units

The following table includes activity related to outstanding restricted stock units during the six months ended June 30, 2018.

 

Restricted Stock Units

 

Shares

 

 

Weighted-Average Grant-Date Fair Value Per Unit

 

Outstanding at December 31, 2017

 

 

165,240

 

 

$

10.99

 

Granted

 

 

117,804

 

 

 

16.53

 

Issued upon vesting

 

 

(74,583

)

 

 

10.53

 

Outstanding at June 30, 2018

 

 

208,461

 

 

$

14.29