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Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2014
Compensation Plans  
Assumptions used in estimating the fair value of stock options granted

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

 

 

2014

 

2013 (1)

 

2012 (1)

 

Weighted average grant-date fair value of awards granted during the period

 

$0.90

 

n/a

 

n/a

 

Expected price volatility range

    

50.7% to 59.1%

 

n/a

    

n/a

 

Expected dividends

 

n/a

 

n/a

 

n/a

 

Expected term (in years) at date of grant

 

3.5

 

n/a

 

n/a

 

Risk-free rate range

 

.85% to .96%

 

n/a

 

n/a

 


The Company did not grant any stock options in 2013 and 2012.

Summary of option activity

Summary of option activity during the year ended December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted-
Average
Exercise
Price

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

Aggregate
Intrinsic
Value

 

Options:

    

 

    

 

 

    

 

    

 

 

 

Outstanding at January 1, 2014

  

276,854 

 

11.19 

  

2.7 

 

  

 

 

Granted

  

402,694 

 

2.17 

 

 

 

 

 

 

Exercised

  

 -

 

 

 -

 

 

 

 

 

 

Cancelled/expired

  

(310,005)

 

9.57 

  

 

 

 

 

 

Outstanding at December 31, 2014

  

369,543 

 

2.36 

  

4.0 

 

 -

 

Exercisable at December 31, 2014

  

67,126 

 

5.81 

  

1.7 

 

 -

 

 

Stock options outstanding and currently exercisable

Stock options outstanding and currently exercisable at December 31, 2014 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Exercisable

 

Range of Exercise
Prices per Share

    

Number of
Options
Outstanding

    

Options Outstanding
Weighted Average
Remaining
Contractual Life
(in years)

    

Weighted
Average
Exercise Price
per Share

    

Number of Options Exercisable

    

Weighted
Average
Exercise Price
per Share

 

$1.17 - $2.69

 

299,394 

 

4.5 

 

1.56 

 

 -

 

 -

 

$4.50 - $5.10

 

46,149 

 

1.7 

 

4.78 

 

43,126 

 

4.77 

 

$7.26 - $7.79

 

24,000 

 

1.8 

 

7.68 

 

24,000 

 

7.68 

 

 

 

369,543 

 

4.0 

 

2.36 

 

67,126 

 

5.81 

 

 

Summary of Nonvested Stock Awards

Nonvested stock awards as of December 31, 2014 and changes for the year ended December 31, 2014 were as follows:

 

 

 

 

 

 

 

 

    

Shares

    

Weighted-
Average
Grant Date
Fair Value

 

Stock Awards:

 

 

 

 

 

 

Outstanding at January 1, 2014

  

40,915 

 

4.12 

 

Granted

  

1,181,928 

 

2.33 

 

Vested

  

(165,443)

 

2.77 

 

Forfeited/returned

  

(243,279)

 

2.41 

 

Nonvested at December 31, 2014

  

814,121 

 

2.30