XML 45 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Valuation Assumptions
The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula that uses assumptions noted in the following table. Expected volatilities and risk-free interest rates are based upon the expected life of the grant.
 
Assumptions
 
2017

 
2016

 
2015

Expected dividends
 
0
%
 
0
%
 
0
%
Risk free rate
 
1.56
%
 
1.14
%
 
1.11
%
Expected volatility
 
58.0% - 69.7%

 
68.0% - 71.3%

 
52.7% - 68.3%

Expected term (in years)
 
3.2 – 3.3 years

 
3.1 – 3.3 years

 
3.2 – 3.3 years

Schedule of Stock Option Transactions
Stock option transactions in each of the past three years under the aforementioned plans in total were: 
 
 
Shares
 
Exercise
Price Per Share
 
Weighted
Average
Exercise
Price
January 1, 2015 shares issuable under options
 
2,436,834

 
0.76 - 10.55

 
$
1.79

Granted
 
1,357,000

 
5.55 - 10.67

 
9.20

Exercised
 
(75,766
)
 
0.76 - 3.62

 
1.10

Expired
 

 

 

Forfeited
 
(125,334
)
 
1.40 – 10.67

 
8.99

December 31, 2015 shares issuable under options
 
3,592,734

 
0.79 - 10.67

 
4.36

Granted
 
739,135

 
4.72 - 8.81

 
7.26

Exercised
 
(61,834
)
 
1.10 - 6.51

 
1.54

Expired
 

 

 

Forfeited
 
(164,666
)
 
4.55 - 10.67

 
8.37

December 31, 2016 shares issuable under options
 
4,105,369

 
0.79 - 10.67

 
4.76

Granted
 
577,845

 
3.38 - 9.28

 
7.15

Exercised
 
(171,566
)
 
0.79 - 5.85

 
1.92

Expired
 

 

 

Forfeited
 
(211,838
)
 
4.80 - 10.67

 
7.70

December 31, 2017 shares issuable under options
 
4,299,810

 
$0.79 - $10.67

 
$
4.76


Schedule of Outstanding and Exercisable Stock Options
The following table summarizes information concerning outstanding and exercisable options as of December 31, 2017:
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise Price
 
Number of
Options
 
Weighted
Average
Remaining
Life (Years )
 
Weighted
Average
Exercise
Price
 
Number of
Options
 
Weighted
Average
Exercise
Price
$0.79 - $1.00
 
25,000

 
2.01
 
$
0.79

 
25,000

 
$
0.79

1.01 - 1.50
 
1,721,000

 
4.14
 
1.06

 
1,721,000

 
1.06

1.51 - 10.67
 
2,553,810

 
7.76
 
7.85

 
1,369,466

 
7.92

 
 
 
 
 
 
 
 
 
 
 
$0.79 - $10.67
 
4,299,810

 
6.28
 
$
5.09

 
3,115,466

 
$
4.07

 
The following table summarizes information concerning outstanding and exercisable options as of December 31, 2016:
 
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise Price
 
Number of
Options
 
Weighted
Average
Remaining
Life (Years )
 
Weighted
Average
Exercise
Price
 
Number of
Options
 
Weighted
Average
Exercise
Price
$0.79 - $1.00
 
50,000

 
3.01
 
$
0.79

 
50,000

 
$
0.79

1.01 - 1.50
 
1,808,400

 
5.11
 
1.07

 
1,808,400

 
1.07

1.51 - 10.67
 
2,246,969

 
8.35
 
7.82

 
805,803

 
7.15

 
 
 
 
 
 
 
 
 
 
 
$0.79 - $10.67
 
4,105,369

 
6.86
 
$
4.76

 
2,664,203

 
$
2.90


The following table summarizes information concerning outstanding and exercisable options as of December 31, 2015
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise Price
 
Number of
Options
 
Weighted
Average
Remaining
Life (Years )
 
Weighted
Average
Exercise
Price
 
Number of
Options
 
Weighted
Average
Exercise
Price
$0.76 - $1.00
 
50,000

 
4.01
 
$
0.79

 
50,000

 
$
0.79

1.01 - 1.50
 
1,862,400

 
6.14
 
1.07

 
1,851,400

 
1.07

1.51 - 10.55
 
1,680,334

 
8.96
 
8.10

 
289,997

 
4.02

 
 
 
 
 
 
 
 
 
 
 
$0.79 - $10.67
 
3,592,734

 
7.43
 
$
4.36

 
2,191,397

 
$
1.45

Nonvested Stock Option Activity
A summary of non-vested options at December 31, 2017 and changes during the year ended December 31, 2017 is presented below: 
 
 
Options
 
Weighted
Average
Grant Date
Fair Value
Non-vested options at January 1, 2017
 
1,441,166

 
$
3.58

Granted
 
577,845

 
3.37

Vested
 
(654,156
)
 
3.62

Forfeited
 
(180,511
)
 
3.46

Non-vested options at December 31, 2017
 
1,184,344

 
$
3.48

Schedule of Nonvested Shares of Restricted Stock
A summary of non-vested shares of restricted stock and changes during each of the past three years is as follows:
 
 
Number of
Restricted Stock
 
Weighted Average
Issuance Price
Non-vested balance at January 1, 2015
 
108,334

 
$
2.86

 
 
 
 
 
Changes during the period:
 
 

 
 

Shares granted
 
32,500

 
10.67

Shares vested
 
(140,834
)
 
4.66

Shares forfeited
 

 
 

Non-vested balance at January 1, 2016
 

 
$

 
There have been no restricted stock issuances in the year ended 2016 or 2017.

A summary of non-vested RSUs and changes during each of the past three years is as follows:
 
 
Number of
RSUs
 
Weighted Average
Issuance Price
Non-vested balance at January 1, 2016
 
182,750

 
$
10.23

 
 
 
 
 
Changes during the period:
 
 

 
 

Shares granted
 
58,068

 
7.50

Shares vested
 
(60,918
)
 
10.13

Shares forfeited
 

 

Non-vested balance at December 31, 2016
 
179,900

 
$
9.35

 
 
 
 
 
Changes during the period:
 
 
 
 
Shares granted
 
93,468

 
7.26

Shares vested
 
(80,274
)
 
9.57

Shares forfeited
 
(4,465
)
 
7.09

Non-vested balance at December 31, 2017
 
188,629

 
$
9.35