Share-Based Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

EmployeeShare-Based Compensation Plans - On May 29, 2008, the Company's shareholders approved the 2008 Omnibus Employee Incentive Plan (the "2008 Plan") providing for the grant of stock options, stock appreciation rights, non-vested stock, and performance shares. During the three and six month periods endedJune 30, 2016, the Company granted 100,000 and 153,332 options, respectively, for the purchase of shares under the 2008 Plan. During the three and six month periods endedJune 30, 2015, the Company granted 667 and 40,000 options, respectively. As of June 30, 2016, 31,659 shares remain available for grant under the 2008 Plan.

On May 24, 2011, the Company's shareholders approved the 2011 Omnibus Employee Incentive Plan, as subsequently amended and restated, (the "2011 Plan") providing for the grant of stock options and non-vested stock awards. During the three and six month periods endedJune 30, 2016, there were no options for the purchase of shares granted under the 2011 Plan. During the three month period endedJune 30, 2015, there were 30,000 options for the purchase of shares granted under the 2011 Plan. During the six month periods endedJune 30, 2016 and 2015, the Company also granted a total of 166,665 and 2,778 stock awards, respectively, to non-employee members of the Board of Directors that immediately vested. As of June 30, 2016, 243,693 shares remain available for grant under the 2011 Plan.

The fair value of the stock options granted during the three and six month periods endedJune 30, 2016, was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

	Three Months Ended June 30,	Six Months Ended June 30,
	2016	2016
Expected life (years)	5.3	5.1
Expected volatility	80.0%	81.0%
Expected dividend yield	—%	—%
Risk-free interest rate	1.3%	1.4%
Weighted average fair value of options granted during the period	$1.27	$1.33

The following table summarizes stock option activity for the six month period endedJune 30, 2016:

	Number of Options		Weighted Average Exercise Price Per Option		Weighted Average remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding balance at December 31, 2015	286,568		$	6.46
Granted	153,332		2.05
Exercised	—		—
Forfeited and Expired	(34,560	)	3.23
Outstanding balance at June 30, 2016	405,340		5.07		8.45	$0
Options exercisable at June 30, 2016	147,113		$	7.65	7.25	$0

There were no options exercised during the six month period endedJune 30, 2016. There were 50,000 options with a weighted average exercise price of $0.45 exercised during the six month period endedJune 30, 2015. Options for the purchase of an aggregate of 30,768 shares of common stock vested during the six month period endedJune 30, 2016, and the aggregate fair value at grant date of these options was $0.1 million. As of June 30, 2016, there was approximately $0.4 million of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighted average period of 1.74 years.

The Company recorded $0.4 million and $0.5 million, respectively, of share-based compensation expense in selling, general and administrative expenses for the three and six month periods endedJune 30, 2016. The Company recorded $0.1 million and $0.2 million, respectively, of share-based compensation expense in selling, general and administrative expenses for the three and six month periods endedJune 30, 2015.