11. STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2015

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

STOCK-BASED COMPENSATION

Stock Incentive Plans

Options

We have one long-term equity incentive plan which we refer to as the 2006 Equity Incentive Plan, which we amended and restated as of April 20, 2015 (the “Restated Plan”). The Restated Plan was approved by our stockholders at our annual stockholders meeting on June 11, 2015. As of December 31, 2015, we have reserved for issuance under the Restated Plan 12,000,000 shares of common stock. We can issue options, stock awards, stock appreciation rights and cash awards under the Restated Plan. Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations. Stock options generally vest over two to five years and expire five to ten years from the date of grant.

As of December 31, 2015, we had outstanding options to acquire 931,667 shares of our Common Stock, of which options to acquire 918,334 shares were exercisable. During the twelve months ended December 31, 2015, we did not grant any stock options under our Restated Plan.

The following summarizes all of our option transactions during the year ended December 31, 2015:

Outstanding Options Under the 2006 Plan	Shares			Weighted Average Exercise price Per Common Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Balance, December 31, 2014		2,092,509		$	3.58
Exercised		(1,135,833	)		2.69
Canceled, forfeited or expired		(25,009	)		2.22
Balance, December 31, 2015		931,667			4.69		0.82	$	2,109,751
Exercisable at December 31, 2015		918,334			4.73		0.79		2,054,551

Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on December 31, 2015 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on December 31, 2015. Total intrinsic value of options exercised during the year ended December 31, 2015 and 2014 was approximately $6.2 million and $7.3 million, respectively. As of December 31, 2015, total unrecognized stock-based compensation expense related to non-vested employee awards was $9,815, which is expected to be recognized over a weighted average period of approximately 0.87 years.

Restricted Stock Awards (“RSA’s”)

The Restated Plan permits the award of restricted stock awards (“RSA’s”). As of December 31, 2015, we have issued a total of 3,461,208 RSA’s of which 771,342 were unvested at December 31, 2015.

The following summarizes all unvested RSA’s activities during the year ended December 31, 2015:

				Weighted-Average
				Remaining
				Contractual		Weighted-Average
	RSA's			Term (Years)		Fair Value
RSA's unvested at December 31, 2014		942,024				$	1.96
Changes during the period
Granted		744,423				$	8.60
Vested		(856,052	)			$	4.59
Forfeited		(59,053	)			$	5.59
RSA's unvested at December 31, 2015		771,342			0.71	$	5.17

We determine the fair value of all RSA’s based of the closing price of our common stock on award date.

Other stock bonus awards

The Restated Plan also permits the award of stock bonuses not subject to any future service period. These awards are valued and expensed based on the closing price of our common stock on the date of award. During the year ended December 31, 2015 we issued 170,000 shares relating to these awards.

In sum, of the 12,000,000 shares of common stock reserved for issuance under the Restated Plan, at December 31, 2015, we had issued 11,059,958 total shares between options, RSA’s and other stock awards. With options cancelled and RSA’s forfeited amounting to 2,825,009 and 59,053 shares, respectively, there remain 3,824,104 shares available under the Restated Plan for future issuance.