Stock-Based Awards

9 Months Ended

Sep. 30, 2014

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

6.	Stock-Based Awards

The Company grants equity awards to employees and directors. Options are issued generally for terms of ten years and vest between two to four years. Options are issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimated the fair value for options using the Black-Scholes option pricing model. All restricted stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards generally vest over three years.

A summary of options and restricted stock activity is as follows:


	Options			Weighted Average Exercise Price of Options		Restricted Stock Awards
Balance at January 1, 2014		7,844,691		$	1.29		1,896,877
Granted		—		$	—		623,088
Exercised/vested		(1,042,422	)	$	0.33		(946,385	)
Forfeitures		—		$	—		(3,662	)

Balance at September 30, 2014		6,802,269		$	1.44		1,569,918

A summary of stock-based compensation expense is as follows:


Three Months Ended September 30,				Nine Months Ended September 30,
2014		2013		2014		2013
$	2,077	$	1,781	$	6,122	$	5,186

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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