Stock-Based Awards

3 Months Ended

Mar. 31, 2016

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

6. Stock-Based Awards

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

The Company has three equity award plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 23,000,000 shares of common stock pursuant to stock options and other stock-based awards and also has issued from time to time stock-based awards outside the Plans. Options outstanding at March 31, 2016 expire on dates ranging from June 25, 2016 to November 15, 2021.

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, 2016		1,544,597		$	2.62		1,620,726
Granted		—		$	—		1,386,483
Exercised/vested		(69,975	)	$	1.07		(628,309	)
Forfeitures		—		$	—		—

Balance at March 31, 2016		1,474,622		$	2.70		2,378,900

The Company recorded stock-based compensation expense of $3,503 and $2,344 for the three months ended March 31, 2016 and 2015, respectively.

A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:


	March 31, 2016
	Unrecognized Stock- Based Compensation		Average Remaining Vesting Period
Employees and directors option awards	$	92		0.82
Employees and directors restricted stock awards	$	29,229		2.40