Stock-Based Awards

6 Months Ended

Jun. 30, 2016

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

Stock-Based Awards

6. Stock-Based Awards

The Company grants equity awards to employees and directors. Options may be issued for a term of ten years, may vest after at least one year and have 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.

On June 20, 2016, the Company’s stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards. The Company also has issued from time to time stock-based awards outside a plan. Options outstanding at June 30, 2016 expire on dates ranging from January 1, 2017 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		—		$	—		1,484,484
Exercised/vested		(96,850	)	$	1.07		(670,294	)
Forfeitures		—		$	—		(2,850	)
Balance at June 30, 2016		1,447,747		$	2.73		2,432,066

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

Three Months Ended June 30,				Six Months Ended June 30,
2016		2015		2016		2015
$	3,767	$	2,608	$	7,270	$	4,952

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

	June 30, 2016
	Unrecognized Stock-Based Compensation		Average Remaining Vesting Period
Employees and directors option awards	$	64		0.58
Employees and directors restricted stock awards	$	26,517		2.15