Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2016

We used the following weighted-average assumptions to value the options granted during the nine months ended September 30:

	2016			2015

Expected life in years		3.90			3.84
Risk-free interest rate		0.98	%		1.11	%
Expected volatility		64.32	%		63.94	%
Expected dividend yield		0	%		0	%
Weighted-average grant date fair value	$	0.49		$	0.79

The following table summarizes the activity related to our stock options during the nine months ended September 30, 2016:

	Number of shares			Weighted average exercise price		Weighted average remaining life in years		Aggregate intrinsic value

Outstanding at December 31, 2015		2,573,640		$	4.44		4.64	$	-
Options granted		692,400			1.05
Options exercised		-			-
Options surrendered		(1,566,135	)		3.90

Outstanding at September 30, 2016		1,699,905		$	3.54		6.79	$	578,213

Exercisable at September 30, 2016		818,333		$	6.03		3.95	$	16,062

The following table summarizes the activity related to our restricted shares during the nine months ended September 30, 2016:

	Number of Shares			Weighted average grant date fair value		Weighted average remaining life in years		Aggregate intrinsic value
Balance at December 31, 2015		686,910		$	2.41		1.59	$	886,114
Shares granted		837,858			1.06
Shares vested		(323,613	)		2.19
Shares forfeited		(301,822	)		2.48

Balance at September 30, 2016		899,333		$	1.21		1.54	$	1,636,786