STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2016

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

Under 2015 Stock Incentive Plan (the "2015 Plan") 6,000,000 shares are authorized for grants of stock options, restricted stock units ("RSUs"), restricted stock and stock appreciation rights to employees and non-employee directors. In addition, any shares available under the Amended and Restated Stock Incentive Plan (which expired on June 1, 2015), including in respect of any awards that expire, terminate or are forfeited, will be available for awards under the 2015 Plan. Under the 2015 Plan, awards are made to employees and to directors at the discretion of the Compensation Committee. Any awards previously issued under the Amended and Restated Stock Incentive Plan will continue to be governed by the terms of that plan.

The charge for stock-based compensation in our condensed consolidated statements of operations and comprehensive income / loss was as follows:



	For the Three Months Ended March 31,
	2016		2015
Selling, general and administrative expenses	$	838	$	408

Stock Options

A summary of option activity for the three months ended March 31, 2016 is presented below:



	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2015	1,666,000	$	3.53	9.07	$	640
Granted	411,392	2.46
Outstanding at March 31, 2016	2,077,392	$	3.32	9.04	$	453
Vested and expected to vest	2,077,392	3.32		9.04	453
Exercisable at March 31, 2016	66,000	$	33.66	0.17	$	—

The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model and recognized ratably over the requisite service period. The aggregate intrinsic value (the difference between the stock price on the last day of trading of the first quarter of March 31, 2016 and the exercise prices multiplied by the number of in-the-money options) represents the total intrinsic value that would have been received by the option holders had they exercised all in-the-money options as at March 31, 2016. This amount changes based on the fair value of our Class A common stock. As at March 31, 2016, there was US$ 2.6 million unrecognized compensation expense related to stock options which is expected to be recognized over a weighted-average period of 3.3 years.

Restricted Stock Units

Each RSU represents a right to receive one share of Class A common stock of the Company for each RSU that vests in accordance with a time-based vesting schedule, generally between one to four years from the date of grant. Upon vesting, shares of Class A common stock are issued from authorized but unissued shares. Holders of RSU awards are not entitled to receive cash dividend equivalents and are not entitled to vote. The grant date fair value of RSUs is calculated as the closing price of our Class A common shares on the date of grant. For awards with market conditions, the grant date fair value is calculated using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the expected volatility of our common stock, interest rates, dividend yields and the correlation coefficient between our common stock and the relevant market index.

The following table summarizes information about unvested RSUs as at March 31, 2016:



	Number of Shares / Units		Weighted Average Grant Date Fair Value
Unvested at December 31, 2015	2,554,597		$	2.72
Granted	533,356		2.46
Vested	(95,557	)	3.24
Unvested at March 31, 2016	2,992,396		$	2.65

As at March 31, 2016, the intrinsic value of unvested RSUs was US$ 7.6 million. Total unrecognized compensation cost related to unvested RSUs as at March 31, 2016 was US$ 4.4 million and is expected to be recognized over a weighted-average period of 2.7 years.