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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of stock option grants
The following table summarizes stock option grants during the years ended December 31, 2015, 2014, and 2013:
Grantee
Type
 
# of
Options
Granted
 
Vesting Period
 
Weighted
Average
Exercise Price
 
Weighted
Average Grant
Date Fair Value
2015
 
 
 
 
 
 
 
 
Director group
 
249,273

 
1 year or less
 
$
4.49

 
$
2.44

Employee group
 
17,092

 
3
 
$
3.99

 
$
1.33

Employee inducement (1)
 
135,000

 
3 years
 
$
5.51

 
$
1.42

 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
Director group
 
51,276

 
1 year or less
 
$
6.45

 
$
1.89

Employee group (2)
 
1,480,000

 
3 years
 
$
6.99

 
$
1.81

Employee inducement (3)
 
270,000

 
3 years
 
$
6.64

 
$
1.71

 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
Director group
 
75,490

 
1 year or less
 
$
5.67

 
$
2.00

Director group
 
17,092

 
3 years
 
$
6.83

 
$
3.76

Employee group
 
549,875

 
3 years
 
$
5.75

 
$
2.48

Employee inducement (4)
 
20,000

 
3 years
 
$
7.14

 
$
3.81

 
(1)
The Company granted non-qualified stock options outside its existing stock-based compensation plans in the first nine months of 2015 to three employees in connection with the employees joining the Company.
(2)
The weighted average exercise price for these options is calculated based on an exercise price of $6.36 for the options that vest on June 27, 2015, $6.99 for the options that vest on June 27, 2016 and $7.63 for the options that vest on June 27, 2017.
(3)
The Company granted non-qualified stock options outside its existing stock-based compensation plans in the third quarter of 2014 to two executives in connection with the executives joining the Company.
(4)
The Company granted non-qualified performance-based stock options outside its existing stock-based compensation plans in the first quarter of 2013 to one employee in connection with the employee joining the Company.
Summary of stock awards granted
A summary of nonvested stock awards (restricted stock and restricted stock units) activity as of December 31, 2015 and changes during the year then ended is presented below:
Nonvested Stock
 
Shares
 
Weighted
Average Grant
Date Fair Value
(Per Share)
Nonvested at January 1, 2015
 
627,848

 
$
6.40

Granted
 
2,564,698

 
4.00

Vested
 
(275,053
)
 
6.45

Forfeited
 
(95,451
)
 
4.14

Nonvested at December 31, 2015
 
2,822,042

 
$
4.30

The following table summarizes nonvested stock awards granted during the years ended December 31, 2015, 2014 and 2013:
Grantee
Type
 
# of Shares
Granted
 
Vesting Period
 
Weighted
Average Grant
Date Fair Value
2015
 
 
 
 
 
 
Director group
 
4,273

 
1 year or less
 
$
4.02

Director group
 
17,092

 
3 years
 
$
3.99

Employee group (1)
 
2,493,333

 
2 years
 
$
3.99

Employee inducement (2)
 
10,000

 
3 years
 
$
5.29

 
 
 
 
 
 
 
2014
 
 
 
 
 
 
Director group
 
51,276

 
1 year or less
 
$
6.45

Employee group
 
120,000

 
3 years
 
$
6.36

Employee inducement (3)
 
70,000

 
3 years
 
$
6.04

 
 
 
 
 
 
 
2013
 
 
 
 
 
 
Director group
 
75,490

 
1 year or less
 
$
5.67

Director group
 
17,092

 
3 years
 
$
6.83

Employee group
 
599,875

 
3 years
 
$
5.82

Employee inducement (4)
 
20,000

 
3 years
 
$
7.14

 

(1)
The Company granted nonvested performance-based stock awards (restricted stock units) in the first quarter of 2015 to eight executive officers totaling 1,325,000 units. During the third and fourth quarter of 2015, the Company issued 1,168,333 units to key employees.
(2)
The Company granted nonvested stock awards (restricted stock) outside its existing stock-based compensation plans in the first quarter of 2015 to two employees in connection with the employees joining the Company.
(3)
The Company granted nonvested stock awards (restricted stock) outside its existing stock-based compensation plans in the third quarter of 2014 to two executives in connection with the executives joining the Company.
(4)
The Company granted nonvested performance-based stock awards (restricted stock) outside its existing stock-based compensation plans in the first quarter of 2013 to one employee in connection with the employee joining the Company.
Summary of stock option activity
A summary of option activity as of December 31, 2015, and changes during the year then ended is presented below:
Options
 
Shares
 
Weighted-
Average
Exercise
Price
(Per Share)
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
($ 000’s)
Outstanding at January 1, 2015
 
3,325,103

 
$
6.66

 
4.67 years
 
$
711

Granted
 
401,365

 
4.81

 
 
 
 
Exercised
 
(29,128
)
 
3.13

 
 
 
$
40

Forfeited
 
(179,281
)
 
6.40

 
 
 
 
Expired
 
(180,275
)
 
9.63

 
 
 
 
Outstanding at December 31, 2015
 
3,337,784

 
$
6.36

 
4.68 years
 
$
70

Exercisable at December 31, 2015
 
1,432,579

 
$
8.09

 
3.49 years
 
$
70
Schedule of assumptions used in Black-Scholes valuation models

For time-vested option grants that resulted in compensation expense recognition, we used the following assumptions in our Black-Scholes valuation models:
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Risk-free interest rates
 
0.80% - 1.59%
 
0.88% - 1.79%
 
0.37% - 1.55%
Dividend yields
 
—%
 
—%
 
—%
Volatility factor of expected market price
 
.323 - .733
 
.370 - .390
 
.446 - .675
Weighted-average expected term of option
 
3.1 - 5 years
 
3.5 - 4.5 years
 
3.7 - 5 years
Forfeiture rate
 
—%
 
—%
 
—%