Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

The following table summarizes nonvested stock awards granted during the years ended December 31, 2016, 2015 and 2014:



Grantee Type	# of Stock Awards Granted	Vesting Period	Weighted Average Grant Date Fair Value
2016
Employee group ⁽¹⁾	1,250,750	2 years	$	4.88
Employee inducement ⁽²⁾	100,000	3 years	$	4.94

2015
Director group	4,273	1 year or less	$	4.02
Director group	17,092	3 years	$	3.99
Employee group⁽³⁾	2,493,333	2 years	$	3.99
Employee inducement ⁽⁴⁾	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 ⁽⁵⁾	70,000	3 years	$	6.04


(1)	The Company granted nonvested performance-based stock awards (restricted stock units) in the first six months of 2016 to five executive officers, and certain other key employees.


(2)	The Company granted nonvested performance-based stock awards (restricted stock units) outside its existing stock-based compensation plans in the second and third quarters of 2016 to three employees in connection with the employees joining the Company.


(3)	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 quarters of 2015, the Company issued 1,168,333 units to key employees.


(4)	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.


(5)	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.

The following table summarizes stock option grants during the years ended December 31, 2016, 2015, and 2014:



Grantee Type	# of Options Granted	Vesting Period	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
2016
Director group⁽¹⁾	195,417	1 year or less	$	5.01	$	2.71
Director group⁽²⁾	35,000	3 years	$	4.80	$	2.66
Employee inducement ⁽³⁾⁽⁴⁾	232,500	3 years	$	4.61	$	2.60

2015
Director group	249,273	1 year or less	$	4.49	$	2.44
Employee group	17,092	3 years	$	3.99	$	1.33
Employee inducement ⁽⁵⁾	135,000	3 years	$	5.51	$	1.42

2014
Director group	51,276	1 year or less	$	6.45	$	1.89
Employee group⁽⁶⁾	1,480,000	3 years	$	6.99	$	1.81
Employee inducement ⁽⁷⁾	270,000	3 years	$	6.64	$	1.71


(1)	Includes 20,417 non-qualified stock options granted to one director in connection with the director joining the Company's board of directors.


(2)	The Company granted non-qualified stock options to one director in connection with the director joining the Company's board of directors.


(3)	The Company granted non-qualified stock options outside its existing stock-based compensation plans in the first nine months of 2016 in connection with an employee joining the Company.


(4)	The Company granted non-qualified stock options outside its existing stock-based compensation plans in connection with the closing of the Lavante acquisition.


(5)	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.


(6)	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.


(7)	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.

Summary of stock awards granted

A summary of nonvested stock awards (restricted stock and restricted stock units) activity as of December 31, 2016 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, 2016	2,822,042		$	4.30
Granted	1,550,750		4.86
Vested	(305,572	)	6.26
Forfeited	(174,170	)	4.32
Nonvested at December 31, 2016	3,893,050		$	4.37

The following table summarizes nonvested stock awards granted during the years ended December 31, 2016, 2015 and 2014:



Grantee Type	# of Stock Awards Granted	Vesting Period	Weighted Average Grant Date Fair Value
2016
Employee group ⁽¹⁾	1,250,750	2 years	$	4.88
Employee inducement ⁽²⁾	100,000	3 years	$	4.94

2015
Director group	4,273	1 year or less	$	4.02
Director group	17,092	3 years	$	3.99
Employee group⁽³⁾	2,493,333	2 years	$	3.99
Employee inducement ⁽⁴⁾	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 ⁽⁵⁾	70,000	3 years	$	6.04


(1)	The Company granted nonvested performance-based stock awards (restricted stock units) in the first six months of 2016 to five executive officers, and certain other key employees.


(2)	The Company granted nonvested performance-based stock awards (restricted stock units) outside its existing stock-based compensation plans in the second and third quarters of 2016 to three employees in connection with the employees joining the Company.


(3)	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 quarters of 2015, the Company issued 1,168,333 units to key employees.


(4)	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.


(5)	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.

Summary of stock option activity

A summary of option activity as of December 31, 2016, 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, 2016	3,337,784		$	6.36	4.76 years	$	70
Granted	462,917		4.80
Exercised	(90,496	)	3.37			$	144
Forfeited	(271,537	)	6.15
Expired	(18,283	)	2.82
Outstanding at December 31, 2016	3,420,385		$	6.26	4.30 years	$	1,204
Exercisable at December 31, 2016	2,357,784		$	6.28	3.76 years	$	670

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,
	2016	2015	2014
Risk-free interest rates	0.58% - 1.20%	0.80% - 1.59%	0.88% - 1.79%
Dividend yields	—%	—%	—%
Volatility factor of expected market price	.391 - .779	.323 - .733	.370 - .390
Weighted-average expected term of option	1.3 - 4.5 years	3.1 - 5 years	3.5 - 4.5 years
Forfeiture rate	—%	—%	—%

Summary of restricted stock awards granted and settled

The following table summarizes the PBUs granted during the years ended December 31, 2016 and 2015:



	Total PBUs Granted	PBUs Settled in Common Stock ⁽¹⁾	PBUs Settled in Cash⁽²⁾
2016	1,350,750	560,670	790,080
2015	2,493,333	954,583	1,538,750


(1)	Represents the number of PBUs to be settled in common stock at the target performance level.


(2)	Represents the number of PBUs to be settled in cash at the target performance level.