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Stock-Based Compensation Expense
6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Expense
Stock-Based Compensation Expense

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options issued. The determination of the fair value of stock options on the date of grant is affected by the Company’s stock price, historical stock price volatility over the expected term of the awards, risk-free interest rates and expected dividends. With respect to restricted stock awards, the Company recognizes compensation expense over the vesting period equal to the grant date fair value of the shares awarded. To the extent non-vested restricted stock awards include performance or market conditions management examines the requisite service period to recognize the cost associated with the award. There were no changes to the Black-Scholes calculations or assumptions during the year.

On May 14, 2015, the Company granted 242,916 shares of time-vesting restricted Class A common stock, with an
aggregate grant fair value of $0.6 million, to the non-employee directors of the Company with a cliff vesting term of one year.
During the six months ended June 30, 2016, the Company granted 1,367,000 stock options with an aggregate grant date fair value of $0.3 million. During the six months ended June 30, 2015, the Company granted 625,000 stock options with an aggregate grant date fair value of $1.1 million. The options granted in both periods range in exercise price from $0.31 to $4.34 per share, and provide for vesting on each of the first four anniversaries of the date of grant, with 30% of the award vesting on each of the first two anniversaries thereof, and 20% of the award vesting on each of the next two anniversaries thereof.
For the three and six months ended June 30, 2016, the Company recognized approximately $0.8 million and $1.7 million in stock-based compensation expense related to equity awards. For the three and six months ended June 30, 2015, the Company recognized approximately $3.9 million and $7.7 million in stock-based compensation expense related to equity awards. 
As of June 30, 2016, unrecognized stock-based compensation expense of approximately $4.6 million related to equity awards is expected to be recognized over a weighted average remaining life of 2.48 years. Unrecognized stock-based compensation expense for equity awards will be adjusted for future changes in estimated forfeitures.
There were no stock options exercised during the six months ended June 30, 2016 or June 30, 2015.