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Stock Options, Stock Purchase Plan and Warrants (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the years ended December 31, 2015, 2014 and 2013 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions:

	2015			2014			2013
Expected term (in years)	2.5 – 4.6			3.0 – 4.6			2.5 – 4.5
Risk-free interest rate (%)		1.2	%		1.0	%		0.7	%
Expected volatility (%)		51	%		50	%		46	%
Dividend yield (%)		0.0	%		0	%		0	%
Weighted average fair value/share at grant date	$	1.84		$	1.50		$	1.19

Status of Our Stock Options and Stock Awards

The status of our stock options and stock awards are summarized as follows:

	Number Of Shares			Weighted Average Exercise Price
Outstanding at December 31, 2012		5,777,212		$	1.02

Granted		416,000			3.66
Exercised		(438,998	)		0.85
Canceled		(28,916	)		1.47
Outstanding at December 31, 2013		5,725,298			1.22

Granted		760,500			4.21
Exercised		(2,387,327	)		0.76
Canceled		(86,375	)		2.39
Outstanding at December 31, 2014		4,012,096			2.04

Granted		1,819,000			4.90
Exercised		(492,091	)		1.45
Canceled		(12,500	)		3.19
Outstanding at December 31, 2015		5,326,505			3.07
Exercisable at December 31, 2015		2,608,284			1.69

Roll Forward of Non-Vested Stock Options Activity

The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2015, as well as options granted, vested and forfeited during the year was as follows:

	Number of Options			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014		1,627,718		$	1.35
Granted in 2015		1,765,500			2.55
Vested in 2015		(667,497	)		0.57
Forfeited in 2015		(7,500	)		1.39
Non-vested at December 31, 2015		2,718,221			2.22

Summary of Information about our Options Outstanding

The following table summarizes information about our options outstanding at December 31, 2015:

	Options Outstanding						Options Exercisable
Range of Exercise Prices ($)	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
0.31 – 1.00		1,010,503		0.22	$	0.80		1,010,503		0.22	$	0.80
1.01 – 1.50		572,170		0.73		1.43		509,670		0.70		1.43
1.51 – 3.00		881,500		1.17		1.74		664,832		1.16		1.73
3.01 – 4.00		640,835		2.79		3.66		264,863		2.65		3.71
4.01 – 5.00		2,060,997		4.24		4.76		148,416		3.88		4.56
5.01 – 7.85		160,500		4.48		6.54		10,000		3.69		5.44
		5,326,505		2.42		3.07		2,608,284		1.02		1.69

Valuation of Warrants under Trinomial Lattice Model

On December 31, 2015 the Albitar Warrants were valued at approximately $920,000 based on a trinomial lattice model with the following terms:

Expected term in years	2.3
Risk-free interest rate (%)	0.5	%
Weighted average expected volatility (%)	51.8	%
Dividend yield (%)	0	%

Summary of Warrant Activity

Warrant activity is summarized as follows:

	Shares			Weighted Average Exercise Price
Warrants outstanding, December 31, 2012		1,358,333		$	1.24
Granted		—			—
Exercised		—			—
Expired		—			—
Cancelled		—			—
Warrants outstanding, December 31, 2013		1,358,333			1.24
Granted		—			—
Exercised		(458,333	)		—
Expired		(250,000	)		—
Cancelled		—			—
Warrants outstanding, December 31, 2014		650,000			1.48
Granted		—			—
Exercised		—			—
Expired		—			—
Cancelled		—			—
Warrants outstanding, December 31, 2015		650,000		$	1.48
Warrants exercisable at December 31, 2015		530,000		$	1.49

Summary of Information on Warrants Outstanding

The following table summarizes information on warrants outstanding at December 31, 2015:

Number outstanding		Exercise price		Issued	Expired
	450,000	$	1.50	5/3/2010	5/2/2017
	200,000	$	1.43	1/12/2012	1/12/2017
	650,000	$	1.48

Warrant [Member]

Roll Forward of Non-Vested Stock Options Activity

The number and weighted average grant-date fair values of warrants non-vested at the beginning and end of 2015, as well as options granted, vested and forfeited during the year was as follows:

	Number of Warrants		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014		120,000	$	1.43
Granted in 2015		—		—
Vested in 2015		—		—
Forfeited in 2015		—		—
Non-vested at December 31, 2015		120,000	$	1.43

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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