Stock Options, Stock Purchase Plan and Warrants (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
Fair Value of Each Stock Option Award Granted |
The fair value of each stock option award granted during the years ended December 31, 2017, 2016 and 2015 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions:
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
Expected term (in years) |
|
3.0 – 4.5 |
|
|
1.0 – 4.5 |
|
|
2.5 – 4.6 |
|
Risk-free interest rate (%) |
|
|
1.5 |
% |
|
|
1.1 |
% |
|
|
1.2 |
% |
Expected volatility (%) |
|
|
49 |
% |
|
|
54 |
% |
|
|
51 |
% |
Dividend yield (%) |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Weighted average fair value/share at grant date |
|
$ |
2.26 |
|
|
$ |
2.23 |
|
|
$ |
1.84 |
|
|
Status of Our Stock Options |
The status of our stock options are summarized as follows:
|
|
Number
Of
Shares |
|
|
Weighted
Average
Exercise
Price |
|
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 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
2,617,526 |
|
|
|
7.14 |
|
Exercised |
|
|
(2,483,519 |
) |
|
|
1.69 |
|
Canceled |
|
|
(324,402 |
) |
|
|
3.99 |
|
Outstanding at December 31, 2016 |
|
|
5,136,110 |
|
|
|
5.76 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
2,119,498 |
|
|
|
7.60 |
|
Exercised |
|
|
(565,569 |
) |
|
|
3.84 |
|
Canceled |
|
|
(347,513 |
) |
|
|
6.12 |
|
Outstanding at December 31, 2017 |
|
|
6,342,526 |
|
|
|
6.51 |
|
Exercisable at December 31, 2017 |
|
|
2,103,342 |
|
|
|
5.50 |
|
|
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 2017, 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, 2016 |
|
|
4,008,478 |
|
|
$ |
2.09 |
|
Granted in 2017 |
|
|
2,119,498 |
|
|
|
2.26 |
|
Vested in 2017 |
|
|
(1,584,554 |
) |
|
|
2.20 |
|
Forfeited in 2017 |
|
|
(304,237 |
) |
|
|
2.38 |
|
Non-vested at December 31, 2017 |
|
|
4,239,185 |
|
|
|
2.29 |
|
|
Summary of Information about our Options Outstanding |
The following table summarizes information about our options outstanding at December 31, 2017:
|
|
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 |
|
1.47 – 4.00 |
|
|
296,001 |
|
|
|
0.97 |
|
|
$ |
3.53 |
|
|
|
273,501 |
|
|
|
0.95 |
|
|
$ |
3.52 |
|
4.01 – 5.00 |
|
|
1,600,334 |
|
|
|
2.23 |
|
|
|
4.76 |
|
|
|
1,044,500 |
|
|
|
2.20 |
|
|
|
4.75 |
|
5.01 – 7.00 |
|
|
513,832 |
|
|
|
2.97 |
|
|
|
6.59 |
|
|
|
158,257 |
|
|
|
2.87 |
|
|
|
6.49 |
|
7.01 – 7.50 |
|
|
1,901,528 |
|
|
|
3.49 |
|
|
|
7.17 |
|
|
|
507,511 |
|
|
|
3.30 |
|
|
|
7.15 |
|
7.51 – 8.00 |
|
|
1,644,999 |
|
|
|
4.26 |
|
|
|
7.55 |
|
|
|
37,500 |
|
|
|
2.98 |
|
|
|
7.86 |
|
8.01 – 9.47 |
|
|
385,832 |
|
|
|
3.93 |
|
|
|
8.47 |
|
|
|
82,073 |
|
|
|
3.65 |
|
|
|
8.39 |
|
|
|
|
6,342,526 |
|
|
|
3.24 |
|
|
|
6.52 |
|
|
|
2,103,342 |
|
|
|
2.43 |
|
|
|
5.50 |
|
|
Summary of Warrant Activity |
Warrant activity is summarized as follows:
|
|
Shares |
|
|
Weighted Average
Exercise Price |
|
Warrants outstanding, December 31, 2014 |
|
|
650,000 |
|
|
$ |
1.24 |
|
Granted |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
— |
|
|
|
— |
|
Warrants outstanding, December 31, 2015 |
|
|
650,000 |
|
|
|
1.48 |
|
Granted |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
(200,000 |
) |
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
— |
|
|
|
— |
|
Warrants outstanding, December 31, 2016 |
|
|
450,000 |
|
|
|
1.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
(450,000 |
) |
|
|
1.50 |
|
Expired |
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
— |
|
|
|
— |
|
Warrants outstanding, December 31, 2017 |
|
|
- |
|
|
$ |
- |
|
Warrants exercisable at December 31, 2017 |
|
|
- |
|
|
$ |
- |
|
|