Mezzanine and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Stock Option Transactions Under Stock Option Plans

The Company’s outstanding stock options consisted of the following:



	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Options outstanding at January 1, 2020	607,346		$	9.22	3.42	$	5,600
Options granted	11,742		18.41		—	—
Options exercised	(100,000	)	2.10		—	1,600
Options forfeited	(12,228	)	17.57		—	—

Options outstanding at March 31, 2020	506,860		$	10.63	3.31	$	2,000

Options exercisable at March 31, 2020	375,960		$	6.25	2.11	$	2,000

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

During the three months ended March 31, 2020, the Company granted 11,742 five-year stock options to certain ApolloMed board members with an exercise price of $18.41, which were recognized at fair value, as determined using the Black-Scholes option pricing model and the following assumptions:



March 31, 2020	Board Members
Expected term	3.0 years
Expected volatility	90.01		%
Risk-free interest rate	1.43		%
Market value of common stock	$	10.56
Annual dividend yield	—		%
Forfeiture rate	—		%

Schedule of Outstanding Warrants

The Company’s outstanding warrants consisted of the following:



	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Warrants outstanding at January 1, 2020	3,154,590		$	9.96	2.01	$	26,700
Warrants granted	—		—		—	—
Warrants exercised	(51,601	)	9.50		—	400
Warrants expired/forfeited	—		—		—	—

Warrants outstanding at March 31, 2020	3,102,989		$	9.97	1.78	$	9,200



Exercise Price Per Share		Warrants Outstanding	Weighted Average Remaining Contractual Life	Warrants Exercisable	Weighted Average Exercise Price Per Share
$	9.00	919,048	0.54	919,048	$	9.00
10.00		1,367,451	2.06	1,367,451	10.00
11.00		816,490	2.69	816,490	11.00

$ 9.00 –11.00		3,102,989	1.78	3,102,989	$	9.97

- 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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