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Stock-Based Compensation and Stock Options
9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation and Stock Options
Stock-Based Compensation and Stock Options
In November 2009, the Company granted an executive stock options to purchase 300,000 shares of common stock with an exercise price of $14.97, of which 75,000 options vest and become exercisable annually starting July 1, 2011. The options expire in November 2019. As of September 30, 2015, 300,000 of these options were outstanding and vested. As of September 30, 2015 and 2014, there was no unrecognized stock-based compensation expense relating to these options. Total stock-based compensation for the three and nine months ended September 30, 2014 related to this option grant were nil and $375,000.
In January 2012, the Company granted certain executives stock options to purchase 100,000 shares of common stock with an exercise price of $28.98, of which 25,000 options become exercisable annually starting January 23, 2013. The options expire in January 2022. As of September 30, 2015, 50,000 options were outstanding and 37,500 of these options were vested. During 2014, 25,000 options were canceled and 25,000 options were forfeited upon the departure of an executive. Total stock-based compensation for the three months ended September 30, 2015 and 2014 related to the outstanding stock option grant were $60,000 for each period. Total stock-based compensation for the nine months ended September 30, 2015 and 2014 related to the outstanding stock option grant were $179,000 and $194,000, respectively. As of September 30, 2015, there was approximately $70,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 0.3 years.
In July 2013, the Company granted an executive stock options to purchase 75,000 shares of common stock with an exercise price of $29.58, of which 25,000 options become exercisable annually starting July 1, 2015. The options expire in July 2023. As of September 30, 2015, 25,000 options were outstanding and vested. Total stock-based compensation for the three months ended September 30, 2015 and 2014 related to the outstanding stock option grant was a reversal of expense of $217,000 and an expense of $89,000, respectively. Total stock-based compensation for the nine months ended September 30, 2015 and 2014 related to the outstanding stock option grant was a reversal of expense of $39,000 and an expense of $267,000, respectively. The reversal of expense during the three and nine months ended September 30, 2015, is related to previously recognized expense on the portion of options that are no longer expected to vest due to the planned departure of this executive. As of September 30, 2015, there was there was no unrecognized stock-based compensation expense relating to these options.
In September 2015, the Company granted an executive stock options to purchase 400,000 shares of common stock with an exercise price of $8.07, of which 50,000 options become exercisable quarterly starting March 31, 2016. The options expire in September 2025. As of September 30, 2015, 400,000 options were outstanding and none of these options were vested. Total stock-based compensation for the three and nine months ended September 30, 2015, related to this option grant was $7,000. As of September 30, 2015, there was approximately $1.8 million of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 2.3 years. See Note 12 to the accompanying unaudited condensed consolidated financial statements for further information.