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Stock Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Restricted Stock Award Activity
The restricted stock and option were not granted under, but are subject to, the terms of the Company’s 2014 Plan. The details of the grant are below:
 
 
Restricted shares *
 
Fair value
 on grant
 date
 
Aggregate
 fair value
 (in millions)
 
Vesting Terms
Granted on November 7, 2016
 
233,863

 
$
4.24

 
$
1.0

 
100% vesting on third anniversary date
Unvested restricted stock outstanding as of December 31, 2018 and 2017
 
233,863

 
$
4.24

 
$
1.0

 
 
The following schedule represents outstanding stock awards and options granted under the 2016 Plan as of December 31, 2018.
 
 
Restricted shares
 
Weighted Average Fair value on grant date
 
Aggregate
 fair value
(in millions)
 
Vesting Terms
Granted on December 15, 2016 *
 
760,056

 
$
5.90

 
$
4.40

 
100% on September 1, 2018
Granted on December 15, 2016 *
 
233,869

 
5.90

 
1.38

 
100% on October 14, 2018
Unvested restricted stock outstanding as of December 31, 2016
 
993,925

 
5.90

 
5.78

 
 
Issued on March 1, 2017
 
429,750

 
5.47

 
2.35

 
33% vesting annually over three year term
Issued on June 1, 2017
 
18,000

 
4.64

 
0.08

 
100% vesting on third anniversary date
Forfeited during 2017
 
(10,750
)
 
5.47

 
$
(0.06
)
 
 
Unvested restricted stock outstanding as of December 31, 2017
 
1,430,925

 
5.70

 
8.15

 
 
Issued on January 4, 2018
 
948,500

 
4.71

 
4.47

 
33% vesting annually over three year term
Issued on January 10, 2018
 
30,000

 
4.81

 
0.10

 
 
Vested on January 10, 2018
 
(30,000
)
 
4.81

 
(0.10
)
 
 
Net shares vested on March 1, 2018
 
(90,711
)
 
5.47

 
(0.50
)
 
 
Vested on September 1, 2018
 
(408,143
)
 
5.90

 
(2.41
)
 
 
Vested on October 14, 2018
 
(130,164
)
 
5.90

 
(0.77
)
 
 
Forfeitures and cancellations due to settlement of tax liability on vested shares during 2018
 
(537,942
)
 
5.81

 
(3.13
)
 
 
Unvested restricted stock outstanding as of December 31, 2018
 
1,212,465

 
$
4.79

 
$
5.81

 
 
  
*The above stock awards were issued concurrently with the cancellation of outstanding stock awards and options under the 2014 Plan. Therefore, the issuance was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock awards was calculated using the graded method of vesting and included in general and administrative expenses.
Stock Options Activity
Amortization of the above stock awards was calculated using the cliff method of vesting and included in general and administrative expenses.
 
 
Options**
 
Weighted Average Exercise
Price
 
Expiration( years)
 
Risk free
interest
rate
 
Volatility
 
Dividend %
 
Fair
 Value of
 Options
 on grant
 date
 
Aggregate
 fair value
 (in millions)
 
Expected Term and vesting conditions
Granted on November 7, 2016
 
280,000

 
$
4.28

 
5
 
1.10
%
 
61
%
 
—
%
 
$
1.91

 
$
0.53

 
3.75 years and 25% vesting annually over four year term
Vested during 2017
 
(70,000
)
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(0.13
)
 
 
Unvested options outstanding as of December 31, 2017
 
210,000

 
$
4.28

 
 
 
 

 
 

 
 

 
$
1.91

 
$
0.40

 
 
Vested during 2018
 
(70,000
)
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(0.13
)
 
 
Unvested options outstanding as of December 31, 2018
 
140,000

 
$
4.28

 
 
 
 
 
 
 
 
 
$
1.91

 
$
0.27

 
 
  
** The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. The amortization of these stock options was calculated using the graded method of vesting and included in general and administrative expenses.

 
 
Options*
 
Weighted AverageExercise
Price
 
Expiration (years)
 
Risk free
interest rate
 
Volatility
 
Dividend %
 
Fair
Value of
Options
on grant
date
 
Aggregate fair value
(in millions) 
 
Expected Term and Vesting conditions
Granted on December 15, 2016 **
 
1,266,476

 
$
4.28

 
5
 
1.79
%
 
62
%
 
—
%
 
$
3.12

 
$
3.96

 
3.15 years and 25% vesting annually
Granted on December 15, 2016 **
 
389,695

 
$
4.28

 
5
 
1.79
%
 
62
%
 
—
%
 
$
3.14

 
$
1.21

 
3.15 years and 25% vesting annually
Unvested options outstanding as of December 31, 2016
 
1,656,171

 
$
4.28

 
 
 
 

 
 

 
 

 
 

 
$
5.17

 
 
Issued on March 1, 2017
 
337,000

 
$
5.56

 
5
 
1.72
%
 
63.5
%
 
—
%
 
$
2.60

 
$
0.90

 
3.75 years and 25% vesting annually over four year term
Issued on June 1, 2017
 
18,000

 
$
4.71

 
5
 
1.56
%
 
64.7
%
 
—
%
 
$
2.23

 
$
0.04

 
3.75 years and 25% vesting annually over four year term
Vested during 2017
 
(828,085
)
 
$
4.28

 
 
 
 
 
 
 
 
 
$
3.12

 
$
(2.60
)
 
 
Forfeitures during 2017
 
(3,000
)
 
$
5.56

 
 
 
 
 
 
 
 
 
$
2.60

 
$
(0.08
)
 
 
Unvested options outstanding as of December 31, 2017
 
1,180,086

 
$
4.65

 
 
 
 
 
 
 
 
 
$
2.91

 
$
3.43

 
 
Vested and unexercised during 2018
 
(525,501
)
 
$
4.55

 
 
 
 
 
 
 
 
 
$
3.01

 
$
(1.60
)
 
 
Forfeitures during 2018
 
(1,875
)
 
$
5.56

 
 
 
 
 
 
 
 
 
$
2.60

 
$
(0.05
)
 
 
Exercised during 2018
 
(875
)
 
$
5.56

 
 
 
 
 
 
 
 
 
$
2.60

 
$
(0.03
)
 
 
Unvested options outstanding as of December 31, 2018
 
651,835

 
$
4.72

 
 
 
 
 
 
 
 
 
 
 
$
3.01

 
 
 
*The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years.

**The above stock options were issued concurrently with cancellation of outstanding stock awards and options under the 2014 Equity Incentive Plan. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock options was included in general and administrative expenses.
Schedule Of Noncash Compensation Expenses
The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses:

 
 
For the Years Ended
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
Stock awards /stock option plans
 
$
9,207,480

 
$
8,738,615

 
$
2,206,690

 
 
 
 
 
 
 
Total stock-based compensation expense
 
$
9,207,480

 
$
8,738,615

 
$
2,206,690