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Restricted Stock Units
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Restricted Stock Units

15.

Restricted Stock Units

In 2016, 2017 and 2018, the Company issued Restricted Stock Units (“RSUs”) to certain employees which vest over three years. The RSUs vest on defined vesting dates, subject to the continuous service with the Company at the applicable vesting event. Vesting can be accelerated by upon a change in control under the Plan if the RSUs are not assumed by the successor company, and will be accelerated for certain executive officers under existing employment agreements if any such executive officer has a termination of employment in connection with a change in control event.  When vested, the RSUs represent the right to be issued the number of shares of the Company’s common stock that is equal to the number of RSUs granted. The fair value of each RSU is estimated based upon the closing price of the Company’s common stock on the grant date. Share-based compensation expense related to RSUs is recognized over the requisite service period as adjusted for estimated forfeitures.

The following is a summary of the RSU activity for the years ended December 31, 2018, 2017 and 2016:

 

 

 

 

 

 

 

Weighted

 

 

 

Number of

 

 

Average

 

 

 

Restricted

 

 

Grant

 

 

 

Stock Units

 

 

Date Fair

 

 

 

Outstanding

 

 

Value

 

Unvested, December 31, 2015

 

 

422,500

 

 

$

3.64

 

Granted

 

 

660,331

 

 

 

3.74

 

Vested

 

 

(187,503

)

 

 

4.53

 

Unvested, December 31, 2016

 

 

895,328

 

 

$

3.53

 

Granted

 

 

3,873,000

 

 

 

0.82

 

Vested

 

 

(337,618

)

 

 

3.46

 

Forfeited

 

 

(36,054

)

 

 

3.60

 

Unvested, December 31, 2017

 

 

4,394,656

 

 

$

1.15

 

Granted

 

 

2,215,151

 

 

 

2.20

 

Vested

 

 

(1,605,997

)

 

 

1.34

 

Forfeited

 

 

(36,666

)

 

 

1.36

 

Unvested, December 31, 2018

 

 

4,967,144

 

 

$

1.56

 

 

As of December 31, 2018, 2017 and 2016, the Company recorded approximately $2,947,000, $1,751,000 and $1,463,000, respectively, in compensation expense for the RSUs. As of December 31, 2018, the unrecognized stock-based compensation expense related to unvested RSUs was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.