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Stock-Based Awards
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Awards

6. Stock-Based Awards

Stock Options

The Company grants equity awards to employees and directors. Options may be issued for terms of ten years and may vest between two to four years. Options may be issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimated the fair value for options using the Black-Scholes option pricing model. All stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions.

The Company has three equity award plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 23,000,000 shares of common stock pursuant to stock options and other stock-based awards and also has issued from time to time stock-based awards outside the Plans. Options outstanding at December 31, 2015 expire on dates ranging from May 21, 2016 to November 15, 2021.

A summary of option activity is as follows:

 

     Options      Weighted-
Average
Exercise
Price
 

Outstanding January 1, 2013

     12,760,191       $ 0.95   

Granted

     —          —    

Forfeitures or expirations

     (40,000      4.11   

Exercised

     (4,875,500      0.38   
  

 

 

    

 

 

 

Outstanding at December 31, 2013

     7,844,691       $ 1.29   

Granted

     —          —    

Forfeitures or expirations

     —          —    

Exercised

     (2,514,621      0.61   
  

 

 

    

 

 

 

Outstanding at December 31, 2014

     5,330,070       $ 1.61   

Granted

     —          —    

Forfeitures or expirations

     —          —    

Exercised

     (3,785,473      1.19   
  

 

 

    

 

 

 

Outstanding at December 31, 2015

     1,544,597       $ 2.62   
  

 

 

    

 

 

 

The following table summarizes information on stock options outstanding at December 31, 2015:

 

     Options Outstanding      Options Exercisable  
Range of Exercise Prices    Number
Outstanding at
December 31,
2015
     Weighted-
Average
Remaining
Contractual
Life in Years
     Weighted-
Average
Exercise
Price
     Number
Exercisable at
December 31,
2015
     Weighted-
Average
Exercise
Price
     Aggregate
Intrinsic
Value at
December 31,
2015
 

$0.70 – $0.70

     435,000         3.1         0.70         435,000         0.70         6,516   

$1.07 – $1.07

     263,635         1.3         1.07         263,635         1.07         3,852   

$2.09 – $2.26

     396,426         3.4         2.20         396,426         2.20         5,345   

$5.05 – $5.05

     285,000         5.1         5.05         210,000         5.05         2,232   

$6.36 – $6.82

     74,536         5.4         6.46         74,536         6.46         687   

$7.01 – $8.51

     90,000         5.7         7.48         90,000         7.48         738   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     1,544,597         3.5       $ 2.62         1,469,597       $ 2.50       $ 19,370   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Restricted stock

The Company grants restricted stock to employees and directors. All restricted stock awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards generally vest over three years.

The following table summarizes information about restricted shares outstanding for the years ended December 31, 2015, 2014 and 2013:

 

     Restricted
Stock Awards
 

Unvested balance at January 1, 2013

     1,281,144   

Granted

     981,810   

Vested

     (358,334

Forfeited

     (7,743
  

 

 

 

Unvested balance at December 31, 2013

     1,896,877   

Granted

     623,088   

Vested

     (996,385

Forfeited

     (9,641
  

 

 

 

Unvested balance at December 31, 2014

     1,513,939   

Granted

     886,413   

Vested

     (753,917

Forfeited

     (25,709
  

 

 

 

Unvested balance at December 31, 2015

     1,620,726   
  

 

 

 

The following table summarizes the Company’s stock-based compensation expense:

 

     Year Ended December 31,  
     2015      2014      2013  

Employees and directors option awards

   $ 295       $ 487       $ 381   

Employees and directors restricted stock awards

     10,605         7,650         6,078   
  

 

 

    

 

 

    

 

 

 

Total

   $ 10,900       $ 8,137       $ 6,459   
  

 

 

    

 

 

    

 

 

 

Stock-based compensation expense related to directors is included in other expenses on the consolidated statements of operations.

The following table summarizes the Company’s unrecognized stock-based compensation expense and remaining vesting period as of December 31, 2015:

 

     Unrecognized Stock-Based
Compensation
     Average
Remaining
Vesting Period
 

Employees and directors option awards

   $ 120         1.07   

Employees and directors restricted stock awards

   $ 17,008         1.61