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