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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Impact on results of operations of recording share-based compensation
The following table summarizes the impact on MRV's results of continuing operations of recording share-based compensation for the years ended December 31, 2016, 2015 and 2014 (in thousands):

Year Ended December 31:
 
2016
 
2015
 
2014
Cost of goods sold
 
$
105

 
$
131

 
$
113

Product development and engineering
 
222

 
232

 
166

Selling, general and administrative
 
1,177

 
756

 
653

Total share-based compensation expense (1)
 
$
1,504

 
$
1,119

 
$
932


(1)
Income tax benefits realized from stock option exercises and similar awards were immaterial in all periods
Weighted average assumptions used for estimating the fair value of options granted

The following weighted average assumptions were used for estimating the fair value of options granted during the years ended December 31, 2016, 2015 and 2014:
Year ended December 31:
 
2016
 
2015
 
2014
Risk-free interest rate
 
1.4
%
 
1.7
%
 
2.0
%
Dividend yield (1)
 
—

 
—

 
—

Volatility
 
46
%
 
43
%
 
50
%
Expected life (in years)
 
5.9

 
5.9

 
5.9


(1)
As the Company does not pay a dividend on a regular basis, and dividends paid in the past have been special in nature, a dividend rate of zero was used.
Option share-based payment award activity
The following table summarizes option share-based payment award activity for the three-year period ended December 31, 2016:
 
 
Shares
under option
 
Weighted average
exercise price
 
Weighted average
remaining contractual term
(in years)
 
Aggregate
intrinsic value
Balance as of December 31, 2013
 
349,454

 
 
$
28.15

 
 
 
4.34
 
 
$
48,939

Granted
 
198,647

 
 
$
14.11

 
 
 
 
 
 
 
Exercised
 
(6,812
)
 
 
$
10.55

 
 
 
 
 
 
 
Forfeited
 
(133,339
)
 
 
$
26.58

 
 
 
 
 
 
 
Balance as of December 31, 2014
 
407,950

 
 
$
22.12

 
 
 
4.89
 
 
$
22,479

Granted
 
255,914

 
 
$
10.46

 
 
 
 
 
 
 
Exercised
 
(16,878
)
 
 
$
11.27

 
 
 
 
 
 
 
Forfeited
 
(183,073
)
 
 
$
23.84

 
 
 
 
 
 
 
Balance as of December 31, 2015
 
463,913

 
 
$
15.10

 
 
 
7.96
 
 
$
614,591

Granted
 
245,539

 
 
$
10.93

 
 
 
 
 
 
 

Exercised
 
(15,415
)
 
 
$
9.42

 
 
 
 
 
 
 

Forfeited
 
(94,064
)
 
 
$
20.77

 
 
 
 
 
 
 

Outstanding, December 31, 2016
 
599,973

 
 
$
12.68

 
 
 
8.05
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest, December 31, 2016
 
544,232

 
 
$
12.86

 
 
 
7.94
 
 
$
—

Exercisable, December 31, 2016
 
219,956

 
 
$
15.57

 
 
 
6.48
 
 
$
—

The following table summarizes certain stock option exercise and restricted share activity during the periods presented (in thousands):
Year ended December 31:
 
2016
 
2015
 
2014
Total intrinsic value of stock options exercised
 
$
34

 
$
42

 
$
17

Cash received from stock options exercised
 
$
145

 
$
190

 
$
72

Total value of restricted shares vested
 
$
697

 
$
380

 
$
525
Significant ranges of outstanding and exercisable options
The following table summarizes significant ranges of outstanding and exercisable options at December 31, 2016:
Range of Exercise prices
 
Options
outstanding
as of
December 31,
2016
 
Weighted
average
remaining
contractual
life (years)
 
Weighted
average
exercise
price
 
Options
exercisable
as of
December 31,
2016
 
Weighted
average
exercise
price of
exercisable
options
$9.10 - $9.20
 
21,998

 
6.86
 
$
9.12

 
18,609

 
$
9.10

$9.63 - $9.63
 
155,636

 
8.26
 
$
9.63

 
64,315

 
$
9.63

$9.72 - $10.55
 
14,007

 
5.59
 
$
10.06

 
12,675

 
$
10.09

$10.95 - $10.95
 
225,650

 
9.42
 
$
10.95

 
—

 
$
—

$12.12 - $13.40
 
63,416

 
8.38
 
$
12.78

 
30,086

 
$
12.94

$13.46 - $14.51
 
81,030

 
6.81
 
$
14.27

 
57,701

 
$
14.23

$16.80 - $27.60
 
19,461

 
4.75
 
$
23.79

 
17,795

 
$
24.18

$29.80 - $29.80
 
4,150

 
0.92
 
$
29.80

 
4,150

 
$
29.80

$32.00 - $32.00
 
1,200

 
1.33
 
$
32.00

 
1,200

 
$
32.00

$52.60 - $52.60
 
13,425

 
0.54
 
$
52.60

 
13,425

 
$
52.60

$9.10 - $52.60
 
599,973

 
8.05
 
$
12.68

 
219,956

 
$
15.57
Restricted stock awards
The following table summarizes restricted stock award activity for the three-year period ended December 31, 2016:

 
 
Number of Restricted Stock Awards
 
Weighted Average
Grant Date Fair Value Per Share
 
Aggregate
intrinsic value
Balance as of December 31, 2013
 
81,193

 
 
$
9.94

 
 
$
870,399

Granted
 
100,355

 
 
$
13.91

 
 
 
Released
 
(39,238
)
 
 
$
10.08

 
 
 
Canceled
 
(39,276
)
 
 
$
12.45

 
 
 
Balance as of December 31, 2014
 
103,034

 
 
$
12.80

 
 
$
1,023,128

Granted
 
95,587

 
 
$
10.58

 
 
 
Released
 
(41,136
)
 
 
$
12.58

 
 
 
Canceled
 
(14,306
)
 
 
$
12.79

 
 
 
Balance as of December 31, 2015
 
143,179

 
 
$
11.38

 
 
$
1,749,647

Granted
 
90,869

 
 
$
10.95

 
 
 

Released
 
(65,766
)
 
 
$
11.23

 
 
 

Canceled
 
(22,326
)
 
 
$
11.94

 
 
 

Outstanding, December 31, 2016
 
145,956

 
 
$
11.14

 
 
$
1,189,541