Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.4.0.3
Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following is a summary of the Company’s stock option activity during the three months ended March 31, 2016:
 
 
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life In
Years
 
Intrinsic
Value
 
Outstanding at January 1, 2016
 
 
1,487,785
 
$
4.43
 
$
8.0
 
$
5,310,340
 
Granted
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercised
 
 
(44,290)
 
 
2.49
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at March 31, 2016
 
 
1,443,495
 
$
4.40
 
$
7.9
 
$
8,234,898
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at January 1, 2016
 
 
860,970
 
$
4.34
 
$
8.0
 
$
3,076,767
 
Vested
 
 
87,242
 
 
4.35
 
 
-
 
 
-
 
Exercised
 
 
(44,290)
 
 
2.49
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercisable at March 31, 2016
 
 
903,922
 
$
4.43
 
$
7.9
 
$
5,129,844
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
A summary of the activity related to RSUs for the three months ended March 31, 2016 is presented below:
 
 
 
Total
 
Weighted
Average Grant
Date Fair Value
 
Outstanding at January 1, 2016
 
 
1,560,996
 
$
8.83
 
RSUs granted
 
 
64,416
 
$
8.11
 
RSUs forfeited
 
 
(15,079)
 
$
7.86
 
RSUs vested
 
 
(190,642)
 
$
9.98
 
Outstanding at March 31, 2016
 
 
1,419,691
 
$
8.65
 
 
 
 
 
 
 
 
 
Vested at January 1, 2016
 
 
7,800
 
$
7.94
 
RSUs vested
 
 
190,642
 
$
9.98
 
Shares of common stock issued in exchange for RSUs
 
 
(132,630)
 
$
9.82
 
Vested at March 31, 2016
 
 
65,812
 
$
10.07
 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]
The Company determined that the PSUs were equity awards with both market and service conditions. The Company utilized a Monte Carlo simulation to determine the fair value of the market condition, as described above. Grantees of PSUs are required to be employed through December 31, 2018 in order to earn the entire award, if and when vested.
 
 
 
Performance Share
Units (PSUs) Granted
During the Three Months Ended
March 31, 2016
 
Market capitalization
 
$
136,888,114
 
Dividend yield
 
 
0
%
Expected volatility
 
 
60
%
Risk-free interest rate
 
 
0.95
%
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
A summary of the activity related to PSUs for the three months ended March 31, 2016 is presented below:
 
 
 
 
 
Weighted
 
 
 
 
 
Average Grant
 
 
 
Total
 
Date Fair Value
 
Outstanding at January 1, 2016
 
 
1,135,614
 
$
2.62
 
PSUs granted
 
 
63,908
 
$
2.62
 
PSUs forfeited
 
 
-
 
$
-
 
PSUs vested
 
 
(7,677)
 
$
2.62
 
Outstanding at March 31, 2016
 
 
1,191,845
 
$
2.62
 
 
 
 
 
 
 
 
 
Vested at January 1, 2016
 
 
13,768
 
$
2.62
 
PSUs vested
 
 
7,677
 
$
2.62
 
PSUs forfeited
 
 
-
 
$
-
 
Shares of common stock issued in exchange for PSUs
 
 
(13,768)
 
$
2.62
 
Vested at March 31, 2016
 
 
7,677
 
$
2.62
 
Share Based Compensation Deferred Stock Units Activity [Table Text Block]
A summary of the activity related to RSUs for the three months ended March 31, 2016 is presented below:
 
 
 
 
 
Weighted
 
 
 
 
 
Average Grant
 
 
 
Total
 
Date Fair Value
 
Outstanding at January 1, 2016
 
 
-
 
$
-
 
DSUs granted
 
 
14,953
 
$
8.36
 
DSUs forfeited
 
 
-
 
$
-
 
DSUs vested
 
 
-
 
$
-
 
Outstanding at March 31, 2016
 
 
14,953
 
$
8.36
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The Company estimated the fair value of options granted during the three months ended March 31, 2016 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions:
 
 
 
Options Granted
 
 
 
During the Three
 
 
 
Months Ended March
 
 
 
31, 2016
 
Stock price
 
$
8.36
 
Dividend yield
 
 
0
%
Expected volatility
 
 
56
%
Risk-free interest rate
 
 
0.49
%
Expected life
 
 
6 months
 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2016 and 2015:
 
 
 
Three Months Ended March 31,
 
 
 
2016
 
2015
 
Stock options
 
$
423,062
 
$
259,515
 
RSUs
 
 
1,223,096
 
 
1,333,875
 
IR warrants
 
 
-
 
 
85,831
 
PSUs
 
 
214,465
 
 
-
 
ESPP
 
 
62,937
 
 
-
 
DSUs
 
 
29,974
 
 
-
 
Total
 
$
1,953,534
 
$
1,679,221
 
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]
The total amount of stock-based compensation was reflected within the statements of operations as:
 
 
 
Three Months Ended March 31,
 
 
 
2016
 
2015
 
Research and development
 
$
910,843
 
$
1,034,318
 
Sales and marketing
 
 
56,317
 
 
201,256
 
General and administrative
 
 
986,374
 
 
443,647
 
Total
 
$
1,953,534
 
$
1,679,221