Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.5.0.2
Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 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 six months ended June 30, 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
 
 
(101,462)
 
 
2.49
 
 
-
 
 
-
 
Forfeited
 
 
(46,316)
 
 
2.49
 
 
-
 
 
-
 
Outstanding at June 30, 2016
 
 
1,340,007
 
$
4.54
 
$
7.6
 
$
11,263,018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at January 1, 2016
 
 
860,970
 
$
4.34
 
$
8.0
 
$
3,076,767
 
Vested
 
 
169,370
 
 
4.41
 
 
-
 
 
-
 
Exercised
 
 
(101,462)
 
 
2.49
 
 
-
 
 
-
 
Forfeited
 
 
(261)
 
 
-
 
 
-
 
 
-
 
Exercisable at June 30, 2016
 
 
928,617
 
$
4.55
 
$
7.6
 
$
7,798,302
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
A summary of the activity related to RSUs for the six months ended June 30, 2016 is presented below:
 
 
 
Total
 
Weighted
Average Grant
Date Fair Value
 
Outstanding at January 1, 2016
 
 
1,560,996
 
$
8.83
 
RSUs granted
 
 
303,206
 
$
9.76
 
RSUs forfeited
 
 
(60,497)
 
$
11.18
 
RSUs vested
 
 
(221,948)
 
$
9.69
 
Outstanding at June 30, 2016
 
 
1,581,757
 
$
8.80
 
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 Six
Months Ended June 30, 2016
 
 
Performance Share Units
(PSUs) Granted During the Six
Months Ended June 30, 2015
 
Market capitalization
 
$
102,600,000
 
 
$
106,270,000
 
Dividend yield
 
 
0
%
 
 
0
%
Expected volatility
 
 
75
%
 
 
60
%
Risk-free interest rate
 
 
1.04
%
 
 
0.95
%
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
A summary of the activity related to PSUs for the six months ended June 30, 2016 is presented below:
 
 
 
Total
 
Weighted
Average Grant
Date Fair Value
 
Outstanding at January 1, 2016
 
 
1,135,614
 
$
2.62
 
PSUs granted
 
 
63,908
 
$
3.15
 
PSUs forfeited
 
 
-
 
$
-
 
PSUs vested
 
 
(44,151)
 
$
2.65
 
Outstanding at June 30, 2016
 
 
1,155,371
 
$
2.65
 
Share Based Compensation Deferred Stock Units Activity [Table Text Block]
A summary of the activity related to DSUs for the six months ended June 30, 2016 is presented below:
  
 
 
Total
 
Weighted
Average Grant
Date Fair Value
 
Outstanding at January 1, 2016
 
 
-
 
$
-
 
DSUs granted
 
 
14,953
 
$
8.36
 
DSUs forfeited
 
 
-
 
$
-
 
DSUs vested
 
 
-
 
$
-
 
Outstanding at June 30, 2016
 
 
14,953
 
$
8.36
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair values of stock options granted were estimated using the following assumptions:
 
 
 
Purchase Options
Granted During the
Six Months Ended
June 30, 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 and six months ended June 30, 2016 and 2015:
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Stock options
 
$
123,235
 
$
232,907
 
$
546,297
 
$
492,422
 
RSUs
 
 
1,149,003
 
 
843,260
 
 
2,372,099
 
 
2,177,135
 
IR warrants
 
 
-
 
 
-
 
 
-
 
 
85,831
 
PSUs
 
 
228,664
 
 
43,378
 
 
443,129
 
 
43,378
 
ESPP
 
 
59,779
 
 
-
 
 
122,716
 
 
-
 
DSUs
 
 
30,996
 
 
-
 
 
60,970
 
 
-
 
Total
 
$
1,591,677
 
$
1,119,545
 
$
3,545,211
 
$
2,798,766
 
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 June 30,
 
Six Months Ended June 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
Research and development
 
$
757,250
 
$
499,993
 
$
1,668,093
 
$
1,534,311
 
Sales and marketing
 
 
68,452
 
 
129,614
 
 
124,769
 
 
330,870
 
General and administrative
 
 
765,975
 
 
489,938
 
 
1,752,349
 
 
933,585
 
Total
 
$
1,591,677
 
$
1,119,545
 
$
3,545,211
 
$
2,798,766