Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 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 nine months ended September 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 | | | (106,441) | | | 2.54 | | | - | | | - | | | Forfeited | | | (47,987) | | | 2.44 | | | - | | | - | | | Outstanding at September 30, 2016 | | | 1,333,357 | | $ | 4.55 | | | 7.4 | | $ | 20,079,293 | | | | | | | | | | | | | | | | | | Exercisable at January 1, 2016 | | | 860,970 | | $ | 4.34 | | | 8.0 | | $ | 3,076,767 | | | Vested | | | 248,936 | | | 4.45 | | | - | | | - | | | Exercised | | | (106,441) | | | 2.54 | | | - | | | - | | | Forfeited | | | (1,932) | | | 2.49 | | | - | | | - | | | Exercisable at September 30, 2016 | | | 1,001,533 | | $ | 4.56 | | | 7.4 | | $ | 15,074,220 | |
|
| Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
At September 30, 2016, the unamortized value of the RSUs was $10,232,019. The unamortized amount will be expensed over a weighted average period of 2.7 years. A summary of the activity related to RSUs for the nine months ended September 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 | | | (92,637) | | $ | 9.90 | | | RSUs vested | | | (328,036) | | $ | 9.41 | | | Outstanding at September 30, 2016 | | | 1,443,529 | | $ | 8.82 | |
|
| 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
Nine Months Ended
September 30, 2016 | | | Performance Share Units
(PSUs) Granted During the
Nine Months Ended
September 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 nine months ended September 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 | | | (128,554) | | $ | 2.65 | | | Outstanding at September 30, 2016 | | | 1,070,968 | | $ | 2.65 | |
|
| Share Based Compensation Deferred Stock Units Activity [Table Text Block] |
A summary of the activity related to DSUs for the nine months ended September 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 September 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: | | | Three Months Ended September
30, 2016 | | | Nine Months Ended September 30,
2016 | | | Stock price | | $ | 12.16 | | | | $8.36 - $12.16 | | | Dividend yield | | | 0 | % | | | 0 | % | | Expected volatility | | | 100 | % | | | 56% - 100 | % | | Risk-free interest rate | | | 0.37 | % | | | 0.37% - 0.49 | % | | Expected life | | | 6 months | | | | 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 nine months ended September 30, 2016 and 2015: | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | | | 2016 | | 2015 | | 2016 | | 2015 | | | Stock options | | $ | 296,272 | | $ | 232,286 | | $ | 842,569 | | $ | 724,708 | | | RSUs | | | 1,204,982 | | | 968,385 | | | 3,577,081 | | | 3,145,520 | | | IR warrants | | | - | | | - | | | - | | | 85,831 | | | PSUs | | | 230,276 | | | 277,031 | | | 673,405 | | | 320,409 | | | ESPP | | | 97,830 | | | 29,967 | | | 220,546 | | | 29,967 | | | DSUs | | | 31,337 | | | - | | | 92,307 | | | - | | | Total | | $ | 1,860,697 | | $ | 1,507,669 | | $ | 5,405,908 | | $ | 4,306,435 | |
|
| 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
September 30, | | Nine Months Ended
September 30, | | | | | 2016 | | 2015 | | 2016 | | 2015 | | | Research and development | | $ | 960,362 | | $ | 582,320 | | $ | 2,628,454 | | $ | 2,116,631 | | | Sales and marketing | | | 89,072 | | | 185,507 | | | 213,842 | | | 516,377 | | | General and administrative | | | 811,263 | | | 739,842 | | | 2,563,612 | | | 1,673,427 | | | Total | | $ | 1,860,697 | | $ | 1,507,669 | | $ | 5,405,908 | | $ | 4,306,435 | |
|