Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.7.0.1
Stock Based Compensation (Tables)
3 Months Ended
Mar. 31, 2017
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, 2017:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Weighted
 
 
Average
 
 
 
 
 
 
 
 
 
Average
 
 
Remaining
 
 
 
 
 
 
Number of
 
 
Exercise
 
 
Life In
 
 
Intrinsic
 
 
 
Options
 
 
Price
 
 
Years
 
 
Value
 
Outstanding at January 1, 2017
 
 
1,309,444
 
 
$
4.55
 
 
 
7.1
 
 
$
16,107,929
 
Granted
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Exercised
 
 
(7,600)
 
 
 
3.54
 
 
 
-
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Outstanding at March 31, 2017
 
 
1,301,844
 
 
$
4.55
 
 
 
6.9
 
 
$
14,379,468
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at January 1, 2017
 
 
1,057,187
 
 
$
4.55
 
 
 
7.1
 
 
$
12,988,601
 
Vested
 
 
79,568
 
 
 
4.53
 
 
 
-
 
 
 
-
 
Exercised
 
 
(7,600)
 
 
 
3.54
 
 
 
-
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Exercisable at March 31, 2017
 
 
1,129,155
 
 
$
4.56
 
 
 
6.9
 
 
$
12,465,928
 
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, 2017 is presented below:
 
 
 
 
 
Weighted
 
 
 
 
 
Average Grant
 
 
 
Total
 
Date Fair Value
 
Outstanding at January 1, 2017
 
 
2,052,223
 
$
11.58
 
RSUs granted
 
 
645,924
 
$
15.70
 
RSUs forfeited
 
 
(39,800)
 
$
11.70
 
RSUs vested
 
 
(184,749)
 
$
10.04
 
Outstanding at March 31, 2017
 
 
2,473,598
 
$
12.67
 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]
Grantees of PSUs are required to be employed through December 31, 2018 in order to earn the entire award, if and when vested. No PSUs were granted during the three months ended March 31, 2017.
 
 
 
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, 2017 is presented below:
 
 
 
 
 
Weighted
 
 
 
 
 
Average Grant
 
 
 
Total
 
Date Fair Value
 
Outstanding at January 1, 2017
 
 
1,153,617
 
$
3.66
 
PSUs granted
 
 
-
 
$
-
 
PSUs forfeited
 
 
-
 
$
-
 
PSUs vested
 
 
-
 
$
-
 
Outstanding at March 31, 2017
 
 
1,153,617
 
$
3.66
 
Share Based Compensation Deferred Stock Units Activity [Table Text Block]
A summary of the activity related to DSUs for the three months ended March 31, 2017 is presented below:
 
 
 
 
 
Weighted
 
 
 
 
 
Average Grant
 
 
 
Total
 
Date Fair Value
 
Outstanding at January 1, 2017
 
 
14,953
 
$
8.36
 
DSUs granted
 
 
-
 
$
-
 
DSUs forfeited
 
 
-
 
$
-
 
DSUs vested
 
 
14,953
 
$
8.36
 
Outstanding at March 31, 2017
 
 
-
 
$
-
 
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
 
 
Three Months Ended
 
 
 
March 31, 2017
 
 
March 31, 2016
 
Stock price
 
$
17.59
 
 
$
8.36
 
Dividend yield
 
 
0
%
 
 
0
%
Expected volatility
 
 
66
%
 
 
56
%
Risk-free interest rate
 
 
0.62
%
 
 
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 months ended March 31, 2017 and 2016:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2017
 
2016
 
Stock options
 
$
226,383
 
$
423,062
 
RSUs
 
 
2,602,775
 
 
1,223,096
 
PSUs
 
 
613,860
 
 
214,465
 
ESPP
 
 
93,811
 
 
62,937
 
DSUs
 
 
1,362
 
 
29,974
 
Total
 
$
3,538,191
 
$
1,953,534
 
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,
 
 
 
2017
 
2016
 
Research and development
 
$
1,757,902
 
$
910,843
 
Sales and marketing
 
 
221,833
 
 
56,317
 
General and administrative
 
 
1,558,456
 
 
986,374
 
Total
 
$
3,538,191
 
$
1,953,534