Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v3.8.0.1
Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity

The following is a summary of the Company’s stock option activity during the year ended December 31, 2017:

 

     Number of
Options
    Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Life In
Years
     Intrinsic
Value
 

Outstanding at January 1, 2017

     1,309,444     $ 4.55        7.1      $ 16,107,929  

Granted

     —         —          —          —    

Exercised

     (272,205     3.60        —          —    

Forfeited

     —         —          —          —    
  

 

 

   

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2017

     1,037,239     $ 4.80        6.4      $ 15,198,044  
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2017

     1,037,239     $ 4.80        6.4      $ 15,198,044  
  

 

 

   

 

 

    

 

 

    

 

 

 
Schedule of Restricted Stock Units Activity

A summary of the activity related to RSUs for the year ended December 31, 2017 is presented below:

 

     Total      Weighted
Average Grant
Date Fair Value
 

Outstanding at January 1, 2017

     2,052,223      $ 11.58  

RSUs granted

     1,253,085      $ 15.81  

RSUs forfeited

     (249,928    $ 12.63  

RSUs vested

     (781,055    $ 11.53  
  

 

 

    

 

 

 

Outstanding at December 31, 2017

     2,274,325      $ 13.75  
  

 

 

    

 

 

 
Summary of Fair Value of Market Condition

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 year ended December 31, 2017.

 

     Performance Share
Units (PSUs) Granted
During the Year Ended
December 31, 2016
 

Market capitalization

   $ 106,600,000  

Dividend yield

     0

Expected volatility

     75

Risk-free interest rate

     1.04
Summary of Activity Related to PSUs

A summary of the activity related to PSUs for the year ended December 31, 2017 is presented below:

 

     Total      Weighted
Average Grant
Date Fair Value
 

Outstanding at January 1, 2017

     1,153,617      $ 3.66  

PSUs granted

     —        $ —    

PSUs forfeited

     (111,960    $ 2.62  

PSUs vested

     (90,000    $ 13.82  
  

 

 

    

 

 

 

Outstanding at December 31, 2017

     951,657      $ 2.65  
  

 

 

    

 

 

 
Summary of Activity Related to DSUs

A summary of the activity related to DSUs for the year ended December 31, 2017 is presented below:

 

     Total      Weighted
Average Grant
Date Fair Value
 

Outstanding at January 1, 2017

     14,953      $ 8.36  

DSUs granted

     —        $ —    

DSUs forfeited

     —        $ —    

DSUs vested

     (14,953    $ 8.36  
  

 

 

    

Outstanding at December 31, 2017

     —        $ —    
  

 

 

    
Summary of Fair Values of Purchase Options Granted

The fair values of the purchase options granted were estimated using the following assumptions:

 

     For the Year Ended
December 31, 2017
 

Stock price range

   $ 16.08  -17.59  

Dividend yield

     0

Expected volatility range

     56 – 66

Risk-free interest rate range

     0.62 – 1.11

Expected life

     6 months  
     For the Year Ended
December 31, 2016
 

Stock price range

   $ 8.36 – 12.16  

Dividend yield

     0

Expected volatility range

     56 – 100

Risk-free interest rate range

     0.37 – 0.49

Expected life

     6 months  
     For the Year Ended
December 31, 2015
 

Stock price

   $ 7.41  

Dividend yield

     0

Expected volatility

     65

Risk-free interest rate

     0.13

Expected life

     6 months  
Summary of Stock-based Compensation Costs Recognized

The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2017, 2016 and 2015:

 

     For the Years Ended December 31,  
     2017      2016      2015  

Stock options

   $ 764,723      $ 1,045,081      $ 1,037,399  

RSUs

     13,043,171        5,735,032        4,225,728  

PSUs

     1,661,650        2,285,683        489,239  

DSUs

     1,362        123,644        —    

ESPP

     331,913        318,735        113,217  

IR warrants

     —          —          85,831  
  

 

 

    

 

 

    

 

 

 

Total

   $ 15,802,819      $ 9,508,175      $ 5,951,414  
  

 

 

    

 

 

    

 

 

 
Summary of Stock-based Compensation Reflected within Statements of Operations

The total amount of stock-based compensation was reflected within the statements of operations as:

 

     For the Years Ended December 31,  
     2017      2016      2015  

Research and development

   $ 8,522,798      $ 4,226,304      $ 2,816,707  

Sales and marketing

     1,113,120        328,760        729,329  

General and administrative

     6,166,901        4,953,111        2,405,378  
  

 

 

    

 

 

    

 

 

 

Total

   $ 15,802,819      $ 9,508,175      $ 5,951,414