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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|