Quarterly report pursuant to sections 13 or 15(d)

Stock-based compensation (Tables)

v2.4.0.8
Stock-based compensation (Tables)
3 Months Ended
Mar. 31, 2014
Stock-based compensation [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model

The fair value of each option grant is estimated on the date of grant using the Black-Scholes model with the following weighted-average assumptions: 

 

    Three months ended  
    March 31, 2014  
Expected life (in years)     6.5  
Risk-free interest rate     1.41 %
Volatility     32 %
Dividend yield     0 %

 

Summary of Stock Option Activity Under Stock Option and Incentive Plans

A summary of the status of stock option awards and changes during the three months ended March 31, 2014 are presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining        
          Exercise     Contractual     Intrinsic  
    Shares     Price     Life (Years)     Value  
                         
Outstanding at December 31, 2013     766,578     $ 5.00                  
Granted     100,000     $ 6.00                  
Exercised     -     $ -                  
Cancelled, expired, or forfeited     -     $ -                  
Outstanding at March 31, 2014     866,578     $ 5.12       9.63     $ 545,944  
Exercisable at March 31, 2014     72,795     $ 5.04       9.63     $ 51,684