Quarterly report pursuant to Section 13 or 15(d)

Stock-based compensation (Tables)

v2.4.0.8
Stock-based compensation (Tables)
9 Months Ended
Sep. 30, 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  
 

September 30, 2014

 
Expected life (in years)     6.5  
Risk-free interest rate     1.37 %
Volatility     37 %
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 September 30, 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                  
Granted     790,000   $   4.85                  
Granted     275,000   $   5.00                  
Exercised     -       -                  
Cancelled, expired, or forfeited     -       -                  
Outstanding at September 30, 2014     1,931,578   $   5.00       9.42   $   103,500  
Exercisable at September 30, 2014     125,454   $   5.03       9.42   $   6,635