Annual report pursuant to Section 13 and 15(d)

Stock-based compensation (Tables)

v3.3.1.900
Stock-based compensation (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Grants
There were no options granted during 2015. During 2014, the Company granted the following options:
Date
 
Number of shares
 
Exercise price
February
 
200,000
 
$6.00
June
 
690,000
 
$4.85
August
 
275,000
 
$5.00
November
 
115,000
 
$4.90
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:

 
December 31,
 
 
 
2014
 
 
Expected life (in years)
6.5

 
 
Risk-free interest rate
1.41
%
 
 
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 year ended December 31, 2015 are presented below:
 
 
 Shares
 
Weighted
Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual
 Life (Years)
 
 Intrinsic
Value
Outstanding at December 31, 2014
2,024,078

 
$
5.05

 
 
 
 

2015 Grants

 

 
 
 
 

 
 
 
 
 
 
 
 
Exercised

 

 
 
 
 

Cancelled, expired, or forfeited
(351,500
)
 
5.41

 
 
 
 

Outstanding at December 31, 2015
1,672,578

 
4.97

 
8.17
 

Exercisable at December 31, 2015
652,997

 
5.01

 
8.10