Annual report pursuant to Section 13 and 15(d)

Stock-based compensation (Tables)

v3.7.0.1
Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Grants
There were no options granted during 2015. During 2016, the Company granted the following options which vest over time except where noted:
Date
 
Number of shares
 
Exercise price
April 1
 
250,000

(1)
$2.83
April 8
 
1,000,000

(2)
$2.73
September 6
 
30,000

 
$2.61
September 19
 
30,000

 
$2.39

Included in the above grants are the following options that vest upon the achievement of certain milestones (1) 125,000 shares and (2) 625,000 shares.
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,
 
 
 
2016
 
 
Expected life (in years)
7.45 years

 
 
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 time based stock option awards and changes during the year ended December 31, 2016 are presented below:
 
 
 Shares
 
Weighted
Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual
 Life (Years)
 
 Intrinsic
Value
Outstanding at December 31, 2015
1,672,578

 
5.05

 
 
 
 

2016 Grants
560,000

 
2.72

 
 
 
 

 
 
 
 
 
 
 
 
Exercised
—

 
—

 
 
 
 

Cancelled, expired, or forfeited
(375,566
)
 
5.01

 
 
 
 

Outstanding at December 31, 2016
1,857,012

 
4.28

 
7.80
 
—

Exercisable at December 31, 2016
832,442

 
4.71

 
7.35
 
—

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the status of restricted stock awards and changes during the year ended December 31, 2016 are presented below:

 
Shares
 
Weighted Average
Grant Date Fair Value
 
 
 
 
Outstanding at December 31, 2015
—

 
 
Granted
787,500

 
$
2.73

Cancelled, expired, or forfeited
(71,250
)
 
$
2.73

Outstanding at December 31, 2016
716,250

 
$
2.73

 
 
 
 
Exercisable at December 31, 2016
—