Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.19.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair value of options granted
The fair value of options granted during 2017 and 2016 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions by grant year:
 
 
 
2017 Stock options
 
Expected life, in years
 
 
 6.5 years
 
Risk-free interest rate
 
 
1.86% - 2.00
%
Volatility
 
 
37.0
%
Dividend yield
 
 
0.0
%
Schedule of stock option activity
Changes in outstanding stock options during the years ended December 31, 2018 and 2017 were as follows: 
 
 
 
Shares
 
 
Weighted average 
exercise price
 
 
Weighted average
remaining

contractual life
 
 
Intrinsic
value

(thousands)
 
Outstanding at December 31, 2016
 
 
1,857,012
 
 
$
4.28
 
 
 
 
 
 
 
 
 
Granted
 
 
1,260,000
 
 
 
1.96
 
 
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Cancelled, expired or forfeited
 
 
(801,977
)
 
 
3.14
 
 
 
          
 
Outstanding at December 31, 2017
 
 
2,315,035
 
 
$
3.41
 
 
 
7.25
years
    
$
 498
 
Exercisable at December 31, 2017
 
 
890,384
 
 
$
4.84
 
 
 
4.67 years
 
 
$
—
 
Granted
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
Cancelled, expired or forfeited
 
 
(314,027
)
 
 
4.21
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2018
 
 
2,001,008
 
 
$
3.29
 
 
 
 
6.60
years
 
 
$
                   
1,225
 
Exercisable at December 31, 2018
 
 
             
1,074,508
 
 
$
4.16
 
 
 
 
5.65
years
 
 
$
 
318
Schedule of non-vested stock options
A summary of the status of the Company’s non-vested stock options as of December 31, 2018 and 2017 and changes during the years then ended, is presented below:
 
 
 
Shares
 
 
Weighted 
average grant 
date
fair 
value
 
Non-vested stock options at December 31, 2016
 
 
1,180,030
 
 
$
1.56
 
Granted
 
 
1,260,000
 
 
 
0.79
 
Vested
 
 
(245,402
)
 
 
1.76
 
Cancelled, expired or forfeited
 
 
(769,977
)
 
 
1.28
 
Non-vested stock options at December 31, 2017
 
 
1,424,651
 
 
  
0.99
 
Granted
 
 
—
 
 
  
—
 
Vested
 
 
(427,651
)
 
 
1.16
 
Cancelled, expired or forfeited
 
 
(70,500
)
 
 
1.10
 
Non-vested stock options at December 31, 2018
 
 
926,500
 
 
$
0.91
 
Schedule of restricted stock awards and changes
A summary of the status of restricted stock awards and changes during the years ended December 31, 2018 and 2017 are presented below:
 
 
 
Shares
 
 
Weighted 
average grant 
date
fair 
value
 
Non-vested restricted stock at December 31, 2016
 
 
716,250
 
 
$
2.73
 
Granted
 
 
710,000
 
 
 
1.83
 
Vested
 
 
(181,750
)
 
 
2.01
 
Cancelled, expired or forfeited
 
 
(259,500
)
 
 
2.56
 
Non-vested restricted stock at December 31, 2017
 
 
985,000
 
 
$
2.26
 
Granted
 
 
195,938
 
 
 
2.81
 
Vested
 
 
(361,737
)
 
 
1.90
 
Cancelled, expired or forfeited
 
 
(55,000
)
 
 
2.74
 
Non-vested stock options at December 31, 2018
 
 
764,201
 
 
$
2.54