Annual report pursuant to Section 13 and 15(d)

Stock-based compensation (Tables)

v2.4.1.9
Stock-based compensation (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Option Grants
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:

 
Year Ended December 31,
 
2014
2013
Expected life (in years)
6.5

6.5

Risk-free interest rate
1.41
%
1.41
%
Volatility
37
%
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 year ended December 31, 2014 are presented below:
 
 
 Shares
 
Weighted
Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual
 Life (Years)
 
 Intrinsic
Value
Outstanding at December 31, 2013
766,578

 
$
5.00

 
 
 
 

2014 Grants
1,280,000

 
$
5.07

 
 
 
 

 
 
 
 
 
 
 
 
Exercised

 
$

 
 
 
 

Cancelled, expired, or forfeited
(22,500
)
 
$
4.90

 
 
 
 

Outstanding at December 31, 2014
2,024,078

 
$
5.05

 
9.20
 
$

Exercisable at December 31, 2014
322,878

 
$
5.08

 
9.20
 
$