Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plan (Tables)

v3.3.1.900
Stock-Based Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Stock-Based Compensation Plan [Abstract]    
Schedule Of Valuation Assumptions Used In Computing Fair Value Of Stock-Based Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Number of options

 

103

 

90

 

529

 

143

 

485

Option vesting period

 

1 - 4 Years

 

Immediate

 

1 - 5 Years

 

1 - 5 Years

 

Immediate

Grant price

 

$4.41 - $6.67

 

$8.35

 

$7.36 - $14.02

 

$8.02 - $13.38

 

$10.40 - $14.71

Dividend yield

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

Expected volatility (a)

 

45.0% - 53.0%

 

44.40%

 

45.7% - 55.1%

 

52.8% - 55.2%

 

51.6% - 53.9%

Risk-free interest rate

 

1.56% - 2.11%

 

1.56%

 

1.63% - 2.31%

 

1.04% - 2.45%

 

1.36% - 1.62%

Expected life (years)

 

5.31 - 6.58 (b)

 

5.00 (b)

 

5.31 - 6.95 (b)

 

5.31 - 7.08 (b)

 

5.00 (c)

Discount for post-vesting restrictions (d)

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

11.5% - 35.0%

Weighted average fair value

 

$1.85 - $3.53

 

$0.97

 

$3.89 - $7.82

 

$4.23 - $7.53

 

$1.59 - $5.25

 

 

(a)

Since the Company’s historical volatility was not representative of the ongoing future business, the Company’s historical volatility was based on a combination of the Company’s volatility and the historical volatility of a peer group of companies within similar industries and similar size as the Company.

 

(b)

Because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options.

 

(c)

The Company considered the applicable employee groups as well as the anticipated exercise behavior over the contractual term of the award in developing an estimate of the expected term of these options.

 

(d)

Because options with post-vesting restrictions create a lack of marketability, the Company discounted the market price used in the Black-Scholes option-pricing model. The Company utilized the Finnerty and Forward Sale models to calculate the discount.

 
Schedule Of Share Based Payment Award Restricted Stock Valuation Assumptions  

 

 

 

 

 

 

 

Number issued

 

45

 

80

 

80

Vesting period

 

$15.00 stock price target

 

$20.00 stock price target

 

$22.00 stock price target

Grant price

 

$8.87

 

$8.87

 

$8.87

Dividend yield

 

0.0%

 

0.0%

 

0.0%

Expected volatility

 

38.2%

 

38.2%

 

38.2%

Risk-free interest rate

 

0.93%

 

1.62%

 

1.62%

Expected term (years)

 

1.32

 

2.64

 

2.89

Weighted average fair value

 

$4.63

 

$4.72

 

$4.22

 

Schedule Of Total Non-Cash Stock Compensation Expense Related To Stock Options, Stock Awards, And Restricted Stock

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

Restricted stock awards

 

$

 264 

 

$

 589 

 

$

 81 

Stock options

 

 

 830 

 

 

 846 

 

 

 2,353 

Stock awards

 

 

 -

 

 

 -

 

 

 25 

Total

 

$

 1,094 

 

$

 1,435 

 

$

 2,459 

 

 
Summary Of Changes In Outstanding Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

Weighted Average Exercise Price

 

Aggregate Intrinsic Value

 

Restricted Stock Awards

Outstanding at December 31, 2014

 

 

 3,120 

 

$

 9.58 

 

$

 -

 

 

 560 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

 193 

 

 

 1.66 

 

 

 

 

 

 -

Exercised or vested

 

 

 (39)

 

 

 6.85 

 

 

 

 

 

 (45)

Expired

 

 

 (459)

 

 

 8.87 

 

 

 

 

 

 -

Forfeited

 

 

 (407)

 

 

 9.80 

 

 

 

 

 

 (205)

Outstanding at December 31, 2015

 

 

 2,408 

 

$

 8.77 

 

$

 -

 

 

 310 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31, 2015

 

 

 2,094 

 

 

 8.79 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Shares Authorized Under Stock Option Plans, By Exercise Price Range

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise Price Range

 

Outstanding

 

Exercisable

 

Remaining Life In Years

 

Weighted Average Exercise Price

$4.00 - $7.53

 

 

 950 

 

 

 848 

 

 

 3.6 

 

$

 6.91 

$7.54 - $16.00

 

 

 1,458 

 

 

 1,246 

 

 

 5.9 

 

$

 10.07 

 

 

 

 2,408 

 

 

 2,094 

 

 

 5.0 

 

$

 8.79