Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.8.0.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
 
We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. Currently, we grant options and restricted stock units ("RSUs") from the 2010 Equity Compensation Plan (“2010 ECP”) and 2017 Equity Compensation Plan ("2017 ECP"). Option and RSUs vesting periods are generally up to three years and/or achieving certain financial targets.

Compensation Expense

For the three months ended March 31, 2018 and March 31, 2017, we recorded stock-based compensation expense for all equity incentive plans of $377,847 and $292,334, respectively. Total compensation cost not yet recognized at March 31, 2018 was $865,921 to be recognized over a weighted-average recognition period of 1.1 years.

Significant Grants and Cancellations

On July 27, 2015 and August 4, 2015, we granted certain employees service and performance RSUs totaling 965,500 shares with a weighted average fair value of $3.03 per share. The service RSUs vest annually over a three year period, commencing in July 2016, at the rate of 25% of the grant in year one and year two and the remaining 50% of the grant vesting on the third anniversary of the grant date. The awarding of the performance RSUs is contingent upon achieving certain revenue and profit targets and vest annually, one-third upon each anniversary of the grant date. On July 27, 2017, August 4, 2017, and August 5, 2017, the second measurement period targets were achieved and the number of shares issued totaled 294,152 with a weighted average fair value of $1.00.

On February 7, 2017, we granted former employees from the 2017 asset acquisition service RSUs totaling 186,828 shares with a weighted average fair value of $1.65 per share which vest annually over a three year period.

On February 15, 2017, we granted a former employee from the 2017 asset acquisition 20,520 RSUs with a weighted average fair value of $1.62 which fully vested on August 7, 2017.

On April 1, 2017, we granted members of our board of directors a total of 116,280 RSUs with a weighted average fair value of $1.29 a share which fully vested on March 31, 2018.

On June 19, 2017, we granted a newly hired executive 125,000 service and performance RSUs with a weighted average fair value of $1.04 per share. The service RSUs vest annually over a three year period. The awarding of the performance RSUs is contingent upon achieving certain revenue and profit targets and vest annually over a three year period. Additionally, we granted certain former employees from the 2017 asset acquisition service and performance RSUs totaling 400,000 shares with a weighted average fair value of $1.04 per share. The service RSUs vest annually over a three year period. The awarding of the performance RSUs is contingent upon achieving certain revenue and profit targets and vest annually, one-third upon each anniversary of the grant date. On December 31, 2017, the first measurement period targets were not achieved and the number of shares canceled totaled 92,487.

On July 7, 2017, we granted an employee 20,000 RSUs with a weighted average fair value of $1.02 which vest annually over a three year period.

On February 15, 2018, we granted an employee 30,000 service and performance RSUs with a weighted average fair value of $0.87 per share. The service RSUs vest annually over a 28-month period. The awarding of the performance RSUs is contingent upon achieving certain revenue and profit targets and vest annually over a two year period. Additionally, we granted another employee 7,500 RSUs with a weighted average fair value of $0.87 which vest annually over a three year period.

The following table summarizes the stock grants outstanding under our 2005 Long-Term Incentive Plan ("2005 LTIP"), the 2010 ECP and the 2017 ECP as of March 31, 2018:
 
Options Outstanding
 
RSUs Outstanding
 
Options and RSUs Exercised
 
Available Shares
 
Total
2017 ECP

 
125,000

 

 
1,875,000

 
2,000,000

2010 ECP
250,498

 
805,420

 
2,959,358

 
566,742

 
4,582,018

2005 LTIP (*)
13,748

 

 
950,085

 

 
963,833

Total
264,246

 
930,420

 
3,909,443

 
2,441,742

 
7,545,851


(*) Expired June 2015