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10. Shared-Based Compensation | 12 Months Ended
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Dec. 31, 2015
Disclosure Of Compensation Related Costs |
Share-based compensation - Note 10 | 10. SHARE-BASED COMPENSATION We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The valuation of and accounting for share-based awards includes a number of complex and subjective estimates. These estimates include, but are not limited to, the future volatility of our stock price, future stock option exercise behaviors, estimated employee turnover, and award forfeiture rates. We recognized $1.0 million in share-based compensation expense for the year ended December 31, 2015, compared to $713,000 in share-based compensation expense for the year ended December 31, 2014, which includes a benefit of $344,000 related to a forfeiture adjustment that was recorded as a result of actual forfeitures being higher than initially estimated. Description of Incentive Plans We currently have two share-based incentive plans; the 2013 Incentive Plan and the Independent Director Stock Option Plan. The 2013 Incentive Plan has 6.3 million shares authorized, of which 1.3 million shares were available for awards as of December 31, 2015. The Independent Director Stock Option Plan has 113,000 shares authorized, of which 73,000 were issued and outstanding as of December 31, 2015. In June 2008, we determined not to issue additional options from the Independent Director Stock Option Plan. Options Valuation Methodology and Assumptions We use the Black-Scholes option valuation model to determine the fair value of options granted and use the closing price of our common stock as the fair market value of our stock on that date. We consider historical stock price volatilities, volatilities of similar companies and other factors in determining estimates of future volatilities. We use historical lives, including post-termination exercise behavior, as the basis for estimating expected lives. Risk-free rates are based on the U.S. Treasury Yield Curve, as published by the U.S. Treasury. The following table summarizes the weighted-average valuation assumptions and weighted-average grant date fair value of options granted during the periods shown below:
|  |  | Year Ended December 31,
|  |  | 2015 |  |  | 2014 |  |  | 2013
Assumptions (weighted-average) |  |  |  |  |  |  |  |  |
Volatility |  |  | 98% |  |  | 100% |  |  | 96%
Expected term (in years) |  |  | 4.0 |  |  | 4.0 |  |  | 4.1
Risk-free rate |  |  | 1.3% |  |  | 1.3% |  |  | 1.0%
Expected dividends |  |  | 0.0% |  |  | 0.0% |  |  | 0.0%
Pre-vest forfeiture rate |  |  | 8.5% |  |  | 8.5% |  |  | 8.5%
Grant date fair value of options granted |  | $ | 2.20 |  | $ | 1.22 |  | $ | 1.49
Options Activity and Positions The following table summarizes activity and positions with respect to options for the periods shown below (in thousands):
|  |  |  |  |  |  |  |  | Weighted- |  |  |
|  |  |  |  |  |  |  |  | average |  |  |
|  |  |  |  |  | Weighted- |  |  | remaining |  |  |
|  |  |  |  |  | average |  |  | contractual |  |  | Aggregate
|  |  |  |  |  | exercise |  |  | term |  |  | intrinsic
Options |  |  | Shares |  |  | price |  |  | (in years) |  |  | value
Outstanding as of December 31, 2012 |  |  | 1,318 |  | $ | 13.71 |  |  | 6.8 |  | $ | -
Granted |  |  | 824 |  |  | 2.22 |  |  | - |  |  | -
Exercised |  |  | (23) |  |  | 1.80 |  |  | - |  |  | -
Forfeited or expired |  |  | (214) |  |  | 13.86 |  |  | - |  |  | -
Outstanding as of December 31, 2013 |  |  | 1,905 |  |  | 8.86 |  |  | 7.4 |  |  | 1,500
Granted |  |  | 717 |  |  | 1.78 |  |  | - |  |  | -
Exercised |  |  | - |  |  | - |  |  | - |  |  | -
Forfeited or expired |  |  | (195) |  |  | 9.49 |  |  | - |  |  | -
Outstanding as of December 31, 2014 |  |  | 2,427 |  |  | 6.72 |  |  | 7.4 |  |  | 18,700
Granted |  |  | 849 |  |  | 3.23 |  |  | - |  |  | -
Exercised |  |  | (23) |  |  | 1.88 |  |  | - |  |  | -
Forfeited or expired |  |  | (107) |  |  | 13.98 |  |  | - |  |  | -
Outstanding as of December 31, 2015 |  |  | 3,146 |  | $ | 5.56 |  |  | 7.3 |  | $ | 1,613
Vested and expected to vest as of December 31, 2015 |  |  | 2,949 |  | $ | 5.75 |  |  | 7.2 |  | $ | 1,539
Exercisable as of December 31, 2015 |  |  | 1,582 |  | $ | 8.49 |  |  | 5.8 |  | $ | 906
The intrinsic value of options exercised during the year ended December 31, 2015 was $29,000. There were no option exercises during the year ended December 31, 2014. The total intrinsic value of options exercised during the year ended December 31, 2013 was $21,000. The total grant date fair value of options vested during the years ended December 31, 2015, 2014 and 2013 was $591,000, $3.3 million and $1.7 million, respectively. As of December 31, 2015, our unamortized share-based compensation was $2.3 million, which we plan to amortize over the next 2.9 years. In August 2013, we issued 201,000 shares of restricted common stock to employees for payment of 2012 performance bonuses. These shares were valued using our closing stock price on the date of grant. These shares vested in November 2013 and the expense was recognized over the vesting period. During 2013, we expensed $457,000 of share-based employee compensation for these awards. As of December 31, 2015, our unamortized share-based compensation related to the restricted stock units was $86,000, which we plan to amortize over the next 5 months.

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