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6. STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION

Equity Incentive Plans

 

Options

 

We have one long-term equity incentive plan which we refer to as the 2006 Equity Incentive Plan, which we amended and restated as of April 20, 2015 (the “Restated Plan”). The Restated Plan was approved by our stockholders at our annual stockholders meeting on June 11, 2015. As of September 30, 2015, we have reserved for issuance under the Restated Plan 12,000,000 shares of common stock. We can issue options, stock awards, stock appreciation rights and cash awards under the Restated Plan. Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations. Stock options generally vest over two to five years and expire five to ten years from the date of grant.

 

As of September 30, 2015, we had outstanding options to acquire 965,009 shares of our Common Stock, of which options to acquire 921,676 shares were exercisable. During the nine months ended September 30, 2015, we did not grant any stock options under our Restated Plan.

 

The following summarizes all of our stock option transactions during the nine months ended September 30, 2015:

 

       Weighted Average   Weighted Average Remaining     
       Exercise price   Contractual   Aggregate 
Outstanding Options      Per Common   Life   Intrinsic  
Under the 2006 Plan  Shares   Share   (in years)   Value 
Balance, December 31, 2014   2,092,509   $3.58           
Granted   –    –           
Exercised   (1,102,500)   2.69           
Canceled, forfeited or expired   (25,000)   2.22           
Balance, September 30, 2015   965,009    4.62    1.07   $1,783,778 
Exercisable at September 30, 2015   921,676    4.74    0.98    1,631,678 

 

Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the holder had all holders exercised their options on September 30, 2015. Total intrinsic value of options exercised during the nine months ended September 30, 2015 and 2014 was approximately $6.1 million and $5.9 million, respectively. As of September 30, 2015, total unrecognized stock-based compensation expense related to non-vested options was $21,000, which is expected to be recognized over a weighted average period of approximately 1.1 years.

  

Restricted Stock Awards

 

The Restated Plan permits the issuance of restricted stock awards (“RSA’s”). As of September 30, 2015, we have issued a total of 3,461,208 RSA’s, of which 2,623,314 RSA’s have previously vested, 29,526 RSA’s were forfeited and 808,369 RSA’s remained unvested at September 30, 2015.

 

The following summarizes all unvested RSA activities during the nine months ended September 30, 2015:

 

      

Weighted-

Average

     
       Remaining   Weighted- 
       Contractual   Average 
   RSA’s   Term (Years)   Fair Value 
RSA's outstanding at December 31, 2014   942,023        $     1.96 
Changes during the period               
Granted   744,423        $8.60 
Vested   (848,552)       $4.55 
Forfeited   (29,526)       $5.59 
RSA's unvested at September 30, 2015   808,369    0.71   $5.22 

  

We determine the fair value of all RSA’s based on the closing price of our common stock on the date of award.

 

In sum, of the 12,000,000 shares of common stock reserved for issuance under the Restated Plan, at September 30, 2015, we had 3,431,683 RSA’s, net of 29,526 RSA’s forfeited (of which 808,369 shares were subject to further vesting), outstanding options to acquire 965,009 shares, and 3,924,567 shares of common stock available for future awards. We had previously granted options and other awards to acquire 3,678,741 shares which have been issued.