Stock-Based Awards

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

6. Stock-Based Awards

The Company grants equity awards to employees and directors. Options are issued for terms of ten years and vest between two to four years. Options are issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimated the fair value for options using the Black-Scholes option pricing model. All restricted stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards generally vest over three years.

A summary of options and restricted stock activity is as follows:


	Options			Weighted Average Exercise Price of Options		Restricted Stock Awards
Balance at January 1, 2015		5,330,070		$	1.61		1,513,939
Granted		—		$	—		886,413
Exercised/vested		(3,742,258	)	$	1.19		(703,917	)
Forfeitures		—		$	—		(25,578	)

Balance at September 30, 2015		1,587,812		$	2.58		1,670,857

A summary of stock-based compensation expense is as follows:


Three Months Ended September 30,				Nine Months Ended September 30,
2015		2014		2015		2014
$	2,926	$	2,077	$	7,878	$	6,122

A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:


	September 30, 2015
	Unrecognized Stock-Based Compensation		Average Remaining Vesting Period
Employees and directors option awards	$	152		1.12
Employees and directors restricted stock awards	$	20,001		1.83