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Stock-Based Awards | 3 Months Ended
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Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Awards | 6. Stock-Based Awards The Company grants equity awards to employees and directors. Options may be issued for terms of ten years and may vest between two to four years. Options may be issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimates the fair value for options using the Black-Scholes option pricing model. All stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. The Company has three equity award plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 23,000,000 shares of common stock pursuant to stock options and other stock-based awards and also has issued from time to time stock-based awards outside the Plans. Options outstanding at March 31, 2016 expire on dates ranging from June 25, 2016 to November 15, 2021. 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, 2016 |  |  | 1,544,597 |  |  | $ | 2.62 |  |  |  | 1,620,726 |
Granted |  |  | — |  |  | $ | — |  |  |  | 1,386,483 |
Exercised/vested |  |  | (69,975 | ) |  | $ | 1.07 |  |  |  | (628,309 | )
Forfeitures |  |  | — |  |  | $ | — |  |  |  | — |
Balance at March 31, 2016 |  |  | 1,474,622 |  |  | $ | 2.70 |  |  |  | 2,378,900 |
The Company recorded stock-based compensation expense of $3,503 and $2,344 for the three months ended March 31, 2016 and 2015, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:
|  | March 31, 2016 |
|  | Unrecognized Stock- Based Compensation |  |  | Average Remaining Vesting Period |
Employees and directors option awards |  | $ | 92 |  |  |  | 0.82 |
Employees and directors restricted stock awards |  | $ | 29,229 |  |  |  | 2.40 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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