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Accounting for stock-based compensation
 6 Months Ended
Jun. 30, 2016
Accounting for stock-based compensation

9. Accounting for stock-based compensation

Total stock-based compensation expense recognized in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 was as follows (in thousands):

 

     Three months ended June 30,      Six months ended June 30,  
     2016      2015      2016      2015  

Stock-based compensation

    $ 1,355       $ 1,775       $ 2,628       $ 3,778   

During the three months ended March 31, 2016, the Company issued stock awards to employees with a four-year vesting schedule. The grant date fair value of the 2,364,200 restricted stock units and 4,920,267 stock options issued was $2.2 million and $3.0 million, respectively, with a grant date fair value per share of $0.92 and $0.61, respectively.

During the three months ended June 30, 2016, the Company issued stock awards to employees with a four-year vesting schedule. The grant date fair value of the 1,088,050 restricted stock units and 1,140,200 stock options issued was $1.0 million and $0.7 million respectively, with a grant date fair value per share of $0.91 and $0.62, respectively.

As of June 30, 2016, there was $5.6 million and $7.1 million of unrecognized compensation cost related to options and restricted stock units, respectively, which are expected to be recognized over the remaining weighted average vesting period of 3.0 years.

During the three months ended June 30, 2016, the Company granted certain executives stock options to purchase an aggregate of 4,015,000 shares of common stock at a weighted average exercise price of $0.91 per share. These awards contain performance conditions based on achieving certain product sales targets. The grant date fair value of these awards is $3.0 million with a grant date fair value of $0.74 per share, as determined using a Black-Scholes option pricing model. As of June 30, 2016, no compensation cost has been recognized related to these awards as they are not considered probable of achievement within the next twelve months.