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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2014
STOCK BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 7 STOCK-BASED COMPENSATION During the three and nine months ended September 30, 2014, the Company granted stock options to certain employees and directors for an aggregate of 1.7 million shares of common stock at a weighted average exercise price of $2.90 per share. The options vest equally over a three-year period if the individual remains affiliated with the Company (subject to acceleration of vesting in certain events) and are exercisable for a period of 5 years from the date of issue. During the comparable periods in 2013, stock options granted to employees and directors amounted to 1.7 million shares of common stock at an exercise price of $2.25 per share. The principal assumptions used in applying the Black-Scholes option pricing model for these awards were as follows:
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Risk-free interest rate |  | 1.01% |  | 0.5% to 0.86% |  | 1.01% |  | 0.50% |
Dividend yield |  | n/a |  | n/a |  | n/a |  | n/a |
Volatility factor of the expected market price of common stock |  | 70% |  | 66% to 69% |  | 70% |  | 66% |
Weighted-average expected life of option |  | 3.5 years |  | 3.5 years |  | 3.5 years |  | 3.5 years |
Weighted-average grant date fair value |  | $1.45 |  | $1.02 |  | $1.45 |  | $1.01 |
During the three and nine months ended September 30, 2014, the Company recorded stock option expense of $0.2 million and $0.9 million, respectively. This compares to $0.3 million and $1.0 million for the three and nine months ended September 30, 2013.

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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 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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