STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2015

NOTE 7 STOCK-BASED COMPENSATION

During the three months ended March 31, 2015, the Company granted stock options to certain employees for an aggregate of 0.1 million shares of common stock at a weighted average exercise price of $1.06 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 comparative period in 2014, no stock options were granted to employees or directors. The principal assumptions used in applying the Black-Scholes option pricing model for these awards were as follows:

		2015
Risk-free interest rate		1.10%
Dividend yield		n/a
Volatility factor of the expected market price of common stock		75%
Weighted-average expected life of option		3.5 years
Weighted-average grant date fair value		$ 0.56

During the three months ended March 31, 2015, the Company recorded stock option expense of $0.4 million. This compares to $0.4 million for the three months ended March 31, 2014.

- 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.

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