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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2015
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

 

NOTE 8   STOCK-BASED COMPENSATION

 

During the six months ended June 30, 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 $1.07 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 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:

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Risk-free interest rate

 
1.12 

%

—

 
1.10 

%

—

 

Dividend yield

 
0 

%

—

 
0 

%

—

 

Volatility factor of the expected market price of common stock

 
72.90 

%

—

 
74.08 

%

—

 

Weighted-average expected life of option

 
3.5 

 

—

 
3.5 

 

—

 

Weighted-average grant date fair value

 

$
0.58 

 

—

 

$
0.56 

 

—

 

 

During the three and six months ended June 30, 2015, the Company recorded stock option expense of $0.2 million and $0.8 million respectively. This compares to $0.2 million and $0.6 million for the three and six months ended June 30, 2014.