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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2016
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 9 STOCK-BASED COMPENSATION During the nine months ended September 30, 2016, 0.6 million stock options were granted to certain employees at a weighted average exercise price of $3.99 per share. In comparison, during the nine months ended September 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 (subject to acceleration of vesting in certain events) if the individual remains affiliated with the Company and are exercisable for a period of 5 years from the date of issue. 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, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Risk-free interest rate |  | 1.15 | % |  | — | % |  | 1.15 | % |  | 1.10 | %
Dividend yield |  | 0.25 | % |  | — | % |  | 0.25 | % |  | — | %
Volatility factor of the expected market price of common stock |  | 74 | % |  | — | % |  | 74 | % |  | 74 | %
Weighted-average expected life of option |  | 5 years |  |  | — |  |  | 5 years |  |  | 3.5 years |
Weighted-average grant date fair value |  | 2.36 |  |  | — |  |  | 2.36 |  |  | 0.56 |
During the three and nine months ended September 30, 2016, the Company recorded stock option expense of $0.3 million and $0.8 million respectively. This compares to $0.3 million and $1.0 million for the three and nine months ended September 30, 2015.

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