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Stock Options | 12 Months Ended
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Dec. 31, 2015
Stock Options. |
Stock Options | 9.Stock Options AxoGen, Inc. has a AxoGen 2010 Stock Incentive Plan (the “AxoGen Plan”), which allows for issuance of incentive stock options and non-qualified stock options to employees, directors and consultants at an exercise price equal to fair market value on the date of grant. On September 27, 2011, AxoGen, Inc., formerly LecTec Corporation, amended and restated the AxoGen Plan to, among other things, increase the number of shares of common stock authorized for issuance under the plan by 2,300,000 shares. At the 201 4 Annual Meeting of Shareholders the AxoGen Plan was amended and restated to, among other things, increase the number of shares of common stock authorized for issuance under the plan by 750,000 shares so that the total number of shares authorized for issuance under the AxoGen Plan is 3,500,000 shares. As a result of the m erger, options granted under the AC Plan were assumed by the Company so that each stock option pursuant to the AC Plan so assumed continued to have, and be subject to, the same terms and conditions of such stock option immediately prior to the m erger, except that (i) each AC Plan stock option is exercisable for that number of shares of Company common stock equal to the product of the number of shares of AC common stock that were issuable upon exercise of such stock option immediately prior to the m erger multiplied by the Closing Ratio (“as defined in the m erger a greement”) and (ii) the per share exercise price for the shares of Company common stock issuable upon the exercise of such assumed stock option will be equal to the quotient determined by dividing the exercise price per share of AC common stock at which such stock option was exercisable immediately prior to the m erger by the Closing Ratio. The options to employees typically vest 25% one year after the grant date and 12.5% every six months thereafter for the remaining three-year period until fully vested after four years and those to directors and certain executive officers have vested 25% per quarter over one year or had no vesting period. Options issued to consultants have vesting provisions based on the engagement ranging from no vesting to vesting over the service period ranging from three to ten years. Options have terms ranging from seven to ten years. Stock-based compensation expense was $1,316,509 and $956,449 for 2015 and 2014, respectively. The following is a summary of stock option activity:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  |  |  | Weighted |  | Remaining |
|  |  |  | Average |  | Contractual |
|  | Options |  | Exercise Price |  | Term(Years) |
Outstanding at December 31, 2013: |  | 1,969,492 |  | 2.68 |  | 6.61 |
Granted |  | 935,750 |  | 3.57 |  |  |
Forfeited |  | (44,023) |  | (3.78) |  |  |
Exercised |  | (117,401) |  | (1.16) |  |  |
Outstanding at December 31, 2014: |  | 2,743,818 |  | 3.03 |  | 5.94 |
Granted* |  | 946,250 |  | 4.31 |  |  |
Forfeited |  | (290,478) |  | (3.12) |  |  |
Exercised |  | (171,563) |  | (2.99) |  |  |
Outstanding at December 31, 2015 |  | 3,228,027 |  | 3.40 |  | 5.43 |
Exercisable at December 31, 2015 |  | 2,048,052 |  | 2.93 |  | 4.92 |
*Includes 478,500 options granted during the year ended December 31, 2015 which are contingent upon Shareholders approving an increase in the number of common shares authorized for issuance under the AC Plan. The average fair value of options granted at market during 2015 and 2014 was $4.31 and $3.57 per option, respectively. The intrinsic value of options exercised during the years ended December 31, 2015 and 2014 was approximately $370,000 and $266,000, respectively. The intrinsic value of options outstanding at December 31, 2015 and 2014 was approximately $5,167,000 and $1,535,000, respectively. The intrinsic value of options exercisable at December 31, 2015 and 2014 was approximately $4,265,000 and $1,278,000, respectively. Total future compensation expense related to nonvested awards is expected to be approximately $2,534,000 at December 31, 2015 which is expected to be recognized over a weighted average period of 2.92 years. The following table represents non-vested share-based payment activity with employees for the years ended December 31, 2015 and 2014:
|  |  |  | Weighted Average |
|  | Number of Options |  | Exercise Price |
Nonvested options - December 31, 2013: |  | 675,196 |  | 2.88 |
Granted |  | 935,750 |  | 3.57 |
Vested |  | (407,437) |  | (3.03) |
Forfeited |  | (44,023) |  | (3.78) |
Nonvested options - December 31, 2014: |  | 1,159,486 |  | 3.37 |
Granted* |  | 946,250 |  | 4.31 |
Vested |  | (635,289) |  | (3.32) |
Forfeited |  | (290,478) |  | (3.12) |
Nonvested options - December 31, 2015: |  | 1,179,969 |  | 4.21 |
*Includes 478,500 options granted during the year ended December 31, 2015 which are contingent upon Shareholders approving an increase in the number of common shares authorized for issuance under the AC Plan.

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