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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of stock options and awards |
| June 30, 2016
Common stock shares available for grant | 653,077 |
Standard and market condition stock options outstanding | 3,521,481 |
Restricted stock awards outstanding | 77,540 |
RSU's outstanding | 510,234 |
Schedule of employee stock purchase plan | The intrinsic value listed below is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.
| Six Months Ended June 30, 2016
Shares purchased under ESPP | 17,711 |
Average price of shares purchased under ESPP | $ | 7.21 |
Intrinsic value of shares purchased under ESPP | $ | 23,000 |
Schedule of standard and market-based stock options activity | The following table sets forth the summary of activity with respect to standard stock options granted under the Company’s stock option plans for the six months ended June 30, 2016:
|  | Six Months Ended June 30, 2016
Beginning outstanding balance |  | 3,596,533 |
Granted |  | 444,769 |
Exercised |  | (280,676 | )
Forfeited |  | (219,457 | )
Expired |  | (244,688 | )
Ending outstanding balance |  | 3,296,481 |
Aggregate intrinsic value of options exercised |  | $ | 700,000 |
Weighted average fair value of options granted |  | 3.72 |
The following table sets forth activity with respect to market condition based stock options granted under the Company’s stock option plans for the six months ended June 30, 2016:
|  | Six Months Ended June 30, 2016
Beginning outstanding balance |  | 200,000 |
Granted |  | 75,000 |
Exercised |  | — |
Canceled |  | (50,000 | )
Ending outstanding balance |  | 225,000 |
Aggregate intrinsic value of options exercised |  | $ | — |
Weighted average fair value of options granted |  | 3.68 |
Schedule of information regarding standard and market condition based stock options outstanding | Information regarding these market condition based stock options outstanding at June 30, 2016 is summarized below:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in millions)
June 30, 2016 |  |  |  |  |  |  |  |
Options outstanding |  | 225,000 |  |  | $ | 8.39 |  |  | 6.00 |  | $ | — |
Options vested and expected to vest using estimated forfeiture rates |  | 202,048 |  |  | 8.38 |  |  | 5.99 |  | — |
Options exercisable |  | 46,875 |  |  | 8.09 |  |  | 5.67 |  | — |
Information regarding these standard stock options outstanding at June 30, 2016 is summarized below:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in millions)
June 30, 2016 |  |  |  |  |  |  |  |
Options outstanding |  | 3,296,481 |  |  | $ | 8.51 |  |  | 4.18 |  | $ | 2.5 |
Options vested and expected to vest using estimated forfeiture rates |  | 3,104,511 |  |  | 8.46 |  |  | 4.08 |  | 2.5 |
Options exercisable |  | 2,097,193 |  |  | 8.08 |  |  | 3.42 |  | 2.4 |
Schedule of restricted stock units activity | RSU activity for the six months ended June 30, 2016 was as follows:
|  | Six Months Ended June 30, 2016
Beginning outstanding balance |  | 487,117 |
Awarded |  | 295,880 |
Released |  | (214,222 | )
Forfeited |  | (58,541 | )
Ending outstanding balance |  | 510,234 |
Weighted average grant date fair value of RSUs granted |  | $ | 8.85 |
Total fair value of RSUs released |  | 1,806,000 |
Schedule of information regarding restricted stock units outstanding | Information regarding RSUs outstanding at June 30, 2016 is summarized below:
|  | Number of Shares |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in millions)
June 30, 2016 |  |  |  |  |  |
RSUs outstanding |  | 510,234 |  |  | 1.37 |  | $ | 3.7 |
RSUs vested and expected to vest using estimated forfeiture rates |  | 385,983 |  |  | 1.25 |  | 2.8 |
Schedule of restricted stock awards activity | Restricted stock award activity for the six months ended June 30, 2016 was as follows:
|  | Six Months Ended June 30, 2016
Beginning outstanding balance |  | 21,356 |
Awarded |  | 77,540 |
Released |  | (21,356 | )
Forfeited |  | — |
Ending outstanding balance |  | 77,540 |
Weighted average grant date fair value of restricted stock awarded |  | $ | 6.52 |
Total fair value of restricted stock awards released |  | 139,000 |
Schedule of stock options, market condition based stock options and employee stock purchase plan, valuation assumptions | The assumptions used to value option grants under the Company’s stock plans were as follows:
|  |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  |  | 2016 |  | 2015 |  | 2016 |  | 2015
Standard Stock Options |  |  |  |  |  |  |  |  |  |  |
Expected life (in years) |  |  |  |  | 4.5 |  |  | 4.6 |  |  | 4.5 |  |  | 4.7 |
Volatility |  |  |  |  | 55 | % |  | 55 | % |  | 55 | % |  | 56 | %
Interest rate |  |  |  |  | 1.1 | % |  | 1.4 | % |  | 1.2 | % |  | 1.4 | %
Dividend yield |  |  |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Market Condition Based Stock Options |  |  |  |  |  |  |  |
Expected life (in years) |  | N/A |  | N/A |  | 7.0 |  |  | 7.0 |
Volatility |  | N/A |  | N/A |  | 59 | % |  | 65 | %
Interest rate |  | N/A |  | N/A |  | 1.6 | % |  | 1.9 | %
Dividend yield |  | N/A |  | N/A |  | N/A |  |  | N/A |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Employee Stock Purchase Plan |  |  |  |  |  |  |  |
Expected life (in years) |  | N/A |  | N/A |  | 0.5 |  |  | 0.5 |
Volatility |  | N/A |  | N/A |  | 53 | % |  | 45 | %
Interest rate |  | N/A |  | N/A |  | 0.5 | % |  | 0.1 | %
Dividend yield |  | N/A |  | N/A |  | N/A |  |  | N/A |
Schedule of stock-based compensation | Total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive loss is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (In thousands)
Statement of Operations Classifications |  |  |  |  |  |  |  |
Sales and marketing |  | $ | 332 |  |  | $ | 288 |  |  | $ | 560 |  |  | $ | 552 |
Research and development |  | 258 |  |  | 264 |  |  | 784 |  |  | 760 |
General and administrative |  | 665 |  |  | 677 |  |  | 2,245 |  |  | 1,657 |
Total |  | $ | 1,255 |  |  | $ | 1,229 |  |  | $ | 3,589 |  |  | $ | 2,969 |

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