XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2016
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
(a) Stock Equity and Incentive Plan
The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation--Stock Compensation. Stock-based compensation expense was $1,040 and $958 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, there was $1,465 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.33 years. As of March 31, 2016, there was $6,450 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 3.07 years.
The Company granted 379 and 163 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three months ended March 31, 2016 and 2015, respectively. The restricted stock awards vest ratably over four years from the date of grant subject to the recipient remaining employed through the applicable vesting dates. Compensation expense for restricted stock awards is measured at fair value on the date of grant based on the number of shares granted and the quoted market closing price of the Company’s common stock. Such value is recognized as expense over the vesting period of the award, net of estimated forfeitures.
The Company granted 60 and 95 stock options to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three months ended March 31, 2016 and 2015, respectively.
The fair value of stock options granted during the three months ended March 31, 2016 and 2015 was estimated as of the date of grant using the Black-Scholes option-pricing model. The weighted-average fair value per share for all options granted during the three months ended March 31, 2016 and 2015 was $8.53 and $12.76, respectively. The weighted-average assumptions used to value options as of their grant date were as follows:
 
 
 
 
 
Three Months Ended
March 31,
 
2016
 
2015
Risk-free interest rate
1.43
%
 
1.54
%
Expected volatility
38.22
%
 
44.30
%
Expected life (in years)
4.17

 
4.18

Dividend yield
0
%
 
0
%



Subject to stockholder approval at the Company's 2016 Annual Meeting of Stockholders, the Board of Directors has approved a 2016 Equity and Incentive Plan, which would reserve 3,000 shares of common stock for issuance under such plan, plus certain additional shares in respect of outstanding awards that may be forfeited, canceled, reacquired by the Company, or terminated.

(b) Employee Stock Purchase Plan

Under the terms of the Company’s Amended and Restated Employee Stock Purchase Plan (ESPP), eligible employees can elect to have up to six percent of their pre-tax compensation withheld to purchase shares of the Company's common stock through six-month offering periods. The ESPP allows eligible employees to purchase the Company’s common stock at 85% of the market price at the end of each offering period. As of March 31, 2016, the Company is authorized to issue up to 650 shares of common stock under the ESPP and substantially all of those shares had been issued. Subject to stockholder approval at the Company's 2016 Annual Meeting of Stockholders, the Board of Directors has approved an amendment to the ESPP that authorizes the issuance of an additional 1,000 shares under the plan, changes the offering price to 85% of the fair market value of the Company's common stock on the first or last day of the offering period, whichever is less, and makes certain other changes to the terms of the plan. The Company recorded compensation charges of $13 and $14 for the three months ended March 31, 2016 and 2015, related to the ESPP.