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Stock-Based Compensation and Stock Options
6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation and Stock Options
Stock-Based Compensation and Stock Options
In November 2009, the Company granted an executive stock options to purchase 300,000 shares of common stock with an exercise price of $14.97, of which 75,000 options vest and become exercisable annually starting July 1, 2011. The options expire in November 2019. As of June 30, 2015, 300,000 of these options were outstanding and vested. As of June 30, 2015 and 2014, there was no unrecognized stock-based compensation expense relating to these options. Total stock-based compensation for the three and six months ended June 30, 2014 related to this option grant were $187,000 and $375,000.
In January 2012, the Company granted certain executives stock options to purchase 100,000 shares of common stock with an exercise price of $28.98, of which 25,000 options become exercisable annually starting January 23, 2013. The options expire in January 2022. As of June 30, 2015, 50,000 options were outstanding and 37,500 of these options were vested. During 2014, 25,000 options were canceled and 25,000 options were forfeited upon the departure of an executive. Total stock-based compensation for the three months ended June 30, 2015 and 2014 related to the outstanding stock option grant were $60,000 for each period. Total stock-based compensation for the six months ended June 30, 2015 and 2014 related to the outstanding stock option grant were $119,000 and $134,000, respectively. As of June 30, 2015, there was approximately $129,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 0.6 years. The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.
In July 2013, the Company granted an executive stock options to purchase 75,000 shares of common stock with an exercise price of $29.58, of which 25,000 options become exercisable annually starting July 1, 2015. The options expire in July 2023. As of June 30, 2015, 75,000 options were outstanding and none of these options were vested. Total stock-based compensation for the three and six months ended June 30, 2015 and 2014 related to this option grant was $89,000 and $177,000 for each period. As of June 30, 2015, there was approximately $727,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 2.1 years. The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.