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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Details of share options activity during the years ended December 31, 2017, 2016 and 2015 were as follows:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2015		-		$	-		-	$	-
Additions as a result of the reverse acquisition		407,000		$	9.21
Granted		85,000		$	10.39
Forfeited		(30,000	)	$	7.85
Outstanding as of December 31, 2015		462,000		$	9.52	5.3 years		$	-
Granted		30,000		$	5.04
Forfeited		(40,000	)	$	8.45
Expired		(100,000	)	$	6.02
Outstanding as of December 31, 2016		352,000		$	10.25	4.4 years		$	-
Expired		(130,000	)	$	6.25
Outstanding as of December 31, 2017		222,000		$	12.59	5.4 years		$	-
Options vested and expected to vest as of December 31, 2017		222,000		$	12.59	5.4 years		$	-
Options exercisable as of December 31, 2017		174,500		$	10.05	4.7 years		$	-

Unvested Balance of Options

The activity of unvested balance of options is shown below for the years ended December 31, 2017, 2016 and 2015:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual term
Unvested as of January 1, 2015		-		$	-		-
Additions as a result of the reverse acquisition		63,334		$	6.82
Granted		85,000		$	10.39
Vested		(11,667	)	$	8.10
Forfeited		(10,000	)	$	7.85
Unvested as of December 31, 2015		126,667		$	9.02	8.1 years
Granted		30,000		$	5.04
Vested		(47,917	)	$	7.16
Forfeited		(40,000	)	$	8.45
Unvested as of December 31, 2016		68,750		$	8.91	8.9 years
Vested		(21,250	)	$	8.80
Unvested as of December 31, 2017		47,500		$	8.96	7.9 years

Schedule of Estimated Grant Date Fair Value of Share Options, Using Black-Scholes Option-Pricing Model

We estimate the fair value of each stock option on the date of grant using a Black-Scholes option-pricing model applying the following assumptions, and amortize the fair value to expense over the option’s vesting period using the straight-line attribution approach for employees and non-employee directors, for the years ended December 31, 2016 and 2015. There was no grant of share options for the year ended December 31, 2017.

	Year Ended December 31,
	2016	2015
Expected term (in years)	4	4
Risk-free interest rate	1.71%	1.57% - 1.66%
Expected volatility	99.27%	20.97% - 128.66%
Expected dividend yield	0.00%	0.00%

Schedule of Restricted Share Units and Restricted Stock Activity

Details of unvested RSUs and restricted stock activity during the years ended December 31, 2017, 2016 and 2015 were as follows:

	Number of units			Weighted average grant-date fair value
Unvested as of January 1, 2015		2,960,000		$	2.00
Additions as a result of the reverse acquisition		416,800		$	4.81
Granted		13,890,500		$	9.16
Vested and delivered		(382,300	)	$	5.55
Vested not delivered⁽¹⁾		(3,085,000	)	$	8.36
Forfeited		(79,000	)	$	5.78
Unvested as of December 31, 2015		13,721,000		$	7.78
Granted		1,339,758		$	4.17
Vested and delivered		(1,074,327	)	$	3.28
Withheld as treasury stock⁽²⁾		(360,235	)	$	1.52
Vested not delivered⁽¹⁾		(1,022,667	)	$	2.59
Forfeited		(196,500	)	$	7.16
Unvested as of December 31, 2016		12,407,029		$	8.40
Granted		2,732,000		$	5.61
Vested and delivered		(3,659,520	)	$	8.29
Withheld as treasury stock⁽²⁾		(192,288	)	$	8.48
Vested not delivered⁽¹⁾		(2,568,318	)	$	3.43
Forfeited		(567,998	)	$	5.65
Unvested as of December 31, 2017⁽³⁾		8,150,905		$	9.27

⁽¹⁾	Vested not delivered represent the vested RSUs with deferred delivery at a future time. As of December 31, 2017, the cumulative shares of RSUs included in “vested not delivered” were 6,675,985.

⁽²⁾

As discussed in Note 13 above, the increase in treasury stock was due to shares withheld to pay statutory withholding taxes upon the vesting of RSUs during related periods, among which, 200,000 shares of treasury stock were subsequently sold to an investor in 2016. As of December 31, 2017, the cumulative shares withheld as treasury stock were 352,523.

⁽³⁾	Among the unvested shares as of December 31, 2017, there were 150,000 shares of unvested restricted stock, which were included in the issued and outstanding shares of the Company’s common stock as of December 31, 2017.

Schedule of Share-based Compensation

The share-based compensation for the Company’s share options, RSUs and restricted stock were allocated to the following accounts in the consolidated financial statements for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
(In thousands)	2017		2016		2015
Sales and marketing expenses	$	2,873	$	2,340	$	310
General and administrative expenses		31,123		26,909		33,850
Discontinued operations		-		-		456
		33,996		29,249		34,616
Capitalized in intangible assets		1,296		1,154		363
Total	$	35,292	$	30,403	$	34,979