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Note 10 - Stockholders' Equity | 3 Months Ended
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Mar. 31, 2015
Stockholders' Equity Note [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10. STOCKHOLDERS’ EQUITY Warrants A summary of warrant activity for the three months ended March 31, 2015 is shown as follows:
|  | Warrants Outstanding |  |  | Weighted Average Exercise Price During Period |
Outstanding at December 31, 2014 |  |  | 969,549 |  |  | $ | 4.61 |
Exercised |  |  | (580,000 | ) |  |  | 4.30 |
Cancelled/forfeited |  |  | (55,000 | ) |  |  | 4.30 |
Expired |  |  | (240,000 | ) |  |  | 5.34 |
Outstanding at March 31, 2015 |  |  | 94,549 |  |  | $ | 4.82 |
Stock-based compensation On May 6, 2014, our Board of Directors approved the Energy Focus, Inc. 2014 Stock Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by the stockholders at our annual meeting on July 15, 2014, after which no further awards could be issued under the Energy Focus, Inc. 2008 Incentive Stock Plan (the “2008 Plan”). The 2014 Plan allows for awards up to 600,000 shares of common stock and expires on July 15, 2024. The 2014 Plan is described in further detail in our 2014 Annual Report. Stock-based compensation expense is attributable to stock options and restricted stock unit awards. For all stock-based awards, we recognize expense using a straight-line amortization method. The following table summarizes stock-based compensation expense and the impact it had on operations for the periods indicated (in thousands):
|  | Three months ended |
|  | March 31, |
|  | 2015 |  |  | 2014 |
Cost of sales |  | $ | 3 |  |  | $ | 2 |
Product development |  |  | 3 |  |  |  | (1 | )
Selling, general, and administrative |  |  | 106 |  |  |  | 122 |
Total stock-based compensation |  | $ | 112 |  |  | $ | 123 |
Total unearned stock-based compensation was $1.1 million at March 31, 2015, compared to $601 thousand at March 31, 2014. These costs will be charged to expense and amortized on a straight line basis in subsequent periods. The weighted average period over which the unearned compensation at March 31, 2015 is expected to be recognized is approximately 2.6 years. Stock options The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. Estimates utilized in the calculation include the expected life of the option, risk-free interest rate, and expected volatility, and are further comparatively detailed as follows:
|  | Three months ended |
|  | March 31, |
|  | 2015 |  |  | 2014 |
Fair value of options issued |  | $ | 4.07 |  |  | $ | 3.25 |
Exercise price |  | $ | 5.47 |  |  | $ | 4.23 |
Expected life of option (in years) |  |  | 5.9 |  |  |  | 5.6 |
Risk-free interest rate |  |  | 1.7 | % |  |  | 1.8 | %
Expected volatility |  |  | 91.3 | % |  |  | 98.0 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
A summary of option activity under all plans for the three months ended March 31, 2015 is shown as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding at December 31, 2014 |  |  | 459,271 |  |  | $ | 8.95 |  |  |  |  |
Granted |  |  | 208,500 |  |  |  | 5.47 |  |  |  |  |
Exercised |  |  | (321 | ) |  |  | 2.30 |  |  |  |  |
Cancelled/forfeited |  |  | (47,947 | ) |  |  | 6.35 |  |  |  |  |
Outstanding at March 31, 2015 |  |  | 619,503 |  |  | $ | 7.98 |  |  |  | 8.5 |
Vested and expected to vest at March 31, 2015 |  |  | 545,159 |  |  | $ | 7.35 |  |  |  | 8.4 |
Exercisable at March 31, 2015 |  |  | 304,654 |  |  | $ | 10.71 |  |  |  | 7.5 |
Restricted stock units A summary of restricted stock unit activity under all plans for the three months ended March 31, 2015 is shown as follows:
|  | Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding at December 31, 2014 |  |  | - |  |  | $ | - |  |  |  |  |
Granted |  |  | 60,750 |  |  |  | 5.47 |  |  |  |  |
Outstanding at March 31, 2015 |  |  | 60,750 |  |  | $ | 5.47 |  |  |  | 2.0 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 + Details
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