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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2015
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Common stock follow-on offering On September 11, 2015, the Company announced the pricing of a registered underwritten follow-on offering of shares of its common stock by it and certain of its stockholders (the "Selling Stockholders"). The Company sold 1.5 million shares of its common stock and the Selling Stockholders sold an additional 1.5 million shares of the Company’s common stock on the same terms and conditions. The offering closed on September 16, 2015 and we received $23.6 million in net proceeds from the transaction, after giving effect to underwriting discounts and commissions and estimated expenses. We expect to use the net proceeds from the offering to finance our growth efforts, for working capital, and other general corporate purposes. Warrants A summary of warrant activity for the nine months ended September 30, 2015 is presented as follows:
| Warrants Outstanding |  | Weighted Average Exercise Price During Period
Balance at December 31, 2014 | 969,549 |  |  | $ | 4.61 |
Exercised | (638,189 | ) |  | 4.58 |
Canceled/forfeited | (112,110 | ) |  | 5.54 |
Expired | (205,000 | ) |  | 4.20 |
Balance at September 30, 2015 | 14,250 |  |  | $ | 4.30 |
Exercisable at September 30, 2015 | — |  |  | $ | — |
Stock-based compensation 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 presented (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Cost of sales | $ | 11 |  |  | $ | 4 |  |  | $ | 29 |  |  | $ | 8 |
Product development | 10 |  |  | 3 |  |  | 26 |  |  | 5 |
Selling, general, and administrative | 294 |  |  | 140 |  |  | 544 |  |  | 380 |
Total stock-based compensation | $ | 315 |  |  | $ | 147 |  |  | $ | 599 |  |  | $ | 393 |
Total unearned stock-based compensation was $1.4 million at September 30, 2015, compared to $485 thousand at September 30, 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 September 30, 2015 is expected to be recognized is approximately 2.1 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:
| Nine months ended September 30,
| 2015 |  | 2014
Fair value of options issued | $ | 5.18 |  |  | $ | 3.44 |
Exercise price | $ | 7.04 |  |  | $ | 4.48 |
Expected life of option (in years) | 5.8 |  |  | 5.6 |
Risk-free interest rate | 1.7 | % |  | 1.8 | %
Expected volatility | 90.7 | % |  | 97.9 | %
Dividend yield | 0.0 | % |  | 0.0 | %
A summary of option activity under all plans for the nine months ended September 30, 2015 is presented as follows:
| Number of Option |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Life (in years)
Balance at December 31, 2014 | 459,271 |  |  | $ | 8.95 |  |  |
Granted | 326,000 |  |  | 8.35 |  |  |
Exercised | (45,361 | ) |  | 4.63 |  |  |
Canceled/forfeited | (105,565 | ) |  | 6.26 |  |  |
Expired | (5,900 | ) |  | 96.00 |  |  |
Balance at September 30, 2015 | 628,445 |  |  | $ | 8.58 |  |  | 8.4
Vested and expected to vest at September 30, 2015 | 575,974 |  |  | $ | 8.71 |  |  | 8.3
Exercisable at September 30, 2015 | 282,583 |  |  | $ | 9.18 |  |  | 7.2
Restricted stock units A summary of restricted stock unit activity under all plans for the nine months ended September 30, 2015 is presented as follows:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Life (in years)
Balance at December 31, 2014 | — |  |  | $ | — |  |  |
Granted | 72,750 |  |  | 6.82 |  |  |
Canceled/forfeited | (14,250 | ) |  | 5.55 |  |  |
Balance at September 30, 2015 | 58,500 |  |  | $ | 7.13 |  |  | 1.1

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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 -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 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 + Details
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