Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 4 | | Stock-Based Compensation | | | | | | | | | | | | | | |
The Company has six stock-based compensation plans under which employees, consultants and outside directors have received stock options and restricted stock awards. The Company’s policy is to grant stock options at an exercise price equal to 100% of the market value of a share of common stock at closing on the date of the grant. The Company’s stock options generally have ten-year contractual terms and vest over a one to five year period from the date of grant. The Company’s policy is to grant restricted stock awards at a fair value equal to 100% of the market value of a share of common stock at closing on the date of the grant. The Company’s restricted stock awards generally vest over one to three year periods. |
2015 Incentive Compensation Plan – On April 14, 2015, the Company’s stockholders approved and adopted the 2015 Incentive Compensation Plan, (the “2015 Plan”). The 2015 Plan provides for the grant of incentive and nonqualified stock options and restricted stock to key employees, including officers and directors of the Company and consultants and advisors. The 2015 Plan allows for up to 4,656,587 shares of common stock to be issued with respect to awards granted. |
1998 Stock Option Plan, 2004 Equity Incentive Plan, 2010 Equity Incentive Plan, TMI 1996 Stock Option Plan and TMI 2006 Incentive and Non-Statutory Stock Option Plan – The Company adopted equity incentive plans in 1998 (the “1998 Plan”), 2004 (the “2004 Plan”) and 2010 (the “2010 Plan”) and in connection with the merger with TMI in 2008, the Company assumed the TMI 1996 Stock Option Plan (the “1996 Plan”) and the TMI 2006 Incentive and Non-Statutory Stock Option Plan (the “2006 Plan”), which provided for the grant of incentive and nonqualified stock options and restricted stock to key employees, including officers and directors of the Company and consultants and advisors. With the adoption of the 2015 Plan, new stock options and restricted stock may no longer be awarded under the 1998 Plan, 2004 Plan, 2010 Plan, 1996 Plan or the 2006 Plan. |
Stock Options |
As of March 31, 2015, there was $4,079 of total unrecognized stock-based compensation related to nonvested stock options. That expense is expected to be recognized over a weighted-average period of 3.64 years. |
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Stock options outstanding, exercisable and available for grant at March 31, 2015 are summarized as follows: |
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| | Number of | | | Weighted | | | Weighted | | | Aggregate | |
Shares | Average | Average | Intrinsic |
| Exercise | Remaining | Value |
| Price | Contractual | |
| | Life (Years) | |
Outstanding at January 1, 2015 | | | 5,735,784 | | | $ | 4.34 | | | | | | | | | |
Granted | | | 915,000 | | | | 5.23 | | | | | | | | | |
Exercised | | | (235,500 | ) | | | 3.03 | | | | | | | | | |
Forfeited or expired | | | (24,500 | ) | | | 3.96 | | | | | | | | | |
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Outstanding at March 31, 2015 | | | 6,390,784 | | | $ | 4.52 | | | | 6.12 | | | $ | 5,569 | |
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Vested or expected to vest at March 31, 2015 | | | 6,062,442 | | | $ | 4.51 | | | | 5.94 | | | $ | 5,408 | |
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Exercisable at March 31, 2015 | | | 3,720,984 | | | $ | 4.7 | | | | 4.36 | | | $ | 3,477 | |
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Available for grant at March 31, 2015 | | | 686,587 | | | | | | | | | | | | | |
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The aggregate intrinsic value in the tables above represents the total pre-tax intrinsic value of stock options for which the fair market value of the underlying common stock exceeded the respective stock option exercise price. |
Other information concerning stock options are as follows: |
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| | For the Three Months Ended | | | | | | | | | |
March 31, | | | | | | | | |
| | 2015 | | | 2014 | | | | | | | | | |
Weighted average fair value of stock options granted | | $ | 2.48 | | | $ | 1.84 | | | | | | | | | |
Aggregate intrinsic value of stock options exercised | | | 510 | | | | 51 | | | | | | | | | |
The aggregate intrinsic value of stock options exercised in a period represents the pre-tax cumulative difference between the fair market value of the underlying common stock and the stock option exercise prices, of the stock options exercised during the period. |
Restricted Stock Awards |
During the first quarter of 2015, the Company granted 110,000 shares of restricted stock with a weighted-average grant date fair value of $5.23 per share which vest over a three year period. As of March 31, 2015, there was $881 of total unrecognized stock-based compensation related to time-based, nonvested restricted stock. That expense is expected to be recognized on a straight-line basis over a weighted-average period of 1.43 years. |
For the three months ended March 31, 2015 and 2014, the Company recognized stock-based compensation as follows: |
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| | For the Three Months Ended | | | | | | | | | |
March 31, | | | | | | | | |
| | 2015 | | | 2014 | | | | | | | | | |
Stock-based compensation: | | | | | | | | | | | | | | | | |
Costs of processing and distribution | | $ | 33 | | | $ | 33 | | | | | | | | | |
Marketing, general and administrative | | | 525 | | | | 442 | | | | | | | | | |
Research and development | | | 15 | | | | 15 | | | | | | | | | |
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Total | | $ | 573 | | | $ | 490 | | | | | | | | | |
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