Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.5.0.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

4.

Stock-Based Compensation

For the three-month periods ended June 30, 2016 and 2015, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately $(79,000) and $412,000, respectively.  For the six-month periods ended June 30, 2016 and 2015, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately $261,000 and $1.5 million, respectively.  We have not recorded any income tax benefit related to stock-based compensation in any of the three-month or six-month periods ended June 30, 2016 and 2015.

A summary of the status of our stock options as of June 30, 2016, and changes during the six-month period then ended, is presented below:

 

 

 

Six Months Ended June 30, 2016

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

Aggregate

Intrinsic

Value

 

Outstanding at beginning of period

 

 

5,437,064

 

 

$

1.96

 

 

 

 

 

 

 

Granted

 

 

459,457

 

 

 

1.05

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Canceled and Forfeited

 

 

(1,504,550

)

 

 

1.58

 

 

 

 

 

 

 

Expired

 

 

(299,000

)

 

 

2.42

 

 

 

 

 

 

 

Outstanding at end of period

 

 

4,092,971

 

 

$

1.97

 

 

7.0 years

 

$

21,450

 

Exercisable at end of period

 

 

2,808,491

 

 

$

2.05

 

 

6.5 years

 

$

21,450

 

 

A summary of the status of our unvested restricted stock as of June 30, 2016, and changes during the six-month period then ended, is presented below:

 

 

 

Six Months Ended

June 30, 2016

 

 

 

Number of

Shares

 

 

Weighted

Average

Grant-Date

Fair Value

 

Unvested at beginning of period

 

 

361,000

 

 

$

1.69

 

Granted

 

 

168,000

 

 

 

1.20

 

Vested

 

 

(66,000

)

 

 

1.65

 

Forfeited

 

 

(206,000

)

 

 

1.77

 

Unvested at end of period

 

 

257,000

 

 

$

1.32

 

 

During the six-month period ended June 30, 2016, 66,000 shares of restricted stock held by non-employee directors with an aggregate fair value of $63,360 vested as scheduled according to the terms of the restricted stock agreements.  Also during the six-month period ended June 30, 2016, 206,000 shares of unvested restricted stock were forfeited upon resignation of certain directors and an officer.

As of June 30, 2016, there was approximately $527,000 of total unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average vesting term of 1.3 years.