Quarterly report pursuant to Section 13 or 15(d)

Reduction in Force

Reduction in Force

6 Months Ended

Jun. 30, 2015

Restructuring and Related Activities [Abstract]

In March 2015, the Company initiated a reduction in force that included seven staff members and three executives. The executives continued as employees during transition periods of varying lengths, depending upon the nature and extent of responsibilities transitioned or wound down.

During the six-month period ended June 30, 2015, the Company recognized approximately $1.3 million of net expense as a result of the reduction in force, which includes actual and estimated separation costs as well as the impact of accelerated vesting or forfeiture of certain equity awards resulting from the separation of $273,000.

A summary of changes in accrued separation costs during the six-month period ended June 30, 2015 is presented below:



Accrued separation costs, December 31, 2014	$	449,351
Payments related to May 2014 reduction in force	(405,187		)
Charges incurred with March 2015 reduction in force	994,572
Payments related to March 2015 reduction in force	(984,072		)
Accrued separation costs, June 30, 2015	$	54,664

The remaining accrued separation costs related to the Company's reductions in force represent the estimated cost of continuing healthcare coverage, and are included in accrued liabilities and other on the consolidated balance sheet as of June 30, 2015.