Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.3.1.900
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2015
Stock option plans
Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, performance awards of stock and/or cash, and stock awards of restricted stock.
 
 
 
2007
 
2009
 
2014
 
 
 
 
 
Plan
 
Plan
 
Plan
 
Total
 
Outstanding as of  December 31, 2015
 
 
37,447
 
 
120,842
 
 
864,500
 
 
1,022,789
 
Available for future issuance under plan
 
 
 
 
 
 
744,295
 
 
744,295
 
Totals authorized by plan
 
 
37,447
 
 
120,842
 
 
1,608,795
 
 
1,767,084
 
Summary of Stock Option Activity
The following table summarizes stock option activity for the years ended December 31, 2015 and 2014:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
Average
 
 
 
Number of
 
Average
 
Remaining Life
 
 
 
Shares
 
Exercise Price
 
(years)
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
 
214,518
 
$
9.72
 
 
6.11
 
Granted
 
 
548,000
 
 
2.63
 
 
 
 
Exercised
 
 
(10,819)
 
 
1.71
 
 
 
 
Expired or Forfeited
 
 
(31,148)
 
 
2.71
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
720,551
 
$
4.46
 
 
8.56
 
Granted
 
 
374,000
 
 
5.67
 
 
 
 
Exercised
 
 
(15,833)
 
 
2.60
 
 
 
 
Expired or Forfeited
 
 
(55,929)
 
 
8.12
 
 
 
 
Outstanding at December 31, 2015
 
 
1,022,789
 
$
4.59
 
 
7.56
 
Summary of assumptions used to compute the fair value of stock options granted
The following summary table shows the assumptions used to compute the fair value of stock options granted during 2015 and 2014 and their estimated value:
 
December 31,
 
2015
 
2014
 
Assumptions for Black-Scholes:
 
 
 
 
 
 
 
Expected term in years
 
 
6.0 to 7.9
 
 
5.6 to 10.0
 
Volatility
 
 
111.4 to 113.5%
 
 
118.6 to 119.7%
 
Risk-free interest rate
 
 
1.74% to 2.02%
 
 
1.70 to 2.42%
 
Expected annual dividends
 
 
None
 
 
None
 
 
 
 
 
 
 
 
 
Value of options granted:
 
 
 
 
 
 
 
Number of options granted
 
 
374,000
 
 
548,000
 
Weighted average fair value/share
 
$
4.50
 
$
2.63
 
Fair value of options granted
 
$
1,684,179
 
$
1,241,994