Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.3.1.900
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2015
SHARE-BASED COMPENSATION [Abstract]  
Restricted Stock Activity
A summary of the status of the Company's restricted stock activity in 2015 is as follows:

   
Shares of Restricted
Stock
   
Weighted Average Grant Date Price per Share
 
             
Outstanding at January 1, 2015
   
-
   
$
-
 
   Granted
   
167,040
     
14.15
 
   Vested
   
(19,000
)
   
14.22
 
Outstanding at December 31, 2015
   
148,040
   
$
14.14
 
Expected to vest
   
148,040
         
Black-Scholes Option Valuation Assumptions
The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility
   
84
%
Expected dividends
 
None
 
Expected term (in years)
   
6.25
 
Risk free interest rate
   
1.95
%
The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility
   
85
%
Expected dividends
 
None
 
Expected term (in years)
   
6.25
 
Risk free interest rate
   
1.33
%
The fair value of the options granted was calculated using the Black-Scholes option valuation model with the following assumptions:

Expected volatility
   
87
%
Expected dividends
 
None
 
Expected term (in years)
   
6.5
 
Risk free interest rate
   
0.92
%
The fair value of the 2011 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility
 
96% to 413%
 
Expected dividends
 
None
 
Expected term (in years)
   
5-10
 
Risk free interest rate
 
1.26% to 3.34%
 
The fair value of the 2010 options granted was calculated using the Black-Scholes option valuation model with the following range of assumptions:

Expected volatility
 
338% to 467%
 
Expected dividends
 
None
 
Expected term (in years)
   
5-10
 
Risk free interest rate
 
2.37% to 3.68%
 
Summary of Status of Stock Option Awards
A summary of the status of the Company's stock option and warrant awards is presented below:

   
Stock Options and Warrants
   
Weighted
Average
Exercise
Price
Per Share
   
Weighted
Average
Remaining
Contractual
Life
   
Intrinsic
Value
(in thousands)
 
Outstanding at December 31, 2014
   
1,598,191
   
$
7.16
             
   Granted
   
-
     
-
             
   Expired
   
-
     
-
             
   Exercised
   
(221,754
)
   
3.94
             
   Forfeited
   
-
     
-
             
Outstanding at December 31, 2015
   
1,376,437
   
$
7.68
     
6.1
   
$
6,483
 
Expected to vest
   
522,500
   
$
10.63
     
7.8
   
$
920
 
Exercisable at December 31, 2015
   
653,937
   
$
6.63
     
5.6
   
$
3,767
 
Summary of Status of Non-Vested Options
A summary of the status of the Company's non-vested options that are expected to vest is presented below:

   
Shares
   
Weighted
Average
Grant-Date
Fair Value
Per Share
 
Non-vested at January 1, 2015
   
825,250
   
$
9.59
 
   Granted
   
-
     
-
 
   Forfeited
   
-
     
-
 
   Vested
   
(325,250
)
   
7.79
 
Non-vested at December 31, 2015
   
500,000
   
$
10.76