Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.8.0.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract]  
Restricted Stock Units Activity
A summary of the status of the Company's restricted stock units activity in 2017 is as follows:
 
   
Shares of Restricted
Stock Units
   
Weighted Average Grant Date Price per Share
 
             
Outstanding at January 1, 2017
   
350,891
   
$
11.44
 
   Granted
   
142,650
     
11.49
 
   Forfeited
   
(21,201
)
   
10.52
 
   Vested
   
(84,638
)
   
12.00
 
Outstanding at December 31, 2017
   
387,702
   
$
11.39
 
Expected to vest
   
380,992
         
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 and Warrants
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 January 1, 2017
   
1,348,437
   
$
7.79
             
   Granted
   
-
     
-
             
   Expired
   
-
     
-
             
   Exercised
   
(24,850
)
   
5.90
             
   Forfeited
   
-
     
-
             
Outstanding at December 31, 2017
   
1,323,587
   
$
7.82
     
4.2
   
$
7,518
 
Expected to vest
   
125,000
   
$
12.26
     
6.1
   
$
155
 
Exercisable at December 31, 2017
   
998,587
   
$
8.15
     
4.6
   
$
5,342
 
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, 2017
   
492,500
   
$
8.25
 
   Granted
   
-
     
-
 
   Forfeited
   
-
     
-
 
   Vested
   
(167,500
)
   
11.04
 
Non-vested at December 31, 2017
   
325,000
   
$
6.81