Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.5.0.2
Stock-Based Compensation
9 Months Ended
Sep. 30, 2016
Stock-Based Compensation

13. Stock-Based Compensation

The 2003 Plan

During the nine months ended September 30, 2016, no options were issued or exercised, and no options vested. Options outstanding at September 30, 2016 had no intrinsic value. The following table presents a summary of activity for the nine months ended September 30, 2016:

 

     Number of
Options
     Weighted
Average
Exercise Price
     Weighted
Average
Contractual Life
 

Outstanding, January 1, 2016

     31,483       $ 43.64         3.77   

Expired

     (3,655      44.64      
  

 

 

    

 

 

    

 

 

 

Outstanding and expected to vest, September 30, 2016

     27,828       $ 44.76         3.26   
  

 

 

    

 

 

    

 

 

 

The 2013 Plan

Under our 2013 Stock Incentive Plan, as amended (the “2013 Plan”), an aggregate of 1,100,000 shares (which includes an additional 500,000 shares approved by the shareholders on May 12, 2016) of our common stock may be issued to officers, employees, non-employee directors and consultants of Revolution and its affiliates. Awards under the 2013 Plan may be in the form of stock options, which may constitute incentive stock options, or non-qualified stock options, restricted shares, restricted stock units, performance awards, stock bonus awards, share appreciation rights and other stock-based awards. Stock options will be issued at an exercise price not less than 100% of the market value at the date of grant and expire no later than ten years after the date of grant. Stock awards typically vest over three years but vesting periods for non-employees may be longer or based on the achievement of performance goals.

Restricted Shares

During the nine months ended September 30, 2016, we granted restricted shares to Aston Capital, LLC (see Note 14) and eligible directors who serve on the Board of Directors, which vest ratably over a three-year period. These awards are classified as liability awards, and are remeasured to fair value at each reporting date and upon vesting.

The following table presents a summary of activity for the nine months ended September 30, 2016:

 

     Number of
Shares
     Weighted Average
Grant Date
Fair Value (1)
 

Outstanding, January 1, 2016

     134,633       $ 19.36   

Granted

     327,508         6.25   

Vested

     (73,494      16.70   

Forfeited

     (19,214      19.54   
  

 

 

    

 

 

 

Outstanding and expected to vest, September 30, 2016

     369,433       $ 7.52   
  

 

 

    

 

 

 

 

Restricted Share Units

During the nine months ended September 30, 2016, we granted restricted share units to employees which vest ratably over a three-year period. These awards are classified as equity awards, and are accounted for using the fair value established at the grant date.

The following table presents a summary of activity for the nine months ended September 30, 2016:

 

     Number of
Shares
     Weighted Average
Grant Date
Fair Value
 

Outstanding, January 1, 2016

     —         $ —     

Granted

     102,350         7.16   

Vested

     (3,333      10.30   
  

 

 

    

 

 

 

Outstanding and expected to vest, September 30, 2016

     99,017       $ 7.05   
  

 

 

    

 

 

 

At September 30, 2016, there was $0.6 million of unrecognized compensation expense related to nonvested restricted share units, which is expected to be recognized over a weighted-average period of 2.7 years.