Common Stock, Stock Options and Warrants (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Equity [Abstract] |
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| Schedule of Stock Options, Valuation Assumptions |
Fair values of the stock options at June 30, 2016 and 2015 were determined using the Black-Scholes model and the following weighted average assumptions:
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Six Months Ended June 30, |
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2016 |
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2015 |
Common stock price on grant date |
$8.45 |
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$13.14 |
Expected life (in years) |
3.9 |
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4.0 |
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Risk-free interest rate |
1.12 |
% |
|
1.31 |
% |
Expected stock volatility |
45.0 |
% |
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50.0 |
% |
Expected dividend yield |
— |
% |
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— |
% |
Fair value of stock options granted |
$2.97 |
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$5.37 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for the six months ended June 30, 2016 is as follows:
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Global Eagle Stock Option Plan |
Shares (in thousands) |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2016 |
5,625 |
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$ |
11.20 |
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Granted |
937 |
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$ |
8.45 |
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Exercised |
(26 |
) |
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$ |
9.87 |
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Forfeited |
(246 |
) |
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$ |
11.51 |
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Outstanding at June 30, 2016 |
6,290 |
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$ |
10.78 |
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|
2.99 |
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$ |
2 |
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Vested and expected to vest at June 30, 2016 |
5,665 |
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$ |
10.77 |
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2.89 |
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$ |
1 |
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Exercisable at June 30, 2016 |
3,220 |
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$ |
10.79 |
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2.33 |
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$ |
— |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following summarizes select information regarding our RSUs during the six months ended June 30, 2016:
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Units (in thousands) |
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Weighted Average Grant Date Fair Value |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2016 |
408 |
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$ |
12.71 |
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Granted |
532 |
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$ |
7.90 |
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Vested |
(43 |
) |
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$ |
13.23 |
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Forfeited |
(42 |
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$ |
12.15 |
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Balance nonvested at June 30, 2016 |
855 |
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$ |
9.72 |
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$ |
5,677 |
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Vested and expected to vest at June, 2016 |
587 |
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$ |
9.78 |
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$ |
3,732 |
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| Schedule of Share-based Compensation Expense Allocation |
Stock-based compensation expense related to all employee and non-employee stock-based awards for the three and six months ended June 30, 2016 and 2015 was as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
Stock-based compensation expense: |
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Cost of services |
$ |
74 |
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$ |
124 |
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$ |
150 |
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$ |
165 |
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Sales and marketing expenses |
112 |
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338 |
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279 |
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364 |
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Product development |
246 |
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196 |
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494 |
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509 |
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General and administrative |
1,761 |
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|
894 |
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3,339 |
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3,064 |
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Total stock-based compensation expense |
$ |
2,193 |
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$ |
1,552 |
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$ |
4,262 |
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$ |
4,102 |
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| Schedule of Share-based Compensation, Warrants, by Exercise Price Range |
The following is a summary of the "Legacy Row 44 Warrants" outstanding as of June 30, 2016. Our Legacy Row 44 Warrants are warrants issued by a legacy entity purchased as part of the Business Combination. The Legacy Row 44 Warrants were originally exercisable for shares of Row 44, but as a result of the Business Combination became exercisable for Company common stock.
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Weighted Average Exercise Price per Warrant |
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Number of Warrants (as converted) (in thousands) |
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Weighted Average Remaining Life
(in years)
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Legacy Row 44 Warrants (1)
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$ |
8.79 |
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690 |
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0.72 |
Legacy Row 44 Warrants (2)
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$ |
8.62 |
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477 |
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|
0.94 |
(1) Originally issuable for Row 44 common stock.
(2) Originally issuable for Row 44’s Series C preferred stock.
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| Schedule of Share-based Compensation, Warrants, Activity |
The following is a summary of Public SPAC Warrants outstanding as of June 30, 2016. There was no activity for the three months ended June 30, 2016.
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Public SPAC Warrants |
Number of Warrants (in thousands) |
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Weighted Average Exercise price |
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Weighted Average Remaining Contractual Term (in years) |
Outstanding and exercisable at June 30, 2016 |
6,173 |
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$ |
11.50 |
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1.59 |
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