Common Stock, Share-based Awards and Warrants (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Equity [Abstract] |
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| Schedule of Stock Options, Valuation Assumptions |
Fair values of the stock options as of September 30, 2016 and 2015 were determined using the Black-Scholes model and the following weighted average assumptions:
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Nine Months Ended September 30, |
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2016 |
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2015 |
Common stock price on grant date |
$8.31 |
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$12.9 |
Expected life (in years) |
3.8 |
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3.8 |
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Risk-free interest rate |
1.12 |
% |
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1.3 |
% |
Expected stock volatility |
44.0 |
% |
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43.0 |
% |
Expected dividend yield |
— |
% |
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— |
% |
Fair value of stock options granted |
$2.88 |
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$4.41 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for the nine months ended September 30, 2016 is as follows:
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Global Eagle Stock Option Plan |
Shares (in thousands) |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2016 |
5,625 |
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$ |
11.20 |
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Granted |
1,680 |
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$ |
8.31 |
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Exercised |
(26 |
) |
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$ |
9.87 |
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Forfeited |
(562 |
) |
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$ |
11.42 |
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Outstanding at September 30, 2016 |
6,717 |
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$ |
10.46 |
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|
2.78 |
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$ |
580 |
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Vested and expected to vest at September 30, 2016 |
6,041 |
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$ |
10.54 |
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2.79 |
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$ |
415 |
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Exercisable at September 30, 2016 |
3,562 |
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$ |
10.82 |
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2.04 |
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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 nine months ended September 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 |
1,359 |
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$ |
8.01 |
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Vested |
(87 |
) |
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$ |
12.79 |
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Forfeited |
(93 |
) |
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$ |
11.62 |
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Balance nonvested at September 30, 2016 |
1,587 |
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$ |
8.74 |
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$ |
13,180 |
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Vested and expected to vest at September 30, 2016 |
980 |
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$ |
8.74 |
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$ |
7,938 |
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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 nine months ended September 30, 2016 and 2015 was as follows (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 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 |
$ |
75 |
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$ |
81 |
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$ |
225 |
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$ |
246 |
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Sales and marketing expenses |
150 |
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177 |
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429 |
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540 |
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Product development |
250 |
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262 |
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743 |
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771 |
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General and administrative |
3,324 |
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1,627 |
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6,664 |
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4,691 |
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Total stock-based compensation expense |
$ |
3,799 |
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$ |
2,147 |
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$ |
8,061 |
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$ |
6,248 |
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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 September 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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0.00 |
Legacy Row 44 Warrants (2)
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$ |
8.62 |
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477 |
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0.00 |
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(1) |
Originally issuable for Row 44 common stock, and now issuable for Company common stock. |
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(2) |
Originally issuable for Row 44’s Series C preferred stock, and now issuable for Company common stock. |
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| Schedule of Share-based Compensation, Warrants, Activity |
The following is a summary of Public SPAC Warrants outstanding as of September 30, 2016. There was no activity for the three months ended September 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 September 30, 2016 |
6,173 |
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$ |
11.50 |
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0.00 |
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