Common Stock, Stock-Based Awards and Warrants (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Equity [Abstract] |
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| Schedule of Stock Options, Valuation Assumptions |
air values of stock options issued were determined on the grant date using the Black-Scholes option pricing model and the following level 3 assumptions for the years ended December 31, 2016, 2015 and 2014, respectively:
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2016 |
|
2015 |
|
2014 |
Common stock price on grant date |
$ |
8.34 |
|
|
$ |
12.91 |
|
|
$ |
11.53 |
|
Expected life (in years) |
3.91 |
|
|
3.77 |
|
|
4.00 |
|
Risk-free interest rate |
1.15 |
% |
|
1.28 |
% |
|
1.52 |
% |
Expected stock volatility |
44 |
% |
|
43 |
% |
|
58 |
% |
Expected dividend yield |
0 |
% |
|
0 |
% |
|
0 |
% |
Fair value of stock options granted |
$ |
2.93 |
|
|
$ |
4.41 |
|
|
$ |
5.14 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for year ended December 31, 2016 is as follows:
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Shares
(in thousands)
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|
Weighted Average Exercise Price |
|
Weighted Average Remaining Contractual Term (in years) |
|
Aggregate Intrinsic Value
(in thousands)
|
Balance unexercised at January 1, 2016 |
5,625 |
|
|
$ |
11.20 |
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|
3.18 |
|
$ |
204 |
|
Granted |
1,927 |
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|
$ |
8.34 |
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|
|
|
|
Exercised |
(26 |
) |
|
$ |
9.87 |
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|
|
|
Forfeited |
(780 |
) |
|
$ |
11.42 |
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Balance unexercised at December 31, 2016 |
6,746 |
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|
$ |
10.36 |
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|
2.70 |
|
$ |
59 |
|
Exercisable at December 31, 2016 |
3,837 |
|
|
$ |
10.81 |
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|
1.82 |
|
$ |
— |
|
Vested and expected to vest after December 31, 2016 |
6,121 |
|
|
$ |
10.45 |
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|
2.55 |
|
$ |
43 |
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| Schedule of Share-based Compensation, Stock Options, by Exercise Price Range |
The following is a summary of the Company’s stock options outstanding at December 31, 2016:
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Range of Exercise Price |
Number Outstanding
(in thousands)
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Weighted Average Remaining Contractual Term (in years) |
|
Weighted Average Exercise Price |
|
Number Exercisable
(in thousands)
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|
Weighted Average Exercise Price |
$12.90 - $16.70 |
1,215 |
|
|
2.87 |
|
$ |
13.38 |
|
|
745 |
|
|
$ |
13.44 |
|
$10.57 - $12.51 |
1,436 |
|
|
2.56 |
|
$ |
11.24 |
|
|
860 |
|
|
$ |
11.04 |
|
$10.00 - $10.00 |
1,380 |
|
|
1.34 |
|
$ |
10.00 |
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|
1,342 |
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|
$ |
10.00 |
|
$9.25 - $9.87 |
1,286 |
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|
2.28 |
|
$ |
9.54 |
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|
801 |
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|
$ |
9.70 |
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$6.18 - $9.21 |
1,429 |
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|
4.40 |
|
$ |
8.01 |
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|
89 |
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|
$ |
8.72 |
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|
6,746 |
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|
2.70 |
|
$ |
10.36 |
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|
3,837 |
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|
$ |
10.81 |
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| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
RSU activity during the year ended December 31, 2016 was as follows:
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Shares (in thousands) |
|
Weighted Average Grant Date Fair Value |
|
Aggregate Intrinsic Value (in thousands) |
Balance nonvested at January 1, 2016 |
408 |
|
|
$ |
12.71 |
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|
Granted |
1,618 |
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|
$ |
7.91 |
|
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|
Vested |
(264 |
) |
|
$ |
9.62 |
|
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Forfeited |
(124 |
) |
|
$ |
10.98 |
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Balance nonvested at December 31, 2016 |
1,638 |
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|
$ |
8.60 |
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|
$ |
10,579 |
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Vested and expected to vest at December 31, 2016 |
1,068 |
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|
$ |
8.48 |
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|
$ |
6,899 |
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| Schedule of Share-based Compensation Expense Allocation |
Stock-based compensation expense related to all employee and, where applicable, non-employee stock-based awards was as follows for the years ended December 31, 2016, 2015 and 2014 (in thousands):
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Year Ended December 31, |
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2016 |
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2015 |
|
2014 |
Consolidated Statement of Operations Classification: |
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Cost of sales |
$ |
313 |
|
|
$ |
322 |
|
|
$ |
36 |
|
Sales and marketing |
629 |
|
|
701 |
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|
46 |
|
Product development |
994 |
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|
1,020 |
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|
268 |
|
General and administrative |
8,811 |
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|
6,192 |
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|
7,717 |
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Total |
$ |
10,747 |
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|
$ |
8,235 |
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|
$ |
8,067 |
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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 December 31, 2016:
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Weighted Average Exercise Price per Warrant |
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Number of Warrants (in thousands) |
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Weighted Average Remaining Life (in years) |
Legacy Row 44 Warrants (1)
|
$ |
8.79 |
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|
689 |
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|
0.21 |
Legacy Row 44 Warrants (2)
|
$ |
8.62 |
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|
477 |
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|
0.43 |
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(1) |
Originally issuable for Row 44 common stock, and now issuable for Company common stock. The exercise period for these Legacy Row 44 Warrants expired on March 20, 2017. |
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(2) |
Originally issuable for Row 44’s Series C preferred stock and now issuable for Company common stock. The exercise period for these Legacy Row 44 Warrants expired on June 7, 2017. |
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| Schedule of Share-based Compensation, Warrants, Activity |
The following is a summary of Public SPAC Warrants for the year ended December 31, 2016:
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Number of Warrants (in thousands) |
|
Weighted Average Exercise price |
|
Weighted Average Remaining Contractual Term (in years) |
Outstanding at January 1, 2016 |
6,173 |
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|
$ |
11.50 |
|
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Granted |
— |
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|
— |
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Exercised |
— |
|
|
— |
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Purchased |
— |
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|
— |
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Exchanged for Global Eagle common stock |
— |
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|
— |
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Forfeited |
— |
|
|
— |
|
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|
Outstanding and exercisable at December 31, 2016 |
6,173 |
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|
$ |
11.50 |
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|
1.08 |
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