|
Common Stock, Stock Options and Warrants (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Equity [Abstract] |
|
| Schedule of Stock Options, Valuation Assumptions |
Fair values of the stock options at June 30, 2014 and 2013 were determined using the Black-Scholes model and the following weighted average level 3 assumptions:
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2014 |
|
2013 |
Common stock price on grant date |
$10.71 |
|
$9.96 |
Expected life (in years) |
4.00 |
|
|
4.00 |
|
Risk-free interest rate |
1.57 |
% |
|
0.77 |
% |
Expected stock volatility |
64 |
% |
|
50 |
% |
Expected dividend yield |
— |
% |
|
— |
% |
Fair value of stock options granted |
$5.24 |
|
$3.97 |
|
| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for the six months ended June 30, 2014 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Eagle Stock Option Plan |
Shares |
|
Weighted Average Exercise Price |
|
Weighted Average Remaining Contractual Term (in years) |
|
Aggregate Intrinsic Value (in millions) |
Outstanding at January 1, 2014 |
5,285,000 |
|
|
$ |
10.86 |
|
|
|
|
|
|
Granted |
1,135,000 |
|
|
$ |
10.71 |
|
|
|
|
|
Exercised |
(117,708 |
) |
|
$ |
9.33 |
|
|
|
|
|
Forfeited |
(487,292 |
) |
|
$ |
12.86 |
|
|
|
|
|
Outstanding at June 30, 2014 |
5,815,000 |
|
|
$ |
10.69 |
|
|
4.29 |
|
$ |
12.23 |
|
Vested and expected to vest at June 30, 2014 |
4,867,119 |
|
|
$ |
10.67 |
|
|
4.24 |
|
$ |
10.31 |
|
Exercisable at June 30, 2014 |
1,245,523 |
|
|
$ |
10.42 |
|
|
3.74 |
|
$ |
2.73 |
|
|
| Schedule of Nonvested Restricted Stock Units Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
Weighted Average Grant date Fair Value |
|
Aggregate Intrinsic Value (in millions) |
Outstanding at January 1, 2014 |
— |
|
|
$ |
— |
|
|
|
Granted |
50,000 |
|
|
$ |
17.09 |
|
|
|
Vested |
— |
|
|
$ |
— |
|
|
|
Forfeited |
— |
|
|
$ |
— |
|
|
|
Balance nonvested at June 30, 2014 |
50,000 |
|
|
$ |
17.09 |
|
|
$ |
0.62 |
|
Vested and expected to vest at June 30, 2014 |
37,876 |
|
|
$ |
17.09 |
|
|
$ |
0.47 |
|
|
| 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, 2014 and 2013 were as follow, (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Stock-based compensation expense: |
|
|
|
|
|
|
|
Cost of services |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Sales and marketing expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
Product development |
— |
|
|
— |
|
|
— |
|
|
— |
|
General and administrative |
1,973 |
|
|
496 |
|
|
4,589 |
|
|
1,376 |
|
Total stock-based compensation expense |
$ |
1,973 |
|
|
$ |
496 |
|
|
$ |
4,589 |
|
|
$ |
1,376 |
|
|
| Schedule of Share-based Compensation, Warrants, by Exercise Price Range |
The following is a summary of all Row 44 warrants converted to warrants to purchase GEE common stock (exercise price per warrant and number of warrants presented using the conversion ratio to Global Eagle common stock used in the Row 44 Merger) outstanding at June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Exercise Price per Warrant |
|
Number of Warrants (as converted) |
|
Weighted Average Remaining Life
(in years)
|
Common stock warrants |
$ |
9.45 |
|
|
721,600 |
|
|
2.62 |
Series C Preferred stock warrants |
$ |
8.74 |
|
|
734,451 |
|
|
2.94 |
|
| Schedule of Share-based Compensation, Warrants, Activity |
The following is a summary of warrants originally issued by GEAC, including public and privately placed warrants, for the six months ended June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
Global Eagle Warrants |
|
Number of Warrants |
|
Weighted Average Exercise price |
|
Weighted Average Remaining Contractual Term (in years) |
Outstanding at January 1, 2014 |
|
23,237,717 |
|
|
$ |
11.5 |
|
|
|
Granted |
|
— |
|
|
— |
|
|
|
Exercised |
|
(3,400 |
) |
|
11.5 |
|
|
|
Purchased |
|
(403,054 |
) |
|
11.5 |
|
|
|
Forfeited |
|
— |
|
|
— |
|
|
|
Outstanding and exercisable at June 30, 2014 |
|
22,831,263 |
|
|
$ |
11.5 |
|
|
3.59 |
|