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Stock Options, Common Stock and Warrants (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Equity [Abstract] |
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| Schedule of Stock Options, Valuation Assumptions |
Fair values were determined on the grant date using the Black-Scholes model and the following level 3 assumptions for the years ended December 31, 2014, 2013 and 2012, respectively:
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2014 |
|
2013 |
|
2012 |
Stock Value (per share) |
$ |
11.53 |
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|
$ |
10.57 |
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|
$ |
2.91 |
|
Weighted-average expected term |
4.0 years |
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|
3.9 years |
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|
5.6 years |
|
Risk-free rate |
1.5 |
% |
|
1.1 |
% |
|
1.0 |
% |
Expected stock volatility |
58 |
% |
|
57 |
% |
|
48 |
% |
Dividend yield |
0 |
% |
|
0 |
% |
|
0 |
% |
Fair value of stock options granted |
$ |
5.14 |
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|
$ |
4.65 |
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|
$ |
1.30 |
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Row 44 warrants issued during the year ended December 31, 2012 were valued under the Black-Scholes valuation model using the following Level 3 assumptions:
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2012 |
Common Stock Value (per share) |
$2.91 - $9.34 |
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Expected Term |
5-7 years |
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Risk-free Interest Rate |
0.72% - 2.57% |
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Expected Stock Volatility |
50 |
% |
Dividend Yield |
— |
% |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for year ended December 31, 2014 is as follows (in thousands except per share and contractual term data):
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Global Eagle Stock Option Plan |
Shares |
|
Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
|
Aggregate Intrinsic Value |
Outstanding at December 31, 2013 |
5,285 |
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|
$ |
10.86 |
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|
|
|
|
Granted |
1,970 |
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|
$ |
11.53 |
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|
|
|
|
|
Exercised |
(430 |
) |
|
$ |
9.76 |
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|
|
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Forfeited |
(1,054 |
) |
|
$ |
13.77 |
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|
|
|
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Outstanding at December 31, 2014 |
5,771 |
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|
$ |
10.64 |
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|
3.57 |
|
$ |
17,759 |
|
Exercisable at December 31, 2014 |
1,770 |
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|
$ |
10.50 |
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|
2.80 |
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$ |
5,846 |
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Vested and expected to vest after December 31, 2014 |
4,996 |
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|
$ |
10.60 |
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|
3.49 |
|
$ |
15,586 |
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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, 2014:
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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) |
|
Weighted Average Exercise Price |
$16.07 - $16.90 |
25 |
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|
4.04 |
|
$ |
16.90 |
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|
— |
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|
$ |
— |
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$11.44 - $16.06 |
932 |
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|
4.07 |
|
$ |
13.67 |
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|
218 |
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|
$ |
15.20 |
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$10.57 - $11.43 |
1,260 |
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|
4.72 |
|
$ |
10.71 |
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|
29 |
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|
$ |
10.57 |
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$9.88 - $10.56 |
1,953 |
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|
2.63 |
|
$ |
10.00 |
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|
944 |
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|
$ |
10.00 |
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$8.88 - $9.87 |
1,601 |
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|
3.52 |
|
$ |
9.51 |
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|
579 |
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|
$ |
9.55 |
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|
5,771 |
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|
3.57 |
|
$ |
10.64 |
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|
1,770 |
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|
$ |
10.50 |
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| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
The following summarizes select information regarding our RSUs during the year ended December 31, 2014:
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Units (in thousands) |
|
Weighted Average Grant date Fair Value |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2014 |
— |
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|
$ |
— |
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Granted |
113 |
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$ |
14.75 |
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Vested |
(13 |
) |
|
$ |
17.09 |
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Forfeited |
(41 |
) |
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$ |
16.73 |
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Balance nonvested at December 31, 2014 |
59 |
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|
$ |
12.90 |
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$ |
811 |
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Vested and expected to vest at December 31, 2014 |
53 |
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|
$ |
12.90 |
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$ |
723 |
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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 was as follows for the years ended December 31, 2014, 2013 and 2012 (in thousands):
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Year ended December 31, |
Stock-based compensation expense: |
2014 |
|
2013 |
|
2012 |
Cost of sales |
$ |
36 |
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|
$ |
— |
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|
$ |
2 |
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Sales and marketing expenses |
46 |
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|
— |
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|
2 |
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Product development |
268 |
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|
— |
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|
3 |
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General and administrative |
7,717 |
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|
4,536 |
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|
1,634 |
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Total stock-based compensation expense |
$ |
8,067 |
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|
$ |
4,536 |
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$ |
1,641 |
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| Schedule of Share-based Compensation, Warrants, Activity |
The following is a summary of activity for Row 44 warrants for common stock convertible into GEE common stock for the two years in the period ended December 31, 2014:
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Number of Warrants (in thousands) |
|
Weighted Average Exercise price |
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Weighted Average Remaining Contractual Term (in years) |
Outstanding - December 31, 2012 |
2,899 |
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|
$ |
2.34 |
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Granted |
83 |
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|
$ |
— |
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Exercised |
(2,260) |
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(1) |
$ |
— |
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Outstanding - January 31, 2013 |
722 |
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|
$ |
9.38 |
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Granted |
— |
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|
$ |
— |
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Exercised |
— |
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|
$ |
— |
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Forfeited |
— |
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|
$ |
— |
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Outstanding - December 31, 2013 |
722 |
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|
$ |
9.38 |
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Forfeited |
(32) |
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$ |
23.53 |
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Outstanding - December 31, 2014 |
690 |
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$ |
8.79 |
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|
2.21 |
Exercisable at December 31, 2014 |
690 |
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$ |
8.79 |
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2.21 |
(1) Warrants exercised in January 2013 and prior to the Business Combination were retroactively adjusted as if they were exercised as of January 1, 2010.
The following is a summary of Global Eagle warrants for the year ended December 31, 2014:
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Global Eagle Warrants |
Number of Warrants (in thousands) |
|
Weighted Average Exercise price |
|
Weighted Average Remaining Contractual Term (in years) |
Outstanding at January 31, 2013 |
23,238 |
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|
$ |
11.50 |
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Granted |
— |
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|
$ |
— |
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Exercised |
(3 |
) |
|
$ |
11.50 |
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Purchased |
(403 |
) |
|
$ |
11.50 |
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Exchanged for Global Eagle common stock |
(12,683 |
) |
|
$ |
11.50 |
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Forfeited |
— |
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|
$ |
— |
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Outstanding and exercisable at December 31, 2013 |
10,149 |
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|
$ |
11.50 |
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|
3.09 |
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| Schedule of Share-based Compensation, Warrants, by Exercise Price Range |
The following is a summary of all Global Eagle warrants outstanding at December 31, 2014:
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Exercise Price per Warrant |
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Number of Warrants |
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Class of Shares |
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Weighted Average Remaining Life (in years) |
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$ |
11.50 |
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|
10,149 |
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Public Warrants |
|
3.09 |
Total outstanding |
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|
10,149 |
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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 December 31, 2014:
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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) |
Common stock warrants |
$ |
8.79 |
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|
690 |
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|
2.21 |
Series C Preferred stock warrants |
$ |
8.74 |
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|
734 |
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|
2.43 |
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