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Stock Options and Warrants (Tables)
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3 Months Ended |
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Mar. 31, 2015
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| Equity [Abstract] |
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| Schedule of Stock Options, Valuation Assumptions |
Fair values of the stock options at March 31, 2015 and 2014 were determined using the Black-Scholes model and the following weighted average level 3 assumptions:
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Three Months Ended March 31, |
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2015 |
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2014 |
Common stock price on grant date |
$13.14 |
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$16.88 |
Expected life (in years) |
4.0 |
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|
4.0 |
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Risk-free interest rate |
1.31 |
% |
|
1.75 |
% |
Expected stock volatility |
50 |
% |
|
65 |
% |
Expected dividend yield |
— |
% |
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— |
% |
Fair value of stock options granted |
$5.37 |
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$8.48 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
Stock option activity for the three months ended March 31, 2015 is as follows:
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Global Eagle Stock Option Plan |
Shares (in thousands) |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2015 |
5,771 |
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$ |
10.64 |
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Granted |
795 |
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$ |
13.14 |
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Exercised |
(513 |
) |
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$ |
9.84 |
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Forfeited |
(121 |
) |
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$ |
12.59 |
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Outstanding at March 31, 2015 |
5,932 |
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$ |
11.01 |
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|
3.73 |
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$ |
14,161 |
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Vested and expected to vest at March 31, 2015 |
5,122 |
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$ |
10.95 |
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3.64 |
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$ |
12,706 |
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Exercisable at March 31, 2015 |
1,471 |
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$ |
10.44 |
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2.75 |
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$ |
4,479 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following summarizes select information regarding our RSUs during the three months ended March 31, 2015:
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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, 2015 |
59 |
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$ |
12.90 |
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Granted |
123 |
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$ |
13.15 |
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Forfeited |
(6 |
) |
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$ |
12.90 |
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Balance nonvested at March 31, 2015 |
176 |
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$ |
13.07 |
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$ |
2,359 |
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Vested and expected to vest at March 31, 2015 |
155 |
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$ |
13.07 |
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$ |
2,060 |
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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 months ended March 31, 2015 and 2014 were as follow, (in thousands):
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Three Months Ended March 31, |
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2015 |
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2014 |
Stock-based compensation expense: |
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Cost of services |
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$ |
41 |
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$ |
— |
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Sales and marketing expenses |
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26 |
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— |
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Product development |
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313 |
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— |
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General and administrative |
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2,170 |
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2,616 |
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Total stock-based compensation expense |
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$ |
2,550 |
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$ |
2,616 |
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| Schedule of Share-based Compensation, Warrants, by Exercise Price Range |
The following is a summary of non-public warrants outstanding as of March 31, 2015 that the Company assumed in the Business Combination:
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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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Common stock warrants |
$ |
8.79 |
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|
690 |
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|
1.97 |
Series C Preferred stock warrants |
$ |
8.74 |
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|
734 |
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|
2.19 |
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| Schedule of Share-based Compensation, Warrants, Activity |
for the three months ended March 31, 2015 is as follows:
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Global Eagle Warrants |
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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 at January 1, 2015 |
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10,149 |
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$ |
11.5 |
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Exercised |
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(19 |
) |
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11.5 |
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Outstanding and exercisable at March 31, 2015 |
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10,130 |
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$ |
11.5 |
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2.84 |
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