| Options granted |
Options granted during the nine months ended September 30, 2013 were as follows:
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Grant Date |
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Expire Date |
Shares |
Exercise Price |
Fair Value(1)
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January 28, 2013 |
(2)(3) |
January 28, 2023 |
25,000 |
$ |
1.40 |
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$ |
23 |
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January 28, 2013 |
(2) |
January 28, 2023 |
2,235,000 |
$ |
1.40 |
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$ |
1,585 |
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February 20, 2013 |
(2) |
February 20, 2023 |
10,000 |
$ |
1.40 |
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$ |
7 |
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May 2, 2013 |
(2) |
May 2, 2023 |
25,000 |
$ |
1.43 |
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$ |
21 |
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May 9, 2013 |
(4) |
May 9, 2023 |
450,000 |
$ |
1.46 |
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$ |
376 |
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August 12, 2013 |
(2)(3)(5) |
August 12, 2023 |
43,212 |
$ |
1.66 |
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$ |
54 |
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2,788,212 |
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(1) |
Fair value is calculated using the Black-Scholes option pricing model. |
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(2) |
Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.
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(3) |
Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date. |
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(4) |
Options vest on the one year anniversary of the grant date. |
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(5) |
Options vest 25% on grant date and 25% on November 4, 2013, 2014 and 2015, respectively.
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