| Options granted |
Options granted during the nine months ended September 30, 2014 were as follows:
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Grant Date |
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Expiration Date |
Shares |
Exercise Price |
Fair Value(1)
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January 17, 2014 |
(2)(3) |
January 17, 2024 |
30,000 |
$ |
3.25 |
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$ |
66 |
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January 17, 2014 |
(2) |
January 17, 2024 |
2,268,000 |
$ |
3.25 |
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$ |
3,859 |
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January 22, 2014 |
(2) |
January 22, 2024 |
10,000 |
$ |
2.89 |
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$ |
18 |
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March 31, 2014 |
(2) |
March 31, 2024 |
30,000 |
$ |
3.02 |
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$ |
55 |
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June 25, 2014 |
(4) |
June 25, 2024 |
450,000 |
$ |
3.01 |
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$ |
832 |
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July 1, 2014 |
(2) |
July 1, 2024 |
10,000 |
$ |
3.32 |
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$ |
19 |
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July 31, 2014 |
(2) |
July 31, 2024 |
500,000 |
$ |
3.13 |
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$ |
927 |
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3,298,000 |
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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 first anniversary of the grant date. |
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