Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Options granted

Options granted during the three months ended March 31, 2015 were as follows:



Grant Date		Expiration Date	Shares	Exercise Price			Fair Value⁽¹⁾
January 2, 2015	⁽²⁾	January 2, 2025	500,000	$	3.88		$	1,163
January 20, 2015	⁽²⁾	January 20, 2025	850,000	$	4.25		$	2,550
January 20, 2015	⁽²⁾⁽³⁾	January 20, 2025	30,000	$	4.25		$	90

			1,380,000


(1)	Fair value is calculated using the Black-Scholes option pricing model.


(2)	Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.


(3)	Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date.

Restricted stock granted

Restricted stock granted during the three months ended March 31, 2015 were as follows:



Grant Date		Final Vesting Date	Shares	Fair Value⁽¹⁾
January 20, 2015	⁽²⁾	January 20, 2019	1,115,000	$	4,404
February 3, 2015	⁽³⁾⁽⁴⁾	October 27, 2018	28,581	$	111
			1,143,581


(1)	Fair value is calculated using the closing price on date of grant.


(2)	Restricted stock vests in four equal annual installments beginning on the first anniversary of the grant date.


(3)	Compensation expense recognized each period is based on the awards estimated value at the most recent reporting date.


(4)	Restricted stock vests in four equal annual installments beginning on October 27, 2015 and each anniversary thereafter.