Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Options granted

Options granted during the nine months ended September 30, 2015 were as follows:



Grant Date		Expiration Date	Shares	Exercise Price			Grant Date 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
May 18, 2015	⁽⁴⁾	May 18, 2025	400,000	$	3.38		$	655
June 16, 2015	⁽²⁾	June 16, 2025	30,000	$	3.67		$	62

			1,810,000				$	4,520


(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.


(4)	Options vest on the one year anniversary of the grant date.

Restricted stock granted

Restricted stock granted during the nine months ended September 30, 2015 was 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
April 28, 2015	⁽²⁾	April 28, 2019	62,500		$	218
			1,206,081		$	4,733


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


(2)	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)	Vests in four equal annual installments beginning on October 27, 2015 and each anniversary thereafter.