Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity (Tables)

v3.5.0.2
Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Options Granted
Options granted during the nine months ended September 30, 2016 were as follows:

Grant Date
 
Expiration Date
Shares
Exercise Price
Grant Date Fair Value (1)
January 14, 2016
(2) 
January 14, 2026
900,000
$
2.65

$
960

January 14, 2016
(2)(3) 
January 14, 2026
30,000
$
2.65

$
50

May 18, 2016
(4) 
May 18, 2026
400,000
$
2.40

$
417

 
 
 
1,330,000
 
$
1,427


(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, 2016 was as follows:
Grant Date
 
Final Vesting Date
Shares
Fair Value (1)
January 14, 2016
(2) 
January 14, 2020
1,050,000

$
2,384

January 22, 2016
(2) 
January 22, 2020
281,000

$
604

May 26, 2016
(2) 
May 26, 2020
10,000

$
26

 
 
 
1,341,000

$
3,014


(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.