Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)

v3.4.0.3
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)
3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding restricted stock awards and activity
The following table reflects the outstanding restricted stock awards and activity related thereto for the three months ended March 31, 2016:

 
Three Months Ended
March 31, 2016
 
Number of
Shares
 
Weighted-Average
Price
Restricted Stock Awards:
 
 
 
Restricted Shares Outstanding at Beginning of Period
2,365,396

 
$
7.15

Shares Granted
913,736

 
4.02

Lapse of Restrictions
(659,112
)
 
10.66

Restricted Shares Outstanding at End of Period
2,620,020

 
$
6.08

Outstanding stock option activity
 
Stock Option Awards
 
Weighted-Average Exercise Price
 
Weighted Average Contractual Term
Outstanding as of December 31, 2015
141,872

 
$
5.18

 
1.6
  Granted
250,000

 
2.79

 
 
  Exercised

 

 
 
  Expired or canceled

 

 
 
  Forfeited

 

 
 
Outstanding as of March 31, 2016(1)
391,872

 
$
3.66

 
3.7
____________
(1) All of the stock options outstanding were vested and exercisable at the end of the period.
Stock option valuation assumptions
The assumptions used to estimate the fair value of stock option awards granted are as follows:

 
February 12, 2016
Risk-free interest rate
1.15
%
Expected term
5.0

Expected volatility
61.89
%
Fair value per option
$
1.47