Quarterly report pursuant to Section 13 or 15(d)

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

v3.10.0.1
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS (Tables)
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding restricted stock awards and activity
The following table reflects the outstanding restricted stock awards subject only to time-based vesting and activity related thereto for the six months ended June 30, 2018:
 
Six Months Ended
June 30, 2018
 
Number of
Shares
 
Weighted-Average Grant Date Fair Value (per Award)
Restricted Stock Awards:
 
 
 
Restricted Shares Outstanding at Beginning of Period
1,721,533

 
$
3.65

Shares Granted
950,355

 
2.64

Lapse of Restrictions
(623,775
)
 
3.20

Shares Forfeited
(892,086
)
 
4.00

Restricted Shares Outstanding at End of Period
1,156,027

 
$
2.78

Outstanding stock option activity
The following table reflects the outstanding stock option awards and the activity related thereto for the six months ended June 30, 2018:
 
Stock Option Awards (1)
 
Weighted-Average Exercise Price
 
Weighted Average Contractual Term
Outstanding as of 12/31/2017
250,000

 
$
2.79

 
1.0
  Granted

 

 
 
  Exercised

 

 
 
  Expired or canceled

 

 
 
  Forfeited

 

 
 
Outstanding as of 6/30/2018
250,000

 
$
2.79

 
0.4
____________
(1) All of the stock options outstanding were vested and exercisable at the end of the period.
Stock awards
Shares under Performance Award II vest contingent on the Company’s average closing stock price for the last twenty trading days of 2018 compared to specified targets, as follows:
Performance
 
Aggregate Shares Vested
Less than Target I
 
0 shares
Target I to Target II
 
327,500 shares
Target II to Target III
 
660,000 shares
Greater than or equal to Target III
 
997,500 shares
The assumptions used to estimate the fair value of the Performance Award II granted as of the date presented are as follows:
 
June 1, 2018
Risk-free interest rate
2.10
%
Dividend yield
%
Expected volatility
100.00
%
Company's closing stock price on grant date
$
2.70

Fair value per Performance Award II
$
1.67

Shares under Performance Award I vest contingent on the Company’s fourth quarter annualized Adjusted EBITDA as compared to specified targets, as follows:
Performance
 
Aggregate Shares Vested
Less than Target I
 
0 shares
Target I to Target II
 
327,500 shares
Target II to Target III
 
660,000 shares
Greater than or equal to Target III
 
997,500 shares
Performance awards
The following table summarizes the Performance Award II activity for the six months ended June 30, 2018:
 
Six Months Ended June 30, 2018
 
Number of
Shares
 
Weighted-Average Grant Date Fair Value (per Award)
Outstanding as of 12/31/2017

 
$

Shares Granted
997,500

 
1.67

Lapse of Restrictions

 

Shares Forfeited

 

Outstanding as of 6/30/2018
997,500

 
$
1.67

The following table summarizes the Performance Award I activity for the six months ended June 30, 2018:
 
Six Months Ended June 30, 2018
 
Number of
Shares
 
Weighted-Average Grant Date Fair Value (per Award)
Outstanding as of 12/31/2017

 
$

Shares Granted
997,500

 
2.70

Lapse of Restrictions

 

Shares Forfeited

 

Outstanding as of 6/30/2018
997,500

 
$
2.70