Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.8.0.1
Stock Options (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted average assumptions used principally in determining the fair value of options granted to employees were as follows:

 

    2017     2016     2015  
Risk free interest rate     2.12 %     1.70 %     1.85 %
Expected dividend yield     0 %     0 %     0 %
Expected term in years     6.25       6.66       6.73  
Expected volatility     86.01 %     90.39 %     90.68 %
Estimated forfeiture rate     5.00 %     5.00 %     4.83 %

Summary of Option Activity

A summary of option activity for years ended December 31, 2017 and 2016 is presented below:

 

Options   Shares     Weighted 
Average 
Exercise 
Price
    Weighted 
Average 
Remaining 
Contractual 
Term in 
Years
    Intrinsic 
Value
 
Outstanding at December 31, 2015     3,982,065     $ 1.03                  
Granted     3,020,000     $ 4.42                  
Exercised     (326,886 )   $ 1.43                  
Forfeited     (65,000 )   $ 2.44                  
Outstanding at December 31, 2016     6,610,179     $ 2.54                  
Granted     1,681,500     $ 8.28                  
Exercised     (272,734 )   $ 0.67                  
Forfeited     (173,979 )   $ 6.53                  
Outstanding at December 31, 2017     7,844,966     $ 3.75       7.72     $ 29,433,877  
Vested at December 31, 2017     4,514,977     $ 1.98       7.02     $ 23,444,225  

Summary of Non-Vested Stock Options

As summary of non-vested stock options for the years ended December 31, 2017 and 2016 is presented below:

 

Options   Shares     Weighted 
Average 
Fair 
Value
 
Non-vested at December 31, 2015     2,035,254     $ 0.85  
Granted     3,020,000     $ 3.69  
Vested     (1,194,600 )   $ 1.57  
Forfeited     (34,380 )   $ 1.77  
Nonvested at December 31, 2016     3,826,274     $ 2.86  
Granted     1,681,500     $ 6.22  
Vested     (2,003,806 )   $ 2.60  
Forfeited     (173,979 )   $ 5.03  
Non-vested at December 31, 2017     3,329,989     $ 4.61