Annual report pursuant to Section 13 and 15(d)

Stock Option Plan (Tables)

v3.3.1.900
Stock Option Plan (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The assumptions used in the Black-Scholes model are as follows:
 
 
 
For the year ended December 31,
 
 
 
2015
 
2014
 
Risk-free interest rate
 
 
1.54% to 1.95
%
 
1.78 to 2.19
%
Expected dividend yield
 
 
0
%
 
0
%
Expected life
 
 
5.31 to 6.25 years
 
 
5.31 to 6.25 years
 
Expected volatility
 
 
60
%
 
60
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company’s stock option activity and related information is as follows:
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
Average
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Average
 
Remaining
 
 
 
 
 
Exercise
 
Life
 
 
 
Exercise
 
Life
 
 
 
Stock Options
 
Price
 
(in years)
 
Stock Options
 
Price
 
(in years)
 
Outstanding at January 1
 
 
1,368,047
 
$
6.41
 
 
8.7
 
 
485,573
 
$
4.24
 
 
8.2
 
Granted
 
 
221,102
 
$
7.80
 
 
 
 
 
899,526
 
$
7.49
 
 
 
 
Exercised
 
 
(201,389)
 
$
4.47
 
 
 
 
 
(10,500)
 
$
0.10
 
 
 
 
Forfeited/Expired/Exchanged
 
 
(55,437)
 
$
6.13
 
 
 
 
 
(6,552)
 
$
4.53
 
 
 
 
Outstanding at December 31
 
 
1,332,323
 
$
6.94
 
 
8.4
 
 
1,368,047
 
$
6.41
 
 
8.7
 
Exercisable at December 31
 
 
572,623
 
$
6.02
 
 
7.8
 
 
467,204
 
$
4.65
 
 
7.3
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table sets forth additional information about stock options outstanding at December 31, 2015:
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
 
Options
 
Remaining Life
 
Weighted Average
 
Options
 
Range of Exercise Prices
 
Outstanding
 
(in years)
 
Exercise Price
 
Exercisable
 
$0.41 – $5.00
 
 
226,645
 
 
6.8
 
$
4.05
 
 
208,395
 
$5.01 – $7.50
 
 
477,928
 
 
8.5
 
$
7.00
 
 
228,203
 
$7.51 – $11.00
 
 
627,750
 
 
8.8
 
$
7.95
 
 
136,025
 
 
 
 
1,332,323
 
 
 
 
 
 
 
 
572,623