Annual report pursuant to Section 13 and 15(d)

Stock Option Plan (Tables)

v3.7.0.1
Stock Option Plan (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Assumptions Used in the Black-Scholes Model
The assumptions used in the Black-Scholes model are as follows:
 
 
 
For the year ended December 31,
 
 
2016
 
2015
Average risk-free interest rate
 
1.55
%
 
1.74
%
Expected dividend yield
 
—
%
 
—
%
Expected life
 
5.31 to 6.25 years

 
5.31 to 6.25 years

Expected volatility
 
55
%
 
60
%
Summary of Stock Option Activity and Related Information
A summary of the Company’s stock option activity and related information is as follows:

 
 
2016
 
2015
 
 
Stock Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
(in years)
 
Stock Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
(in years)
Outstanding at January 1
 
1,332,323

 
$
6.94

 
8.4
 
1,368,047

 
$
6.41

 
8.7
Granted
 
96,138

 
$
5.95

 
 
 
221,102

 
$
7.80

 
 
Exercised
 
(4,607
)
 
$
5.00

 
 
 
(201,389
)
 
$
4.47

 
 
Forfeited/Expired/Exchanged
 
(38,650
)
 
$
6.68

 
 
 
(55,437
)
 
$
6.13

 
 
Outstanding at December 31
 
1,385,204

 
$
6.89

 
7.5
 
1,332,323

 
$
6.94

 
8.4
Exercisable at December 31
 
862,354

 
$
6.56

 
7.2
 
572,623

 
$
6.02

 
7.8
Schedule of Additional Information About Stock Options Outstanding
The following table sets forth additional information about stock options outstanding at December 31, 2016:
 
Range of Exercise Prices
 
Options
Outstanding
 
Weighted Average
Remaining Life
(in years)
 
Weighted Average
Exercise Price
 
Options
Exercisable
$0.41 – $5.00
 
100,738

 
5.6
 
$
2.64

 
72,638

$5.01 – $7.50
 
634,428

 
7.3
 
$
6.50

 
464,803

$7.51 – $11.00
 
650,038

 
7.9
 
$
7.93

 
324,913

 
 
1,385,204

 
 
 
 

 
862,354