Share-Based Compensation |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Share-Based Compensation [Abstract] | |
| Share-based compensation |
Note 3 - Share-Based Compensation
We account for share-based awards under the provisions of ASC 718, “Compensation—Stock Compensation.” Accordingly, share-based compensation cost is measured at the grant date based on the fair value of the award and we expense these costs using the straight-line method over the requisite service period.
During the three months ended September 30, 2016 pursuant to the 2015 Incentive Plan we awarded 695,000 shares of restricted stock to our employees, which are subject to a three-year cliff vesting and 90,000 shares of restricted stock to members of the board of directors, which are subject to a two-year cliff vesting. The grant date price per share was $0.21 for a total grant date fair value of $164.9 thousand.
Share-based compensation expenses related to the above restricted stock grant and prior years’ restricted stock grants were $43.0 thousand and $22.7 thousand for the three months ended September 30, 2016 and 2015, respectively, and $117.0 thousand and $22.7 thousand for the nine months ended September 30, 2016 and 2015, respectively, which are reported as a separate line item in the condensed consolidated statement of changes in stockholders’ deficit.
See Note 6 - Share-Based Compensation, in the Notes to Consolidated Financial Statements for the year ended December 31, 2015, included in our 2015 Annual Report for further discussion. |