Quarterly report pursuant to Section 13 or 15(d)

Stock-based compensation

v3.5.0.2
Stock-based compensation
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Stock-based compensation
Stock-based compensation
Stock-Based Compensation
In 2006, the Company adopted the 2006 Stock Option and Incentive Plan or the Plan, under which the Board of Directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and consultants of the Company. The Plan was amended at various dates by the Board of Directors to increase the reserved shares of common stock issuable under the Plan to 3,838,750 as of September 30, 2016, or the Amended Plan.
Stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the Amended Plan. The options are not transferable except by will or domestic relations order. The option price per share under the Amended Plan cannot be less than the fair market value of the underlying shares on the date of the grant. The number of shares remaining available for future issuance under the Amended Plan as of September 30, 2016 was 1,627,357.
Stock option activity for the nine months ended September 30, 2016 was as follows: 
Common Stock Options
Number of
Options
 
Exercise
Price
Per
Share
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
 
Aggregate
Intrinsic
Value
Outstanding, December 31, 2015
1,268,200

 
$1.20-$5.39
 
$
3.06

 
6.01 years
 
$
985,578

Granted
187,701

 
$0.79-$4.27
 
3.47

 
 
 
 
Exercised
(125,218
)
 
$1.20-$2.60
 
2.50

 
 
 
 
Canceled and forfeited
(200,525
)
 
$3.39-$4.96
 
3.73

 
 
 
 
Expired
—

 
—
 
—

 
 
 
 
Outstanding, September 30, 2016
1,130,158

 
 $0.79-$5.39
 
$
3.07

 
5.32 years
 
$
1,432,957

Exercisable, September 30, 2016
821,658

 
 
 
$
2.51

 
 
 
$
1,417,032

Vested and expected to vest, September 30, 2016
1,083,883

 
 
 
$
3.01

 
 
 
$
1,430,569


Consolidated stock-based compensation expense for the nine months ended September 30, 2016 and 2015 was $117,065 and $90,971, respectively. No tax benefit was recognized related to the stock-based compensation recorded during the periods.