Enom 2015 Annual Report Download - page 91

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F-27
Information related to stock-based compensation activity is as follows (in thousands, except per share data):
Year ended December 31,
2015
2014
2013
Weighted average fair value of options granted (per option) .......
$
2.74
$
4.21
$
3.92
Intrinsic value of options exercised ............................
$
13
$
303
$
2,179
As of December 31, 2015, there was approximately $7.4 million of stock-based compensation expense related to
the non-vested portion of stock options, which is expected to be recognized over a weighted average period of 2.5 years.
Restricted Stock Units
Weighted
average
Number of
grant date
Shares
fair value
Unvested at December 31, 2014 .............................................
857
$
10.28
Granted .................................................................
1,005
$
5.26
Vested ..................................................................
(278)
$
10.53
Forfeited ................................................................
(607)
$
8.06
Unvested at December 31, 2015 .............................................
977
$
6.42
The total fair value of restricted stock vested was $2.9 million, $18.3 million and $17.4 million for the years ended
December 31, 2015, 2014 and 2013, respectively.
As of December 31, 2015, there was approximately $4.4 million of unrecognized stock-based compensation cost
related to non-vested RSUs and restricted shares. The amount is expected to be recognized over a weighted average
period of 2.4 years. To the extent that the forfeiture rate is different from that anticipated, stock-based compensation
expense related to these awards will be different.
In January 2016, we issued 0.5 million restricted stock units to our chief executive officer in connection with an
amended employment agreement. In February 2016, we issued 1.2 million restricted stock units in connection with our
annual equity grants.
Employee Stock Purchase Plan
In May 2011, we commenced our first offering under the ESPP, which allows eligible employees to purchase,
through payroll deductions, a limited amount of our common stock at a 15% discount to the lower of market price as of
the beginning or ending of each six-month purchase period. Participants can authorize payroll deductions for amounts up
to the lesser of 15% of their qualifying wages or the statutory limit under the U.S. Internal Revenue Code. The ESPP
provides up to a 24-month offering period which is comprised of four consecutive six-month purchase periods
commencing May and November. A maximum of 750 shares of common stock may be purchased by each participant at
six-month intervals during the offering period. The fair value of the ESPP options granted is determined using a Black-
Scholes-Merton model and is amortized over the remaining life of the 24-month offering period of the ESPP. The Black-
Scholes-Merton model included an assumption for expected volatility of between 58% and 60% for each of the four
purchase periods. In November 2015, we suspended the ESPP plan after the November 2015 purchase. During the years
ended December 31, 2015 and 2013 we recognized $0.5 million and $1.8 million of expense, respectively, in relation to
the ESPP. The expense related to the year ended December 31, 2014 was not material. There were 1.7 million shares of
common stock remaining authorized for issuance under the ESPP at December 31, 2015.