Juno 2014 Annual Report Download - page 117
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Table of Contents
In 2010, the Company adopted the 2010 Employee Stock Purchase Plan to replace the 2001 Employee Stock Purchase Plan. The Company's 2001
Employee Stock Purchase Plan expired in 2011 following the completion of the final purchase thereunder. In November 2013, the Company adopted a
revised 2010 Employee Stock Purchase Plan. This plan had 1.2 million shares of the common stock reserved and available for issuance at December 31, 2014.
Under the employee stock purchase plans, each eligible employee may authorize payroll deductions of up to 15% of his or her compensation to purchase
shares of United Online, Inc.'s common stock on two purchase dates each year at a purchase price per share equal to 85% of the lower of (i) the closing market
price per share of United Online, Inc.'s common stock on the employee's entry date into the two-year offering period in which the purchase date occurs or
(ii) the closing market price per share of United Online, Inc.'s common stock on the purchase date. Each offering period has a 24-month duration and purchase
intervals of six months.
The fair value of employee stock purchase plan shares was estimated using the Black-Scholes option pricing model with the following weighted-average
assumptions:
The assumptions presented in the table above represent the weighted average of the applicable assumptions used to value employee stock purchase plan
shares. The Company calculates expected volatility based on historical volatility of United Online, Inc.'s common stock. The expected term represents the
amount of time remaining in the 24-month offering period. The risk-free interest rate assumed in valuing the employee stock purchase plan shares is based on
the U.S. Treasury yield curve in effect at the time of grant for the expected term. The Company determines the expected dividend yield percentage by
dividing the expected annual dividend by the closing market price of United Online, Inc.'s common stock at the date of grant. At December 31, 2014, total
unrecognized compensation cost related to the 2010 Employee Stock Purchase Plan was $1.1 million and was expected to be recognized over a weighted-
average period of 0.7 years.
Loss from continuing operations before income taxes was comprised of the following (in thousands):
F-35
Risk-free interest rate 0.2% 0.2% 0.2%
Expected term (in years) 0.5 – 2.0 0.5 – 2.0 0.5 – 2.0
Dividend yield 1.0% 8.1% 7.6%
Volatility 43.7% 40.4% 37.4%
Domestic $ (16,986) $ (70,064) $ (27,353)
Foreign 12,262 14,589 16,273
Loss before income taxes $ (4,724) $ (55,475) $ (11,080)