Stock-Based Awards and Per Share Information (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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| Summary of Income Statement Classification of Compensation Expense |
The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands):
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|
Three Months Ended
|
|
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Six Months Ended
|
|
|
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June 30,
|
|
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June 30,
|
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2016
|
|
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2015
|
|
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2016
|
|
|
2015
|
|
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Cost of revenue
|
$
|
99
|
|
|
$
|
62
|
|
|
$
|
169
|
|
|
$
|
138
|
|
|
Sales and marketing
|
|
187
|
|
|
|
194
|
|
|
|
321
|
|
|
|
487
|
|
|
General and administrative
|
|
541
|
|
|
|
612
|
|
|
|
1,092
|
|
|
|
848
|
|
|
Engineering and development
|
|
119
|
|
|
|
67
|
|
|
|
198
|
|
|
|
162
|
|
|
|
$
|
946
|
|
|
$
|
935
|
|
|
$
|
1,780
|
|
|
$
|
1,635
|
|
|
| Assumptions on Estimation of Stock Option Fair Values |
The stock option fair values, under the 2002 Plan, were estimated using the Black-Scholes option-pricing model with the following assumptions:
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Three Months Ended
|
|
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Six Months Ended
|
|
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June 30,
|
|
|
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
Expected term
|
5.6 years
|
|
|
5.5 years
|
|
|
5.7 years
|
|
|
5.9 years
|
|
|
Volatility
|
83.8%
|
|
|
87.7%
|
|
|
84.8%
|
|
|
91.0%
|
|
|
Annual dividend per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Risk-free interest rate
|
1.32%
|
|
|
1.54%
|
|
|
1.34%
|
|
|
1.65%
|
|
|
| Summary of Option Activity |
A summary of option activity under the 2002 Plan for the six months ended June 30, 2016 is as follows:
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Weighted Average
|
|
|
|
|
|
|
|
|
|
|
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Weighted
|
|
|
Remaining
|
|
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Aggregate
|
|
|
|
|
|
|
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Average
|
|
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Contractual
|
|
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Intrinsic
|
|
|
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Shares
|
|
|
Exercise Price
|
|
|
Term (Years)
|
|
|
Value(1)
|
|
|
Options outstanding, December 31, 2015
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|
4,493,000
|
|
|
$
|
2.72
|
|
|
|
6.59
|
|
|
$
|
422
|
|
|
Granted at fair market value
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|
1,253,000
|
|
|
$
|
1.29
|
|
|
|
|
|
|
|
|
|
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Exercised
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
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Forfeited, cancelled, or expired
|
|
(422,000
|
)
|
|
$
|
3.26
|
|
|
|
|
|
|
|
|
|
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Options outstanding at June 30, 2016
|
|
5,324,000
|
|
|
$
|
2.34
|
|
|
|
7.29
|
|
|
$
|
115,000
|
|
|
Options exercisable at June 30, 2016
|
|
3,098,000
|
|
|
$
|
2.76
|
|
|
|
6.05
|
|
|
$
|
28,000
|
|
|
Vested options expired during the quarter
ended June 30, 2016
|
|
87,000
|
|
|
$
|
2.76
|
|
|
|
|
|
|
|
|
|
(1) The intrinsic value calculation does not include negative values. This can occur when the fair market value on the reporting date is less than the exercise price of the grant.
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| Cash Proceeds, Along With Fair Value Disclosures Related to Grants, Exercises, and Vesting Options |
Cash proceeds, along with fair value disclosures related to grants, exercises, and vested options under the 2002 Plan are as follows for the three and six months ended June 30 (in thousands, except per share amounts):
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|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
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Proceeds from stock options exercised
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44
|
|
|
Tax benefit related to stock options
exercised (1)
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Intrinsic value of stock options exercised (2)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
Weighted-average fair value of options granted
during period
|
$
|
0.97
|
|
|
$
|
1.42
|
|
|
$
|
0.90
|
|
|
$
|
1.70
|
|
|
Total fair value of shares vested during
the period
|
$
|
341
|
|
|
$
|
440
|
|
|
$
|
1,053
|
|
|
$
|
733
|
|
(1) Excess tax benefits received related to stock option exercises are presented as financing cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses.
(2) The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant.
|
| Summary of Nonvested Restricted Stock Units |
A summary of RSU activity under the 2002 Plan for the six months ended June 30, 2016 is as follows:
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Weighted
|
|
|
|
|
|
|
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Average Grant
|
|
|
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Shares
|
|
|
Date Fair Value
|
|
|
Nonvested restricted stock units at December 31, 2015
|
|
—
|
|
|
|
|
|
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Granted
|
|
906,773
|
|
|
$
|
1.04
|
|
|
Vested
|
|
(29,762
|
)
|
|
$
|
0.86
|
|
|
Forfeited or cancelled
|
|
—
|
|
|
|
|
|
|
Nonvested restricted stock units at June 30, 2016
|
|
877,011
|
|
|
$
|
1.05
|
|
|
| Summary of Warrant Activity |
The Company issues warrants to acquire shares of BIOLASE common stock as approved by the Board. A summary of warrant activity for the six months ended June 30, 2016 is as follows:
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Weighted
|
|
|
|
|
|
|
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Average
|
|
|
|
Shares
|
|
|
Exercise Price
|
|
|
Warrants outstanding, December 31, 2015
|
|
10,094,000
|
|
|
$
|
4.18
|
|
|
Granted
|
|
—
|
|
|
|
|
|
|
Exercised
|
|
—
|
|
|
|
|
|
|
Forfeited, cancelled, or expired
|
|
(723,000
|
)
|
|
$
|
6.50
|
|
|
Warrants outstanding at June 30, 2016
|
|
9,371,000
|
|
|
$
|
4.00
|
|
|
Warrants exercisable at June 30, 2016
|
|
9,236,000
|
|
|
$
|
4.00
|
|
|
Vested warrants expired during the quarter
ended June 30, 2016
|
|
(723,000
|
)
|
|
$
|
6.50
|
|
|