Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Summary of Stock Dividend Declared

The following table sets forth certain information relating to the Company’s stock dividends declared during 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Number

 

 

 

 

 

 

 

 

 

Dividend per

 

 

Number of Shares

 

 

of Shares

 

 

 

Declaration Date

 

Record Date

 

Payment Date

 

Share

 

 

Outstanding

 

 

Distributed

 

Calendar year 2014

 

Mar. 5, 2014

 

Mar. 14, 2014

 

Mar. 28, 2014

 

 

0.50%

 

 

 

37,422,753

 

 

 

193,032

 

 

Summary of Warrant Activity

The following table summarizes warrant activity:

 

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

 

Exercise Price

 

 

 

Shares

 

 

Per Share

 

Warrants outstanding, January 1, 2014

 

 

1,697,974

 

 

$

5.44

 

Granted

 

 

9,205,862

 

 

$

4.00

 

Exercised

 

 

(200,000

)

 

$

2.00

 

Forfeited, cancelled, or expired

 

 

(610,000

)

 

$

5.71

 

Warrants outstanding, December 31, 2014

 

 

10,093,836

 

 

$

4.18

 

Granted

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

Forfeited, cancelled, or expired

 

 

 

 

$

 

Warrants outstanding, December 31, 2015

 

 

10,093,836

 

 

$

4.18

 

Granted

 

 

2,035,398

 

 

$

2.00

 

Exercised

 

 

 

 

$

 

Forfeited, cancelled, or expired

 

 

(722,974

)

 

$

6.50

 

Warrants outstanding, December 31, 2016

 

 

11,406,260

 

 

$

3.64

 

Warrants exercisable, December 31, 2016

 

 

9,235,862

 

 

$

4.00

 

Vested warrants expired during the 12 months

   ended December 31, 2016

 

 

 

 

n.a.

 

 

Summary of Option Activity Under Stock Option Plans

Stock options may be granted as incentive or non-qualified options; however, no incentive stock options have been granted to date. The exercise price of options is at least equal to the market price of the stock as of the date of grant. Options may vest over various periods but typically vest on a quarterly basis over four years. Options expire after five years, ten years, or within a specified time from termination of employment, if earlier. The Company issues new shares of BIOLASE common stock upon the exercise of stock options. The following table summarizes option activity under the 2002 Plan (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

 

Exercise Price

 

 

Contractual Term

 

 

Aggregate Intrinsic

 

 

 

Shares

 

 

Per Share

 

 

(Years)

 

 

Value(1)

 

Options outstanding, January 1, 2014

 

 

4,441

 

 

$

3.51

 

 

 

 

 

 

 

 

 

Granted at fair market value

 

 

240

 

 

$

2.23

 

 

 

 

 

 

 

 

 

Granted at above fair market value

 

 

369

 

 

$

3.05

 

 

 

 

 

 

 

 

 

Exercised

 

 

(153

)

 

$

2.03

 

 

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(1,422

)

 

$

4.50

 

 

 

 

 

 

 

 

 

Options outstanding, December 31, 2014

 

 

3,475

 

 

$

3.03

 

 

 

 

 

 

 

 

 

Granted at fair market value

 

 

1,931

 

 

$

2.22

 

 

 

 

 

 

 

 

 

Granted at above fair market value

 

 

1,340

 

 

$

2.46

 

 

 

 

 

 

 

 

 

Exercised

 

 

(38

)

 

$

1.15

 

 

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(2,215

)

 

$

2.64

 

 

 

 

 

 

 

 

 

Options outstanding, December 31, 2015

 

 

4,493

 

 

$

2.72

 

 

 

 

 

 

 

 

 

Granted at fair market value

 

 

3,113

 

 

$

1.42

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1

)

 

$

0.82

 

 

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(993

)

 

$

3.01

 

 

 

 

 

 

 

 

 

Options outstanding, December 31, 2016

 

 

6,612

 

 

$

2.06

 

 

 

7.70

 

 

$

178

 

Options exercisable, December 31, 2016

 

 

3,352

 

 

$

2.50

 

 

 

6.22

 

 

$

63

 

Vested options expired during the

   12 months ended December 31, 2016

 

 

387

 

 

$

4.11

 

 

 

 

 

 

 

 

 

 

(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 a grant.

Additional Information of Option Activity

The following table summarizes additional information for those options under the 2002 Plan that are outstanding and exercisable as of December 31, 2016:

 

 

 

Options Outstanding

 

 

Exercisable

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

Weighted-Average

 

 

Remaining

 

 

Number

 

 

Weighted-Average

 

Range of Exercise Prices

 

of Shares

 

 

Exercise Price

 

 

Life (Years)

 

 

of Shares

 

 

Exercise Price

 

$ 0.82 — $ 1.43

 

 

1,207,757

 

 

$

1.26

 

 

 

8.77

 

 

 

504,736

 

 

$

1.28

 

$ 1.44 — $ 1.55

 

 

1,410,000

 

 

$

1.45

 

 

 

9.80

 

 

 

33,332

 

 

$

1.44

 

$ 1.56 — $ 2.10

 

 

1,470,510

 

 

$

1.87

 

 

 

8.47

 

 

 

547,171

 

 

$

1.94

 

$ 2.11 — $ 2.50

 

 

976,947

 

 

$

2.28

 

 

 

7.22

 

 

 

975,155

 

 

$

2.28

 

$ 2.51 — $ 3.50

 

 

1,054,499

 

 

$

2.70

 

 

 

5.93

 

 

 

805,528

 

 

$

2.70

 

$ 3.51 — $ 8.75

 

 

491,850

 

 

$

4.59

 

 

 

1.53

 

 

 

486,433

 

 

$

4.59

 

Total

 

 

6,611,563

 

 

$

2.06

 

 

 

7.70

 

 

 

3,352,355

 

 

$

2.50

 

 

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 vesting options, are as follows for the years ended December 31 (in thousands, except per share amounts):

 

 

 

Years Ended

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Proceeds from stock options exercised

 

$

1

 

 

$

44

 

 

$

312

 

Tax benefit related to stock options exercised(1)

 

N/A

 

 

N/A

 

 

N/A

 

Intrinsic value of stock options exercised(2)

 

$

 

 

$

52

 

 

$

108

 

Weighted-average fair value of options granted

 

$

1.03

 

 

$

1.54

 

 

$

1.61

 

Total fair value of shares vested during the year

 

$

1,728

 

 

$

2,268

 

 

$

1,208

 

 

(1)

Excess tax benefits received related to stock option exercises are presented as financing cash inflows. For the periods presented, the Company did not receive a tax benefit related to the exercise of stock options due to its 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 Restricted Stock Units Activity

The following table summarize RSU activity under the 2002 Plan:

 

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

 

Grant Price

 

 

 

Shares

 

 

Per Share

 

Unvested restricted stock units, January 1, 2014

 

 

 

 

$

 

Granted

 

 

36,868

 

 

$

2.17

 

Vested

 

 

 

 

$

 

Forfeited or cancelled

 

 

 

 

$

 

Unvested restricted stock units, December 31, 2014

 

 

36,868

 

 

$

2.17

 

Granted

 

 

 

 

$

 

Vested

 

 

(36,868

)

 

$

2.17

 

Forfeited or cancelled

 

 

 

 

$

 

Unvested restricted stock units, December 31, 2015

 

 

 

 

$

 

Granted

 

 

906,773

 

 

$

1.06

 

Vested

 

 

(488,262

)

 

$

0.91

 

Forfeited or cancelled

 

 

 

 

$

 

Unvested restricted stock units, December 31, 2016

 

 

418,511

 

 

$

1.23