Stock-Based Compensation and Expense
 6 Months Ended
Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation and Expense

Note 3 — Stock-Based Compensation and Expense

Cambium Learning Group, Inc. 2009 Equity Incentive Plan

In 2009, the Company adopted the Cambium Learning Inc. 2009 Equity Incentive Plan (“Incentive Plan”).  Under the Incentive Plan, 5,000,000 shares of common stock were reserved for issuance of awards which may be granted in the form of incentive stock options, non-statutory stock options, stock appreciate rights, restricted stock, restricted stock units, conversion stock options, conversion stock appreciation rights, and other stock or cash awards.  The Incentive Plan is administered by the board of directors which has the authority to establish the terms and conditions of awards granted under the Incentive Plan.


Stock-Based Compensation and Expense

The following table presents our stock-based compensation expense resulting from stock options that are recorded in our condensed consolidated statements of operations and comprehensive income (loss) for the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

2015

 

 

2014

 

 

2015

 

 

2014

 

Cost of revenues

$

10

 

 

$

9

 

 

$

18

 

 

$

18

 

Research and development expense

 

33

 

 

 

27

 

 

$

61

 

 

 

49

 

Sales and marketing expense

 

38

 

 

 

37

 

 

$

71

 

 

 

61

 

General and administrative expense

 

78

 

 

 

63

 

 

$

144

 

 

 

120

 

Total

$

159

 

 

$

136

 

 

$

294

 

 

$

248

 

2015 Grants

In the second quarter 2015, the Company granted 416,275 options under the Incentive Plan with a weighted-average grant date fair value of $2.97.  The options vest in equal monthly installments on the last day of the month over a four year period, with an initial vesting date of May 31, 2015.