Stock-based Compensation
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
STOCK-BASED COMPENSATION

Pursuant to the Company’s 2012 Long-Term Incentive Plan, as amended and restated in November 2015 (“Plan”), we may grant a variety of equity-based awards, including restricted stock units (“RSUs”) with time-based vesting conditions to non-employee directors, officers and certain key employees. Service requirements generally must be met for equity-based awards to vest. Through December 31, 2015, the Company has only issued RSUs under the Plan, the fair value of which is determined based on the quoted closing price of the Company’s common stock on the date of grant.

The RSUs activity was as follows:
 
Units
 
Weighted-Average
Grant Date 
Fair Value
Outstanding as of December 31, 2012
158,557

 
$
7.73

Granted
45,914

 
21.43

Vested
(88,610
)
 
10.68

Forfeited
(24,643
)
 
7.75

Outstanding as of December 31, 2013
91,218

 
11.75

Granted
35,752

 
16.68

Vested
(50,695
)
 
12.81

Forfeited
(20,672
)
 
12.74

Outstanding as of December 31, 2014
55,603

 
13.59

Granted
48,323

 
3.44

Vested
(85,036
)
 
7.70

Forfeited
(18,890
)
 
14.15

Outstanding as of December 31, 2015
—

 
—



A total of 1,417,649 shares of common stock may be issued under the Plan, of which 978,375 shares remain available for issuance as of December 31, 2015.

On July 2, 2015, the Company’s stockholders approved and adopted the CEO Plan and Stock Option Agreement (“the Agreement”). The Agreement provides the Company’s CEO the option to purchase 165,000 shares of common stock. On July 29, 2015, such option was granted for a weighted average exercise price of $6.05 per share (“CEO Stock Option Award”), which becomes exercisable at a rate of 20% on March 2, 2016, and 5% on the last day of each quarter thereafter beginning June 30, 2016 for a total of sixteen additional increments. The weighted average fair value of the CEO Stock Option Award was $2.15 per share using the Black-Scholes model and the following assumptions: risk free interest rate of 1.05%; expected dividend yield of 0%; expected life of 10 years; and volatility of 61.8%. As of December 31, 2015, no options were vested or exercisable.

Recognized stock-based compensation expense was included in the Company’s consolidated statements of operations as follows (in thousands):
 
Years Ended December 31,

2015
 
2014
 
2013
Cost of revenues
$
14

 
$
69

 
$
70

Operating expenses
280

 
792

 
722

Total stock-based compensation expense
$
294

 
$
861

 
$
792



As of December 31, 2015, unrecognized stock-based compensation expense related to any outstanding restricted stock units and the CEO’s stock option award is expected to be recognized over a weighted average period of 1.9 years, as follows (in thousands):
Year Ending December 31:
 
2016
$
83

2017
70

2018
67

2019
63

2020
16

Total unrecognized stock-based compensation expense
$
299