v3.7.0.1
STOCK-BASED COMPENSATION
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3 Months Ended |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION For the three months ended March 31, 2017 and 2016, stock-based compensation expense was reflected in the accompanying consolidated statements of operations as follows: | | | | | | | | | | | | | | 2017 | | 2016 | | Patient care costs | $ | 1,828 |
| | $ | 93 |
| | General and administrative | 8,260 |
| | 293 |
| | Total stock-based compensation before tax | $ | 10,088 |
| | $ | 386 |
| | Income tax benefit | (4,035 | ) | | (154 | ) | |
2016 Omnibus Plan On April 7, 2016, the Company approved the 2016 Omnibus Incentive Plan (the “2016 Plan”). The 2016 Plan authorized the Company to issue options and other awards to directors, officers, employees, consultants and advisors to purchase up to a total of 4,000,000 shares of common stock. As of March 31, 2017, options to purchase an aggregate of 3,102,577 shares of common stock are available for future grants under the 2016 Plan. The assumptions used for options granted to acquire Common Stock and the fair value at the date of grant under the 2016 Plan is noted in the following table: | | | | | Expected volatility | 30.00% | Weighted average expected term in years | 6.00 | Weighted average risk-free interest rate | 2.26% | Expected annual dividend yield | —% | Weighted average grant-date fair value | $5.85 |
Information concerning options activity under the 2016 Plan for options to acquire Common Shares is summarized as follows:
| | | | | | | | | | | Number of Options | | Weighted-Average Exercise Price | Outstanding, beginning of period | 318,877 |
| | $ | 21.90 |
| Granted (1) | 422,529 |
| | 17.39 |
| Forfeited | (13,625 | ) | | 19.40 |
| Outstanding, end of period | 727,781 |
| | $ | 19.33 |
| Options vested and expected to vest, end of period | 727,781 |
| | $ | 19.33 |
| Options exercisable, end of period | 22,131 |
| | $ | 22.87 |
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_____________________________ (1) Subject to vesting terms of three years.
Restricted Stock Awards
Employees and directors are eligible to receive grants of restricted stock, which entitle the holder to shares of common stock as the awards vest over time. The Company determines stock-based compensation expense using the fair value method. The fair value of restricted stock is equal to the closing sale price of the Company’s common stock on the date of grant.
During the three months ended March 31, 2017, the Company granted 220,250 restricted stock awards to employees and directors, respectively, at a weighted average grant date fair value of $17.39. These restricted stock awards vest over a weighted average period of 2.4 year from grant date.
As of March 31, 2017, a total of 194,946 shares of restricted stock were unvested and outstanding, which results in unamortized stock-based compensation of $3,305 to be recognized as stock-based compensation expense over the remaining weighted average vesting period of 1.8 years.
A summary of restricted stock award activity is as follows: | | | | | | | | | | | Number Outstanding | | Weighted Average Grant Date Fair Value per Award | | — |
| | — |
| Granted | 220,250 |
| | $ | 17.39 |
| Vested | 25,304 |
| | $ | 17.39 |
| | 194,946 |
| | $ | 17.39 |
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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