Gaia, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Variables Used in Black-Scholes Option Pricing Model to Determine Estimated Grant Date Fair Value for Options Granted

The following are the variables we used in the Black-Scholes option pricing model to determine the estimated grant date fair value for options granted under our 2009 and 1999 Long-Term Incentive Plans for each of the years presented:


	2013	2012	2011
Expected volatility	57% - 61%	59%	58% - 61%
Weighted-average volatility	58%	59%	59%
Expected dividends	—%	—%	2.8% - 4.2%
Expected term (in years)	5.1 - 7.8	7.1	7.1 - 9.3
Risk-free rate	1.33% - 2.32%	1.36% - 1.61%	1.50% - 3.13%

Summary of Option Activity

The table below presents a summary of option activity under our 2009 and 1999 Long-Term Incentive Plans as of December 31, 2013, and changes during the year then ended:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2013		1,406,450		$	5.61
Granted		527,500			5.30
Exercised		(160,470	)		4.84
Cancelled or forfeited		(111,030	)		4.63

Outstanding at December 31, 2013		1,662,450		$	5.65		5.2	$	2,049,536

Exercisable at December 31, 2013		912,390		$	5.84		2.4	$	1,104,611