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, 2014

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 the Plan for each of the years presented:


	2014	2013	2012
Expected volatility	48% - 59%	57% - 61%	59%
Weighted-average volatility	55%	58%	59%
Expected dividends	— %	— %	— %
Expected term (in years)	1.1 - 7.8	5.1 - 7.8	7.1
Risk-free rate	0.14% - 2.37%	1.33% - 2.32%	1.36% - 1.61%

Summary of Option Activity

The table below presents a summary of option activity under both our plans as of December 31, 2014, and changes during the year then ended:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2014		1,662,450		$	5.65
Granted		617,500			6.54
Exercised		(354,926	)		5.09
Cancelled or forfeited		(476,340	)		5.64

Outstanding at December 31, 2014		1,448,684		$	6.17		6.3	$	1,573,978

Exercisable at December 31, 2014		615,084		$	5.79		2.9	$	896,466