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, 2015

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:


	2015	2014	2013
Expected volatility	34% - 50%	48% - 59%	57% - 61%
Weighted-average volatility	43%	55%	58%
Expected dividends	— %	— %	— %
Expected term (in years)	0.5 - 5.9	1.1 - 7.8	5.1 - 7.8
Risk-free rate	0.26% - 1.73%	0.14% - 2.37%	1.33% - 2.32%

Summary of Option Activity

The table below presents a summary of option activity under both of our plans as of December 31, 2015, and changes during the year then ended:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2015		1,448,684		$	6.17
Granted		514,610			6.09
Exercised		(28,836	)		5.54
Cancelled or forfeited		(455,734	)		6.06

Outstanding at December 31, 2015		1,478,724		$	6.19		5.8	$	622,420

Exercisable at December 31, 2015		804,484		$	5.90		3.7	$	504,629