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Stockholders' Equity
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity |
Common Stock, par value $0.001 per share We are authorized to issue up to 9,000,000 shares of common stock. There were 5,513,664 and 5,653,529 shares of common stock issued and 5,507,239 and 5,646,119 shares outstanding on March 31, 2015 and December 31, 2014, respectively. As of March 31, 2015, 277,487 shares of common stock were reserved for issuance in connection with warrants, incentive stock based awards and common stock to be granted to members of our board of directors, employees and third parties. Stock Repurchase Program Since December 2012, our board of directors has approved for repurchase an aggregate of $6,000,000 our common stock. Our board of directors did not establish an end date for this stock repurchase program. Shares of common stock may be purchased from time to time on the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, in privately negotiated transactions, including transactions with Liberty Media and its affiliates, or otherwise. As of March 31, 2015, our cumulative repurchases since December 2012 under our stock repurchase program totaled 1,402,992 shares for $4,819,232, and $1,180,768 remained available under our stock repurchase program. The following table summarizes our share repurchase activity for the three months ended:
Preferred Stock, par value $0.001 per share We are authorized to issue up to 50,000 shares of undesignated preferred stock with a liquidation preference of $0.001 per share. There were no shares of preferred stock issued or outstanding as of March 31, 2015 and December 31, 2014. Warrants We have issued warrants to purchase shares of our common stock in connection with distribution and programming agreements. As of March 31, 2015 and December 31, 2014, 16,667 warrants to acquire an equal number of shares of common stock were outstanding and fully vested. At March 31, 2015 and December 31, 2014, the exercise price of outstanding warrants was $2.50 per share. In March 2015, we extended the expiration date for these outstanding warrants for 60 days which resulted in an insignificant incremental warrant related expense. We did not incur warrant related expenses during the three months ended March 31, 2014. Warrants were included in our calculation of diluted net income per common share as the effect was dilutive for the three months ended March 31, 2015 and 2014.
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