| December 31, 2013 | December 31, 2012 | |||||||
| Risk free interest rate | 0.12% - 1.33% | 0.58% - 0.94% | ||||||
| Dividends | — | — | ||||||
| Volatility factor | 64.8% - 88.3% | 89.1 | % | |||||
| Expected life | 5.5 - 6.25 years | 5.5 - 6.25 years | ||||||
IRONCLAD PERFORMANCE WEAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of stock option activity is as follows:
| Number of Shares | Weighted Average Exercise Price | |||||||||
| Outstanding at December 31, 2011 | 10,416,536 | $ | 0.094 | |||||||
| Granted | 1,301,625 | $ | 0.24 | |||||||
| Exercised | (1,836,831 | ) | $ | 0.091 | ||||||
| Cancelled/Expired | (310,875 | ) | $ | 0.13 | ||||||
| Outstanding at December 31, 2012 | 9,570,455 | $ | 0.113 | |||||||
| Granted | 1,888,000 | $ | 0.25 | |||||||
| Exercised | (256,690 | ) | $ | 0.09 | ||||||
| Cancelled/Expired | (1,058,000 | ) | $ | 0.109 | ||||||
| Outstanding at December 31, 2013 | 10,143,765 | $ | 0.14 | |||||||
| Exercisable at December 31, 2013 | 7,809,833 | $ | 0.127 | |||||||
The following tables summarize information about stock options outstanding at December 31, 2013:
| Range of Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Intrinsic Value Outstanding Shares | ||||||||||||||
| $0.09 - $0.27 | 10,143,765 | 6.51 | $ | 0.14 | $ | 467,160 | ||||||||||||
The following tables summarize information about stock options exercisable at December 31, 2013:
| Range of Exercise Price | Number Exercisable | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Intrinsic Value Exercisable Shares | ||||||||||||||
| $0.09 - $0.27 | 7,809,833 | 5.89 | $ | 0.127 | $ | 404,173 | ||||||||||||
IRONCLAD PERFORMANCE WEAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables summarize information about non-vested stock options:
| Number of Shares | Weighted Average Grant Date Fair Value | |||||||||
| Non-Vested at December 31, 2011 | 4,071,860 | $ | 0.08 | |||||||
| Granted | 1,301,625 | $ | 0.17 | |||||||
| Vested | (2,216,731 | ) | $ | 0.10 | ||||||
| Forfeited | (284,137 | ) | $ | 0.10 | ||||||
| Non-Vested at December 31, 2012 | 2,872,617 | $ | 0.10 | |||||||
| Granted | 1,888,000 | $ | 0.25 | |||||||
| Vested | (2,151,644 | ) | $ | 0.18 | ||||||
| Forfeited | (275,041 | ) | $ | 0.14 | ||||||
| Non-Vested at December 31, 2013 | 2,333,932 | $ | 0.20 | |||||||