Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
5. STOCK-BASED COMPENSATION |
|
The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. This determination is affected by the Company’s stock price as well as assumptions regarding expected volatility, risk-free interest rate, and expected dividends. The weighted-average grant date fair value per share of stock option awards granted during the nine months ended September 30, 2013 and 2012 was $0.63 and $0.48, respectively, using the Black-Scholes model with the weighted-average assumptions presented below. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. |
|
| | For the Nine Months Ended | | | | | | | | | |
September 30, | | | | | | | | |
| | 2013 | | | 2012 | | | | | | | | | |
Expected option lives | | | 3.7 years | | | | 3.5 years | | | | | | | | | |
Expected volatility | | | 40.14 | % | | | 50.71 | % | | | | | | | | |
Risk-free interest rate | | | 0.85 | % | | | 0.56 | % | | | | | | | | |
Expected dividend yield | | | 0 | % | | | 4.3 | % | | | | | | | | |
|
As of September 30, 2013, there remained 3,219,007 shares available for future awards under the Company’s 2007 Performance Incentive Plan (the “2007 Plan”). In connection with awards under both the 2007 Plan and awards issued outside of the Plan, the Company recorded approximately $418 thousand and $1.6 million (inclusive of $393 thousand included in restructuring and other charges) of noncash stock-based compensation for the three and nine month periods ended September 30, 2013, respectively, as compared to approximately $566 thousand and $1.9 million (inclusive of $222 thousand included in restructuring and other charges) for the three and nine month periods ended September 30, 2012, respectively. As of September 30, 2013, there was approximately $2.4 million of unrecognized stock-based compensation expense remaining to be recognized over a weighted-average period of 2.7 years. |
|
A summary of the activity of the 2007 Plan, and awards issued outside of the Plan pertaining to stock option grants is as follows: |
|
| | Shares | | | Weighted | | | Aggregate | | | Weighted | |
Underlying | Average | Intrinsic | Average |
Awards | Exercise | Value | Remaining |
| Price | $0 | Contractual |
| | | Life (In Years) |
Awards outstanding at December 31, 2012 | | | 3,251,849 | | | $ | 2.22 | | | | | | | | | |
Options granted | | | 1,625,534 | | | $ | 2.02 | | | | | | | | | |
Options exercised | | | (10,000 | ) | | $ | 1.8 | | | | | | | | | |
Options cancelled | | | (111,420 | ) | | $ | 2.42 | | | | | | | | | |
Options expired | | | (278,700 | ) | | $ | 6.23 | | | | | | | | | |
Awards outstanding at September 30, 2013 | | | 4,477,263 | | | $ | 1.89 | | | $ | 1,164 | | | | 4.92 | |
Awards vested and expected to vest at September 30, 2013 | | | 3,982,916 | | | $ | 1.89 | | | $ | 1,054 | | | | 4.9 | |
Awards exercisable at September 30, 2013 | | | 1,087,055 | | | $ | 1.96 | | | $ | 326 | | | | 4.47 | |
|
A summary of the activity of the 2007 Plan pertaining to grants of restricted stock units is as follows: |
|
| | Shares | | | Aggregate | | | Weighted | | | | | |
Underlying | Intrinsic | Average | | | | |
Awards | Value | Remaining | | | | |
| $0 | Contractual | | | | |
| | Life (In Years) | | | | |
Awards outstanding at December 31, 2012 | | | 913,027 | | | | | | | | | | | | | |
Restricted stock units granted | | | 338,018 | | | | | | | | | | | | | |
Restricted stock units settled by delivery of common stock upon vesting | | | (528,794 | ) | | | | | | | | | | | | |
Restricted stock units cancelled | | | (21,227 | ) | | | | | | | | | | | | |
Awards outstanding at September 30, 2013 | | | 701,024 | | | $ | 1,465 | | | | 1.37 | | | | | |
Awards vested and expected to vest at September 30, 2013 | | | 629,399 | | | $ | 1,315 | | | | 0.9 | | | | | |
|
A summary of the status of the Company’s unvested share-based payment awards as of September 30, 2013 and changes in the nine-month period then ended, is as follows: |
|
Unvested Awards | | Number of | | | Weighted | | | | | | | | | |
Shares | Average Grant | | | | | | | | |
| Date Fair Value | | | | | | | | |
Shares underlying awards unvested at December 31, 2012 | | | 3,834,606 | | | $ | 1.05 | | | | | | | | | |
Shares underlying options granted | | | 1,625,534 | | | $ | 0.63 | | | | | | | | | |
Shares underlying restricted stock units granted | | | 338,018 | | | $ | 1.69 | | | | | | | | | |
Shares underlying options vested | | | (1,045,485 | ) | | $ | 0.52 | | | | | | | | | |
Shares underlying restricted stock units vested | | | (528,794 | ) | | $ | 3 | | | | | | | | | |
Shares underlying options cancelled | | | (111,420 | ) | | $ | 0.79 | | | | | | | | | |
Shares underlying restricted stock units cancelled | | | (21,227 | ) | | $ | 3.25 | | | | | | | | | |
Shares underlying awards unvested at September 30, 2013 | | | 4,091,232 | | | $ | 0.82 | | | | | | | | | |
|
For the nine months ended September 30, 2013 and 2012, the total fair value of share-based awards vested was approximately $1.5 million and $2.3 million, respectively. For the nine months ended September 30, 2013 and 2012, the total intrinsic value of options exercised was approximately $4 thousand and $0, respectively (no options were exercised in the nine months ended September 30, 2012). For the nine months ended September 30, 2013 and 2012, approximately 1.6 million and 2.8 million stock options, respectively, were granted to employees of the Company, and 10 thousand and 0 options, respectively, were exercised yielding $18 thousand and $0, respectively, of cash proceeds to the Company. Additionally, for the nine months ended September 30, 2013 and 2012, approximately 338 thousand and 243 thousand restricted stock units, respectively, were granted to employees of the Company, and approximately 529 thousand and 1.1 million shares, respectively, were issued under restricted stock unit grants yielding no cash proceeds to the Company. |