Additional Paid-In Capital | 9 Months Ended |
Sep. 30, 2013 |
Additional Paid-In Capital [Abstract] | |
Additional Paid-In Capital | 10. Additional Paid-in Capital |
|
| | | | | | | | | | | | | | |
| | Warrants | | | Stock options and RSUs | | | Compensation options | | | Other paid-in capital | | | Total additional paid-in capital |
| | | | | | | | | | | | | | |
As of December 31, 2012 | $ | 12,936 | | $ | 7,655 | | $ | 294 | | $ | 11,270 | | $ | 32,155 |
Stock options amortization | | - | | | 290 | | | - | | | - | | | 290 |
Restricted stock units expensed | | - | | | 922 | | | - | | | - | | | 922 |
Restricted stock units vested | | - | | | -410 | | | - | | | - | | | -410 |
Compensation options expired | | - | | | - | | | -294 | | | 294 | | | - |
As of September 30, 2013 | $ | 12,936 | | $ | 8,457 | | $ | - | | $ | 11,564 | | $ | 32,957 |
|
Warrants |
|
Warrant activity is summarized in the following table: |
| | | | | | | | | | | | | | |
| | Warrants outstanding | | Valuation | | Weighted average exercise price per share | | Weighted average remaining life (yrs.) | | Intrinsic value | | | | |
| | | | | | | | | | | | | | |
As of December 31, 2012 | | 19,977,743 | $ | 12,936 | $ | 4.25 | | 2.6 | $ | - | | | | |
As of September 30, 2013 | | 19,977,743 | $ | 12,936 | $ | 4.25 | | 1.8 | $ | - | | | | |
|
The 19,977,743 outstanding warrants expire in the following time frames: 2,666,666 expire in July 2014, 2,091,275 expire in December 2014, and 15,219,802 expire in October 2015. |
|
Compensation Options |
|
| | | | | | | | | | | | | | |
| | Compensation options outstanding | | | Valuation | | | Weighted average exercise price per share | | Expiry date | | Weighted average remaining life (yrs.) | | |
| | | | | | | | | | | | | | |
As of December 31, 2012 | | 225,000 | | $ | 294 | | $ | 3.30 | | Apr-13 | | 0.3 | | |
Expired | | -225,000 | | | -294 | | | | | | | | | |
As of September 30, 2013 | | - | | $ | - | | | | | | | | | |
|
Stock-Based Compensation |
|
Under our Stock Option Plan (the “Plan”) and our Long-Term Equity Incentive Plan (the “LTIP”), we may grant stock options and/or restricted stock units (“RSUs”) or restricted stock awards (“RSAs”) to our directors, officers, employees and consultants. The combined maximum number of our common shares that may be reserved for issuance under the Plan and the LTIP is a variable number equal to 10% of the issued and outstanding common shares on a non-diluted basis. Options under the Plan are granted from time to time at the discretion of the Board of Directors (“Board”), with vesting periods and other terms as determined by the Board. The LTIP is administered by the Board, which can delegate the administration to the Compensation Committee of the Board or to such other officers and employees of Vista as designated by the Board. Stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012 is as follows: |
|
| | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | | | | |
| | 2013 | | | 2012 | | 2013 | | | 2012 | | | | |
| | | | | | | | | | | | | | |
Stock options | $ | 72 | | $ | 429 | $ | 290 | | $ | 872 | | | | |
Restricted stock units | | 396 | | | 614 | | 922 | | | 2,164 | | | | |
| $ | 468 | | $ | 1,043 | $ | 1,212 | | $ | 3,036 | | | | |
| | | | | | | | | | | | | | |
|
As of September 30, 2013, stock options and RSUs had unrecognized compensation expense of $24 and $2,932, respectively, which is expected to be recognized over a weighted average period of 0.22 and 1.96 years, respectively. |
|
Stock Options |
|
A summary of stock option activity under the Plan as of September 30, 2013 and changes during the period then ended is set forth in the following table: |
| | | | | | | | | | | | | | |
| | Number of options | | Weighted average exercise price per option | | Weighted average remaining contractual term | | Aggregate intrinsic value | | | | | | |
Outstanding - December 31, 2012 | | 3,102,500 | $ | 2.80 | | 2.68 | $ | 637 | | | | | | |
Cancelled/Forfeited | | -100,000 | | 3.24 | | | | | | | | | | |
Expired | | -755,000 | | 3.32 | | | | | | | | | | |
Outstanding - September 30, 2013 | | 2,247,500 | $ | 2.61 | | 2.41 | $ | - | | | | | | |
| | | | | | | | | | | | | | |
Exercisable - September 30, 2013 | | 2,147,500 | $ | 2.61 | | 2.32 | $ | - | | | | | | |
|
A summary of the status of our unvested stock options as of September 30, 2013 and changes during the period then ended is set forth in the following table: |
|
| | | | | | | | | | | | | | |
| | | | | | Number of options | | Weighted average grant-date fair value per option | | Weighted average remaining amortization period (Years) | | | | |
Unvested - December 31, 2012 | | | | | | 300,000 | $ | 1.47 | | | | | | |
Vested | | | | | | -200,000 | | 1.65 | | | | | | |
Unvested - September 30, 2013 | | | | | | 100,000 | $ | 1.10 | | 0.22 | | | | |
|
|
|
|
Restricted Stock Units |
|
A summary of RSU activity under the LTIP as of September 30, 2013 and changes during the period then ended is set forth in the following table: |
|
| | | | | | | | | | | | | | |
| | Number of units | | Weighted average grant-date fair value per unit | | | | | | | | | | |
Unvested - December 31, 2012 | | 1,994,507 | $ | 3.52 | | | | | | | | | | |
Cancelled/forfeited | | -351,340 | | 3.58 | | | | | | | | | | |
Vested | | -116,875 | | 3.51 | | | | | | | | | | |
Granted | | 1,850,424 | | 0.82 | | | | | | | | | | |
Unvested - September 30, 2013 | | 3,376,716 | $ | 2.03 | | | | | | | | | | |
|
In general, a portion of the RSUs vest over a defined period of time, usually three years, and the remainder vest subject to certain Company and/or share price performance criteria, provided the recipient continues to be affiliated with Vista on the vesting date. |
|