10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission File Number 1-12031

 

UNIVERSAL DISPLAY CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania	23-2372688
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
375 Phillips Boulevard, Ewing, New Jersey	08618
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:                                                               (609) 671-0980

Securities registered pursuant to Section 12(b) of the Act:                                                   

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  X    No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes   No  X 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X    No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  X    No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  X 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  X                                                                                                                      Accelerated filer

Non-accelerated filer (Do not check if a smaller reporting company)                                       Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  X 

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant computed by reference to the closing sale price of the registrant’s common stock on the NASDAQ Global Market as of June 30, 2011, was $1,159,835,981.  Solely for purposes of this calculation, all executive officers and directors of the registrant and all beneficial owners of more than 10% of the registrant’s common stock (and their affiliates) were considered affiliates.

As of February 23, 2012, the registrant had outstanding 46,144,532 shares of common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement for the 2012 Annual Meeting of Shareholders, which is to be filed with the Securities and Exchange Commission no later than April 29, 2012, are incorporated by reference into Part III of this report.

EXPLANATORY NOTE

The sole purpose of this amendment to our Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the Securities and Exchange Commission on February 28, 2012, is to furnish Exhibit 101 to the Form 10-K which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included in Part IV, Item 15(a)(1) of the Form 10-K. As permitted by Rule 405 of Regulation S-T, Exhibit 101 was required to be furnished by amendment within 30 days of the original filing date of the Form 10-K.

No changes have been made to the Form 10-K other than the furnishing of Exhibit 101 described above. This amendment does not reflect subsequent events occurring after the original filing date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the Interactive Data File on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)           The following documents are filed as part of this report:

(1)   Financial Statements:

Management’s Report on Internal Control Over Financial Reporting	F-2
Reports of Independent Registered Public Accounting Firm	F-3
Consolidated Balance Sheets	F-5
Consolidated Statements of Operations	F-6
Consolidated Statements of Shareholders’ Equity and Comprehensive Income (Loss)	F-7
Consolidated Statements of Cash Flows	F-9
Notes to Consolidated Financial Statements	F-10

(2)   Financial Statement Schedules:

None.

(3)   Exhibits:

The following is a list of the exhibits filed as part of this report. Where so indicated by footnote, exhibits that were previously filed are incorporated by reference. For exhibits incorporated by reference, the location of the exhibit in the previous filing is indicated parenthetically, together with a reference to the filing indicated by footnote.

Exhibit

Number                                                                  Description

3.1 Amended and Restated Articles of Incorporation of the registrant (1)

3.2 Bylaws of the registrant (2)

10.1# Amended and Restated Change in Control Agreement between the registrant and Sherwin I. Seligsohn, dated as of November 4, 2008 (3)

10.2# Amended and Restated Change in Control Agreement between the registrant and Steven V. Abramson, dated as of November 4, 2008 (3)

10.3# Amended and Restated Change in Control Agreement between the registrant and Sidney D. Rosenblatt, dated as of November 4, 2008 (3)

10.4# Amended and Restated Change in Control Agreement between the registrant and Julia J. Brown, dated as of November 4, 2008 (3)

10.5# Amended and Restated Change in Control Agreement between the registrant and Janice K. Mahon, dated as of November 4, 2008 (3)

10.6# Second Amended and Restated Change in Control Agreement between the registrant and Michael G. Hack, dated as of January 11, 2010 (4)

10.7# Non-Competition and Non-Solicitation Agreement between the registrant and Sherwin I. Seligsohn, dated as of February 23, 2007 (5)

10.8# Non-Competition and Non-Solicitation Agreement between the registrant and Steven V. Abramson, dated as of January 26, 2007 (5)

10.9# Non-Competition and Non-Solicitation Agreement between the registrant and Sidney D. Rosenblatt, dated as of February 7, 2007 (5)

10.10# Non-Competition and Non-Solicitation Agreement between the registrant and Julia J. Brown, dated as of February 5, 2007 (5)

10.11# Non-Competition and Non-Solicitation Agreement between the registrant and Janice K. Mahon, dated as of February 23, 2007 (3)

10.12# Non-Competition and Non-Solicitation Agreement between the registrant and Michael G. Hack, dated as of February 5, 2007 (4)

10.13# Equity Retention Agreement between the registrant and Steven V. Abramson, dated as of March 18, 2010 (6)

10.14# Equity Retention Agreement between the registrant and Sidney D. Rosenblatt, dated as of March 18, 2010 (6)

10.15# Equity Retention Agreement between the registrant and Julia J. Brown, dated as of January 6, 2011 (7)

10.16# Equity Retention Agreement between the registrant and Janice K. Mahon, dated as of January 6, 2011 (7)

10.17# Equity Retention Agreement between the registrant and Michael G. Hack, dated as of January 6, 2011 (7)

10.18# Supplemental Executive Retirement Plan, dated as of April 1, 2010 (6)

10.19 Equity Compensation Plan, last amended effective as of June 23, 2011 (8)

10.20 Sponsored Research Agreement between the registrant and the University of Southern California, dated as of May 1, 2006 (9)

10.21 Amendment No. 1 to the Sponsored Research Agreement between the registrant and the University of Southern California, dated as of May 1, 2006 (3)

10.22 Amendment No. 2 to the Sponsored Research Agreement between the registrant and the University of Southern California, dated as of May 7, 2009 (10)

10.23 1997 Amended License Agreement among the registrant, The Trustees of Princeton University and the University of Southern California, dated as of October 9, 1997 (11)

10.24 Amendment #1 to the Amended License Agreement among the registrant, the Trustees of Princeton University and the University of Southern California, dated as of August 7, 2003 (12)

10.25 Amendment #2 to the Amended License Agreement among the registrant, the Trustees of Princeton University, the University of Southern California and the Regents of the University of Michigan, dated as of January 1, 2006 (12)

10.26 Termination, Amendment and License Agreement by and among the registrant, PD-LD, Inc., Dr. Vladimir S. Ban, and The Trustees of Princeton University, dated as of July 19, 2000 (13)

10.27 Letter of Clarification of UDC/GPEC Research and License Arrangements between the registrant and Global Photonic Energy Corporation, dated as of June 4, 2004 (5)

10.28+ Amended and Restated OLED Materials Supply and Service Agreement between the registrant and PPG Industries, Inc., dated as of October 1, 2011 (14)

10.29+ OLED Patent License Agreement between the registrant and Samsung Mobile Display Co., Ltd., dated as of August 22, 2011 (15)

10.30+ Supplemental OLED Material Purchase Agreement between the registrant and Samsung Mobile Display Co., Ltd., dated as of August 22, 2011 (15)

10.31+ Settlement and License Agreement between the registrant and Seiko Epson Corporation, dated as of July 31, 2006 (16)

10.32+ Amendment No. 1 to the Settlement and License Agreement between the registrant and Seiko Epson Corporation, dated as of March 30, 2009 (17)

10.33+ Commercial Supply Agreement between the registrant and LG.Philips LCD Co., Ltd. (now known as LG Display Co., Ltd.), dated as of May 23, 2007 (18)

10.34 Amendment No. 1 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of November 21, 2008 (3)

10.35 Amendment No. 2 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of August 11, 2009 (19)

10.36 Amendment No. 3 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of March 10, 2010 (6)

10.37 Amendment No. 4 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of July 23, 2010 (20)

10.38 Amendment No. 5 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of January 6, 2011 (7)

10.39@ Amendment No. 6 to the Commercial Supply Agreement between the registrant and LG Display Co., Ltd., dated as of July 6, 2011

10.38+ OLED Technology License Agreement between the registrant and Konica Minolta Holdings, Inc., dated as of August 11, 2008 (21)

10.39+ OLED Technology License Agreement between the registrant and Showa Denko K.K., dated as of December 17, 2009 (22)

10.40+ Memorandum of Agreement between the registrant and Moser Baer Technologies Inc., dated as of February 4, 2011 (7)

10.41+ Limited-Term OLED Technology License Agreement between the registrant and Panasonic Idemitsu OLED Lighting Co., Ltd., dated as of August 23, 2011 (14)

10.42+ OLED Technology License Agreement between the registrant and Pioneer Corporation, dated as of September 27, 2011 (23)

21* Subsidiaries of the registrant

23.1* Consent of KPMG LLP

31.1* Certifications of Steven V. Abramson, Chief Executive Officer, as required by Rule 13a-14(a) or Rule 15d-14(a)

31.2* Certifications of Sidney D. Rosenblatt, Chief Financial Officer, as required by Rule 13a-14(a) or Rule 15d-14(a)

32.1** Certifications of Steven V. Abramson, Chief Executive Officer, as required by Rule 13a-14(b) or Rule 15d-14(b), and by 18 U.S.C. Section 1350.  (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.  Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)

32.2** Certifications of Sidney D. Rosenblatt, Chief Financial Officer, as required by Rule 13a-14(b) or Rule 15d-14(b), and by 18 U.S.C. Section 1350.  (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section.  Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)

101.INS* XBRL Instance Document

101.SCH* XBRL Taxonomy Extension Schema Document

101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF* XBRL Taxonomy Extension Definition Linkbase Document

101.LAB* XBRL Taxonomy Extension Label Linkbase Document

101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document

Explanation of footnotes to listing of exhibits:

*	Filed herewith.
**	Furnished herewith.
@	Previously filed.
#	Management contract or compensatory plan or arrangement.
+	Confidential treatment has been accorded to certain portions of this exhibit pursuant to Rule 406 under the Securities Act of 1933, as amended, or Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

(1) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed with the SEC on August 9, 2010.

(2) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 1, 2004.

(3) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 12, 2009.

(4) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on March 15, 2010.

(5) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 15, 2007.

(6) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, filed with the SEC on May 10, 2010.

(7) Filed as an Exhibit to a Current Report on Form 8-K, filed with the SEC on March 21, 2011.

(8) Filed as an Exhibit to the Definitive Proxy Statement for the 2011 Annual Meeting of Shareholders, filed with the SEC on April 29, 2011.

(9) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed with the SEC on August 9, 2006.

(10) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed with the SEC on August 10, 2009.

(11) Filed as an Exhibit to the Annual Report on Form 10K-SB for the year ended December 31, 1997, filed with the SEC on March 31, 1998.

(12) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, filed with the SEC on November 10, 2003.

(13) Filed as an Exhibit to the amended Quarterly Report on Form 10-Q for the quarter ended September 30, 2000, filed with the SEC on November 20, 2001.

(14) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed with the SEC on November 8, 2011.

(15) Filed as an Exhibit to an Amended Current Report on Form 8-K, filed with the SEC on December 19, 2011.

(16) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, filed with the SEC on November 6, 2006.

(17) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, filed with the SEC on May 7, 2009.

(18) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, filed with the SEC on August 9, 2007.

(19) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, filed with the SEC on November 9, 2009.

(20) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, filed with the SEC on November 4, 2010.

(21) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, filed with the SEC on November 6, 2008.

(22) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2009, as amended, filed with the SEC on June 23, 2010.

(23) Filed as an Exhibit to Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed with the SEC on January 27, 2012.

Note: Any of the exhibits listed in the foregoing index not included with this report may be obtained, without charge, by writing to Mr. Sidney D. Rosenblatt, Corporate Secretary, Universal Display Corporation, 375 Phillips Boulevard, Ewing, New Jersey 08618.

(b)             The exhibits required to be filed by us with this report are listed above.

(c)             The consolidated financial statement schedules required to be filed by us with this report are listed above.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized:

	UNIVERSAL DISPLAY CORPORATION
By:	/s/ Sidney D. Rosenblatt
	Sidney D. Rosenblatt
	Executive Vice President, Chief Financial Officer,
	Treasurer and Secretary
Date:	March 21, 2012

EX-31.1

Exhibit 31.1

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a)/15d-14(a)

I, Steven V. Abramson, certify that:

1.           I have reviewed this amendment no. 1 to annual report on Form 10-K of Universal Display Corporation (the “registrant”) for the year ended December 31, 2011;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

Date:	March 21, 2012	By:	/s/ Steven V. Abramson
			Steven V. Abramson
			President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS REQUIRED BY

RULE 13a-14(a)/15d-14(a)

I, Sidney D. Rosenblatt, certify that:

1.           I have reviewed this amendment no. 1 to annual report on Form 10-K of Universal Display Corporation (the “registrant”) for the year ended December 31, 2011;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

Date:	March 21, 2012	By:	/s/ Sidney D. Rosenblatt
			Sidney D. Rosenblatt
			Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b)/15d-14(b) AND 18 U.S.C. SECTION 1350

In connection with this amendment no. 1 to the annual report of Universal Display Corporation (the “Company”) on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven V. Abramson, President and Chief Executive Officer of the Company, hereby certify, based on my knowledge, that:

(1)           The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:	March 21, 2012	By:	/s/ Steven V. Abramson
			Steven V. Abramson
			President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATIONS REQUIRED BY

RULE 13a-14(b)/15d-14(b) AND 18 U.S.C. SECTION 1350

In connection with this amendment no. 1 to the annual report of Universal Display Corporation (the “Company”) on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of the Company, hereby certify, based on my knowledge, that:

(1)           The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:	March 21, 2012	By:	/s/ Sidney D. Rosenblatt
			Sidney D. Rosenblatt
			Executive Vice President and Chief Financial Officer

XML

EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS (Details) (USD $)	63 Months Ended		12 Months Ended
	Dec. 31, 2005 Development Agreement [Member]	Dec. 31, 2005 Supply Agreement [Member]	Dec. 31, 2011 New OLED Materials Agreement and OLED Materials Agreement [Member]	Dec. 31, 2010 New OLED Materials Agreement and OLED Materials Agreement [Member]	Dec. 31, 2009 New OLED Materials Agreement and OLED Materials Agreement [Member]
Long-term Purchase Commitment [Line Items]
Time period	5Y	7Y
Specified form of payment			Up to 50% of the remaining services are payable, at the Company's sole discretion, in cash or shares of the Company's common stock, with the balance payable in cash.
Minimum average closing price of common stock (in dollars per share)			$ 6.00
Issuance of common stock in connection with materials and license agreements (in shares)			181	72,873	110,839
Charges to expense for issuance of common stock in connection with materials and license agreements			$ 9,181	$ 1,173,346	$ 1,088,766
Charges to expense for cash portion of reimbursement of expenses			$ 3,529,835	$ 2,122,882	$ 2,178,214

XML

CONCENTRATION OF RISK, Revenues by Geographic Area (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues by geographic area [Abstract]
United States									$ 6,842,202	$ 5,369,396	$ 4,789,536
All foreign locations									54,446,476	25,174,984	10,997,081
Revenues by geographic area [Line Items]
Total revenue	18,658,583	21,777,140	11,252,415	9,600,540	10,795,040	7,055,861	8,446,829	4,246,650	61,288,678	30,544,380	15,786,617
Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Number of suppliers from which chemical materials were purchased									1
South Korea [Member]
Revenues by geographic area [Line Items]
Total revenue									38,581,685	18,015,390	6,570,447
Japan [Member]
Revenues by geographic area [Line Items]
Total revenue									15,004,708	5,341,803	2,737,514
Taiwan [Member]
Revenues by geographic area [Line Items]
Total revenue									642,510	1,736,102	1,664,050
Other foreign locations [Member]
Revenues by geographic area [Line Items]
Total revenue									$ 217,573	$ 81,689	$ 25,070

XML

COMMITMENTS AND CONTINGENCIES (Details)			1 Months Ended								1 Months Ended		1 Months Ended
	Dec. 31, 2011 Commitment With Executive Officers [Member]	Dec. 08, 2006 Opposition to European Patent No. 0946958 [Member]	Jul. 27, 2007 Opposition to European Patent No. 1449238 [Member]	Dec. 31, 2011 Opposition to European Patent No. 1449238 [Member]	Aug. 09, 2011 Opposition to European Patent No. 1449238 [Member]	Jan. 19, 2011 Opposition to European Patent No. 1449238 [Member]	Mar. 08, 2007 Opposition to European Patent No. 1449238 [Member]	Aug. 09, 2011 Invalidation Trial in Japan for Japan Patent No. 3992929 [Member]	Jan. 19, 2011 Invalidation Trial in Japan for Japan Patent No. 3992929 [Member]	Apr. 19, 2010 Invalidation Trial in Japan for Japan Patent No. 3992929 [Member]	Apr. 20, 2010 Opposition To European Patent No. 1394870 [Member]	Feb. 25, 2011 Opposition To European Patent No. 1394870 [Member]	May 24, 2010 Invalidation Trials in Japan for Japan Patent Nos. 4357781 and 4358168 [Member]	Aug. 09, 2011 Invalidation Trials in Japan for Japan Patent Nos. 4357781 and 4358168 [Member]	Jan. 19, 2011 Invalidation Trials in Japan for Japan Patent Nos. 4357781 and 4358168 [Member]	Nov. 17, 2010 Interference No. 105,771 involving Claims 48-52 of US Patent No. 6,902,830 [Member]	Mar. 09, 2011 Invalidation Trial in Korea for Patent No. KR-0998059 [Member]	Dec. 31, 2011 Invalidation Trials in Korea for Patent Nos. KR-558632 and KR-963857 [Member]	May 31, 2011 Invalidation Trials in Korea for Patent Nos. KR-558632 and KR-963857 [Member]	Jun. 22, 2009 Invalidation Trials in Korea for Patent Nos. KR-558632 and KR-963857 [Member]	Dec. 31, 2011 Invalidation Trials in Korea for Patent Nos. KR-744199 and KR-913568 [Member]	Aug. 09, 2011 Invalidation Trials in Korea for Patent Nos. KR-744199 and KR-913568 [Member]	May 31, 2011 Invalidation Trials in Korea for Patent Nos. KR-744199 and KR-913568 [Member]	Jan. 19, 2011 Invalidation Trials in Korea for Patent Nos. KR-744199 and KR-913568 [Member]	Dec. 31, 2011 Invalidation Trial in Japan for Japan Patent No. 4511024 [Member]	Jun. 16, 2011 Invalidation Trial in Japan for Japan Patent No. 4511024 [Member]	Feb. 25, 2011 Invalidation Trial in Japan for Japan Patent No. 4511024 [Member]	Aug. 09, 2011 Opposition to European Patent No. 1252803 [Member]	Jul. 13, 2011 Opposition to European Patent No. 1252803 [Member]	Jan. 19, 2011 Opposition to European Patent No. 1252803 [Member]	Dec. 31, 2011 Invalidation Trials in Korea for Patent Nos. KR-794,795, KR-840,637 and KR-937,470 [Member]	Aug. 09, 2011 Invalidation Trials in Korea for Patent Nos. KR-794,795, KR-840,637 and KR-937,470 [Member]	Aug. 08, 2011 Invalidation Trials in Korea for Patent Nos. KR-794,795, KR-840,637 and KR-937,470 [Member]	Jan. 19, 2011 Invalidation Trials in Korea for Patent Nos. KR-794,795, KR-840,637 and KR-937,470 [Member]	Nov. 16, 2011 Opposition to European Patent No. 1390962 [Member]	Feb. 24, 2012 Opposition to European Patent No. 1933395 [Member]
Loss Contingencies [Line Items]
Number of executive officers under agreement	6
Multiple of sum of average annual base salary and bonus agreement terms	2
U.S. patents associated with matter		5,844,363, 6,602,540, 6,888,306 and 7,247,073					6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787			6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787			6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787				7,431,968		6,303,238; 6,579,632; 6,872,477; 7,279,235; 7,279,237; 7,488,542 and 7,563,519				6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787			6,303,238; 6,579,632; 6,872,477; 7,279,235; 7,279,237; 7,488,542; 7,563,519; and 7,901,795			6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787				6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787		7,009,338 and 7,285,907
Foreign patents associated with matter																																				Japan Patent No. 4358168, and to the above-noted Patent Nos. KR-840,637 and KR-937,470
Pending U.S. patent applications associated with matter					13/205,290	13/009,001		13/205,290	13/009,001			13/035,051		13/205,290	13/009,001					12/489,045		13/205,290		13/009,001			13/035,051	13/205,290		13/009,001		13/205,290		13/009,001
Patent interference, description of dispute																Universities' U.S. Patent No. 6,902,830 (the '830 patent), claims 48-52, and Fuji's Patent Application No. 11/802,492, claims 1-5 (the Fuji application).
Number of new claims filed			2								5		2
Number of pending claims combined into single proceeding				3
Number of European Opposition matters to which patents are also subject																		1			1				1						1
Number of Japanese Invalidation Trials to which patents are also subject																					1
Number of Korean Invalidation Trials to which patents are also subject																									1

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QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2011

QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) [Abstract]

Quarterly supplemental financial data (unaudited)

Year ended December 31, 2011:

	Three Months Ended
	March 31			June 30			September 30		December 31		Total
Revenue	$	9,600,540		$	11,252,415		$	21,777,140	$	18,658,583	$	61,288,678
Net (loss) income		(11,880,856	)		3,312,700			5,989,426		5,733,883		3,155,153
Net (loss) income per common share:
Basic		(0.31	)		0.07			0.13		0.13		0.07
Diluted		(0.31	)		(0.03	)		0.12		0.12		0.07

Year ended December 31, 2010:

	Three Months Ended
	March 31			June 30			September 30			December 31			Total
Revenue	$	4,246,650		$	8,446,829		$	7,055,861		$	10,795,040		$	30,544,380
Net loss		(2,978,331	)		(4,436,095	)		(7,186,570	)		(5,316,414	)		(19,917,410	)
Basic and diluted net loss per common share		(0.08	)		(0.12	)		(0.19	)		(0.14	)		(0.53	)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Short-term investments

Short-term investments at December 31, 2011 and 2010 consist of the following:

	Amortized		Unrealized					Aggregate Fair
Investment Classification	Cost		Gains		(Losses)			Market Value
December 31, 2011-
Certificates of deposit	$	5,797,322	$	158	$	(5,112	)	$	5,792,368
Corporate bonds		223,260,232		42,461		(25,118	)		223,277,575
U.S. Government bonds		5,223,675		432		(9	)		5,224,098
	$	234,281,229	$	43,051	$	(30,239	)	$	234,294,041
December 31, 2010-
Certificates of deposit	$	7,167,818	$	62	$	(7,919	)	$	7,159,961
Corporate bonds		30,423,518		19,964		(642	)		30,442,840
U.S. Government bonds		15,189,511		3,040		(807	)		15,191,744
	$	52,780,847	$	23,066	$	(9,368	)	$	52,794,545

Assets and liabilities carried at fair value measured on a recurring basis

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2011:

			Fair Value Measurements, Using
	Total carrying value as of December 31, 2011		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	96,538,248	$	96,538,248	$	—	$	—
Short-term investments		234,294,041		234,294,041		—		—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2010:

			Fair Value Measurements, Using
	Total carrying value as of December 31, 2010		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	8,234,698	$	8,234,698	$	—	$	—
Short-term investments		52,794,545		52,794,545		—		—
Stock warrant liability		10,659,755		—		—		10,659,755

Reconciliation of the changes in fair value of the Company's stock warrant liability

The following table is a reconciliation of the changes in fair value of the Company’s stock warrant liability for the years ended December 31, which had been classified in Level 3 in the fair value hierarchy:

	2011			2010			2009
Fair value of stock warrant liability, beginning of year	$	10,659,755		$	3,720,165		$	—
Cumulative effect of reclassification of stock warrant liability under ASC 815, see “Stock Warrant Liability” below		—			—			2,689,110
Loss for period		4,190,283			10,077,065			1,031,055
Warrants exercised		(14,850,038	)		(3,137,475	)		—
Fair value of stock warrant liability, end of year	$	—		$	10,659,755		$	3,720,165

Valuation inputs using the Black-Scholes option pricing model

The fair value of the stock warrant liability was determined using the Black-Scholes option pricing model with the following inputs at December 31:

	2010			2009
Contractual life (years)		0.6			0.1- 0.6
Expected volatility		55.6	%		40.5-76.7	%
Risk-free interest rate		0.2	%		0.1-0.8	%
Annual dividend yield		—			—

Basic and diluted net income (loss) per common share

The following table is a reconciliation of net income (loss) and the shares used in calculating basic and diluted net income (loss) per common share for the years ended December 31, 2011, 2010 and 2009:

	2011		2010			2009
Numerator:
Net income (loss)	$	3,155,153	$	(19,917,410	)	$	(20,505,320	)
Denominator:
Weighted average common shares outstanding – Basic		43,737,968		37,567,374			36,479,331
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP		956,803		—			—
Restricted stock awards and units		445,623		—			—
Weighted average common shares outstanding – Diluted		45,140,394		37,567,374			36,479,331
Net income (loss) per common share:
Basic	$	0.07	$	(0.53	)	$	(0.56	)
Diluted	$	0.07	$	(0.53	)	$	(0.56	)

Research and development expenses

Research and development expenses consist of the following:

	Year Ended December 31,
	2011		2010		2009
Development and operations in the Company’s facility	$	18,658,616	$	14,959,399	$	14,350,130
Costs incurred under sponsored research agreements		1,021,925		1,143,052		1,264,983
PPG OLED Materials Agreement (Note 7)		3,539,017		3,296,227		3,266,980
Amortization of intangibles		48,849		1,234,272		1,695,072
Scientific Advisory Board compensation		860,826		1,062,189		544,991
	$	24,129,233	$	21,695,139	$	21,122,156

Non-cash activities

The following non-cash activities occurred:

	Year Ended December 31,
	2011			2010			2009
Unrealized (loss) gain on available-for-sale securities	$	(886	)	$	(11,819	)	$	(100,980	)
Common stock issued for royalties that was earned in a previous period		—			81,273			81,954
Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period		299,943			314,181			309,802
Common stock issued to employees that was accrued for in a previous period, net of shares withheld for taxes		1,113,483			929,552			1,031,645
Fair value of stock warrant liability reclassified to shareholders’ equity upon exercise		14,850,038			3,137,475			—

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DEFINED CONTRIBUTION PLAN (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
DEFINED CONTRIBUTION PLAN [Abstract]
Maximum contribution percentage (in hundredths)	15.00%	15.00%	15.00%
Matching percentage (in hundredths)	50.00%	50.00%	50.00%
Matching contribution limit (in hundredths)	6.00%	6.00%	6.00%
Contributions to the 401(k) Plan	$ 250,803	$ 245,026	$ 230,395

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STOCK-BASED COMPENSATION, Stock Options (Details) (USD $)	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010 Y	Dec. 31, 2009 Y
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	$ 5.45
Upper range limit (in dollars per share)	$ 18.48
Outstanding and Exercisable [Abstract]
Number of Options Outstanding at December 31 (in shares)	1,079,223
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	2.78
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 10.54
Options Outstanding, Aggregate Intrinsic Value	$ 28,217,745	[1]
Number of Options Exercisable at December 31 (in shares)	1,079,223
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	2.78
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 10.54
Options Exercisable, Aggregate Intrinsic Value	28,217,745	[1]
Exercise Price Range 1 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	$ 5.45
Upper range limit (in dollars per share)	$ 8.17
Outstanding and Exercisable [Abstract]
Number of Options Outstanding at December 31 (in shares)	386,480
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	2.04
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.96
Options Outstanding, Aggregate Intrinsic Value	11,488,302	[1]
Number of Options Exercisable at December 31 (in shares)	386,480
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	2.04
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.96
Options Exercisable, Aggregate Intrinsic Value	11,488,302	[1]
Exercise Price Range 2 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	$ 8.18
Upper range limit (in dollars per share)	$ 12.27
Outstanding and Exercisable [Abstract]
Number of Options Outstanding at December 31 (in shares)	402,298
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	3.70
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 10.36
Options Outstanding, Aggregate Intrinsic Value	10,591,835	[1]
Number of Options Exercisable at December 31 (in shares)	402,298
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	3.70
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 10.36
Options Exercisable, Aggregate Intrinsic Value	10,591,835	[1]
Exercise Price Range 3 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit (in dollars per share)	$ 12.28
Upper range limit (in dollars per share)	$ 18.48
Outstanding and Exercisable [Abstract]
Number of Options Outstanding at December 31 (in shares)	290,445
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	2.50
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.56
Options Outstanding, Aggregate Intrinsic Value	6,137,608	[1]
Number of Options Exercisable at December 31 (in shares)	290,445
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	2.50
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 15.56
Options Exercisable, Aggregate Intrinsic Value	6,137,608	[1]
Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	8,000,000
Number of shares available for grant (in shares)	1,534,311
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration term (in years)	10Y
Stock option activity [Roll Forward]
Outstanding at January 1 (in shares)	1,804,273
Granted (in shares)	0
Exercised (in shares)	(725,050)
Forfeited (in shares)	0
Cancelled (in shares)	0
Outstanding at December 31 (in shares)	1,079,223		1,804,273
Stock option activity, additional disclosures [Abstract]
Outstanding at January 1, Weighted average exercise price (in dollars per share)	$ 10.30
Granted, Weighted average exercise price (in dollars per share)	$ 0
Exercised, Weighted average exercise price (in dollars per share)	$ 9.94
Forfeited, Weighted average exercise price (in dollars per share)	$ 0
Cancelled, Weighted average exercise price (in dollars per share)	$ 0
Outstanding at December 31, Weighted average exercise price (in dollars per share)	$ 10.54		$ 10.30
Stock option activity, vested and expected to vest [Abstract]
Vested and expected to vest (in shares)	1,079,223
Exercisable at December 31 (in shares)	1,079,223
Vested and expected to vest, Weighted average exercise price (in dollars per share)	$ 10.54
Exercisable, Weighted average exercise price (in dollars per share)	$ 10.54
Granted, Weighted average grant date fair value (in dollars per share)			$ 3.84	$ 8.06
Assumptions used in determining fair value [Abstract]
Dividend yield rate (in hundredths)			0.00%	0.00%
Expected volatility (in hundredths)			46.30%	74.80%
Risk-free interest rate (in hundredths)			0.20%	3.60%
Expected life (in years)			0.3	10
Stock-based compensation, aggregate disclosures [Abstract]
Total intrinsic value of stock awards exercised	25,022,463		8,075,057	2,310,832
Compensation expense	0		30,497	97,145
Shares tendered to net share settle (in shares)	32,800		54,650
Value of shares tendered to net share settle	1,259,506		1,500,931
Shares withheld for tax withholding obligations (in shares)	13,031
Fair value of shares withheld for tax withholding obligations	$ 437,711

[1] The difference between the stock option's exercise price and the closing price of the common stock at December 31, 2011.

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ACQUIRED TECHNOLOGY (Details) (USD $)	12 Months Ended							10 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 PD-LD, Inc [Member]	Dec. 31, 2010 PD-LD, Inc [Member]	Dec. 31, 2011 Motorola [Member]	Dec. 31, 2010 Motorola [Member]	Dec. 31, 2011 Motorola [Member] Patent Rights Licensed [Member] Y	Dec. 31, 2010 Motorola [Member] Patent Rights Licensed [Member]	Dec. 31, 2009 Motorola [Member] Patent Rights Licensed [Member]	Mar. 09, 2011 Motorola [Member] Patent Rights Licensed [Member]	Dec. 31, 2000 Motorola [Member] Patent Rights Licensed [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired technology, gross	$ 17,390,362	$ 16,950,718		$ 1,481,250	$ 1,481,250	$ 15,909,112	$ 15,469,468
Less: Accumulated amortization	(16,999,567)	(16,950,718)
Acquired technology, net	390,795	0
Amortization expense for all intangible assets	48,849	1,234,272	1,695,072
Number of patents under license agreement												74
Assigned value of acquired intangible assets											439,644
Amortization period of acquired intangible assets (in years)								7.5
Royalty Expense	1,359,578	875,902	395,279						310,356	162,558
Issuance of common stock in connection with materials and license agreements (in shares)									7,200
Issuance of common stock in connection with materials and license agreements	9,181	1,254,620	1,170,720						81,273
Cash payments for royalty expense									$ 81,285

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CONCENTRATION OF RISK, Revenues and Accounts Receivable (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Concentration Risk [Line Items]
Total revenue	$ 18,658,583	$ 21,777,140	$ 11,252,415	$ 9,600,540	$ 10,795,040	$ 7,055,861	$ 8,446,829	$ 4,246,650	$ 61,288,678	$ 30,544,380	$ 15,786,617
Accounts receivable	10,726,524				7,247,873				10,726,524	7,247,873
Total Revenue [Member] | Government Contracts Concentration Risk [Member]
Concentration Risk [Line Items]
Total revenue									5,773,957	4,939,546	4,373,316
Concentration risk, percentage (in hundredths)	9.00%				16.00%				9.00%	16.00%	28.00%
Total Revenue [Member] | Customer Concentration Risk [Member] | Major Customer A [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	51.00%				35.00%				51.00%	35.00%	31.00%
Total Revenue [Member] | Customer Concentration Risk [Member] | Major Customer B [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	11.00%				23.00%				11.00%	23.00%	9.00%
Maximum period in which agreement with customer is scheduled to expire (in months)									12M
Total Revenue [Member] | Customer Concentration Risk [Member] | Major Customer C [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	18.00%				0.00%				18.00%	0.00%	10.00%
Maximum period in which agreement with customer is scheduled to expire (in months)									12M
Total Revenue [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage (in hundredths)	89.00%				82.00%				89.00%	82.00%	70.00%
Concentration risk, additional characteristic									outside of North America	outside of North America	outside of North America
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Major Customer A [Member]
Concentration Risk [Line Items]
Accounts receivable	5,208,085				2,635,290				5,208,085	2,635,290	528,150
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Major Customer B [Member]
Concentration Risk [Line Items]
Accounts receivable	844,610				2,246,295				844,610	2,246,295	630,800
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Major Customer C [Member]
Concentration Risk [Line Items]
Accounts receivable	$ 62,955				$ 0				$ 62,955	$ 0	$ 0

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Principles of Consolidation

The consolidated financial statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., Universal Display Corporation Hong Kong, Ltd., Universal Display Corporation Korea, Inc., and Universal Display Corporation Japan, Inc.   All intercompany transactions and accounts have been eliminated.

Management’s Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the area of revenue recognition for license agreements, useful life of acquired technology, stock-based compensation and the valuation of stock warrant and retirement benefit plan liabilities. Actual results could differ from those estimates.

Cash, Cash Equivalents and Short-term Investments

The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company classifies its remaining short-term investments as available-for-sale. These securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Short-term investments at December 31, 2011 and 2010 consist of the following:

	Amortized		Unrealized					Aggregate Fair
Investment Classification	Cost		Gains		(Losses)			Market Value
December 31, 2011-
Certificates of deposit	$	5,797,322	$	158	$	(5,112	)	$	5,792,368
Corporate bonds		223,260,232		42,461		(25,118	)		223,277,575
U.S. Government bonds		5,223,675		432		(9	)		5,224,098
	$	234,281,229	$	43,051	$	(30,239	)	$	234,294,041
December 31, 2010-
Certificates of deposit	$	7,167,818	$	62	$	(7,919	)	$	7,159,961
Corporate bonds		30,423,518		19,964		(642	)		30,442,840
U.S. Government bonds		15,189,511		3,040		(807	)		15,191,744
	$	52,780,847	$	23,066	$	(9,368	)	$	52,794,545

All short-term investments held at December 31, 2011 will mature within one year.

Trade Accounts Receivable

Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The Company considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms.  The Company’s accounts receivable balance is a result of chemical sales, royalties, license fees and U.S. government contract revenues.  These receivables have historically been paid timely.  Due to the nature of the accounts receivable balance, the Company believes there is no significant risk of collection.  If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for doubtful accounts would be required.  The Company recorded no bad debt expense in the years ended December 31, 2011, 2010 and 2009.  

Inventory

Inventory, which consists of materials that have been classified as commercial, is valued at the lower of cost or market using the first-in, first-out method. Commercial materials are materials that have been validated by the Company for use in commercial OLED products.

Fair Value Measurements

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2011:

			Fair Value Measurements, Using
	Total carrying value as of December 31, 2011		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	96,538,248	$	96,538,248	$	—	$	—
Short-term investments		234,294,041		234,294,041		—		—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2010:

			Fair Value Measurements, Using
	Total carrying value as of December 31, 2010		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	8,234,698	$	8,234,698	$	—	$	—
Short-term investments		52,794,545		52,794,545		—		—
Stock warrant liability		10,659,755		—		—		10,659,755

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.

The following table is a reconciliation of the changes in fair value of the Company’s stock warrant liability for the years ended December 31, which had been classified in Level 3 in the fair value hierarchy:

	2011			2010			2009
Fair value of stock warrant liability, beginning of year	$	10,659,755		$	3,720,165		$	—
Cumulative effect of reclassification of stock warrant liability under ASC 815, see “Stock Warrant Liability” below		—			—			2,689,110
Loss for period		4,190,283			10,077,065			1,031,055
Warrants exercised		(14,850,038	)		(3,137,475	)		—
Fair value of stock warrant liability, end of year	$	—		$	10,659,755		$	3,720,165

The fair value of the stock warrant liability was determined using the Black-Scholes option pricing model with the following inputs at December 31:

	2010			2009
Contractual life (years)		0.6			0.1- 0.6
Expected volatility		55.6	%		40.5-76.7	%
Risk-free interest rate		0.2	%		0.1-0.8	%
Annual dividend yield		—			—

Fair Value of Financial Instruments

The carrying values of accounts receivable, other current assets, and accounts payable approximate fair value in the accompanying financial statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents, short-term investments and stock warrant liability are carried at fair value as noted above.

Property and Equipment

Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for building, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized.

Impairment of Long-Lived Assets

Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate. As of December 31, 2011, Company management believed that no revision to the remaining useful lives or write-down of the Company’s long-lived assets was required. No such revisions were required for the years ended December 31, 2011, 2010 or 2009.

Stock Warrant Liability

On January 1, 2009, the Company adopted certain revised provisions of Accounting Standards Codification (ASC) 815, Derivatives and Hedging. These provisions apply to freestanding financial instruments or embedded features that have the characteristics of a derivative and to freestanding financial instruments that are potentially settled in an entity’s own common stockand provide guidance related to the determination of whether these instruments should be classified as equity or debt.  If an instrument is classified as debt, it is valued at fair value, and this value is re-measured on an ongoing basis, with changes recorded on the statement of operations in each reporting period.  At January 1, 2009, the Company had warrants to purchase shares of common stock outstanding containing a “down-round” provision.  In accordance with the guidance in these revised provisions, the fair value of these warrants was required to be reported as a liability, with the changes of fair value recorded on the statement of operations.  As such, on January 1, 2009, the fair value of these warrants at that date of $2,689,110 was reclassified from equity to a liability.  As a result of the change, the original fair value of the warrants at the date of issuance of $6,557,928 was recorded as a reduction to additional paid-in capital.  In addition, accumulated deficit, as of January 1, 2009, decreased to reflect the cumulative effect of the adoption of these provisions.  The change in fair value of these warrants resulted in a non-cash loss on the Company’s consolidated statement of operations of $4,190,283, $10,777,065 and $1,031,055 for the years ended December 31, 2011, 2010 and 2009, respectively. In 2011, all remaining outstanding stock warrants to purchase shares of the Company’s common stock were exercised.

The fair value of the stock warrant liability was determined using the Black-Scholes option pricing model as noted above in “Fair Value Measurements”.

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, excluding unvested restricted stock awards.  Diluted net income (loss) per common share reflects the potential dilution from the exercise or conversion of securities into common stock, the effect of unvested restricted stock awards and restricted stock units, and the impact of shares to be issued under the ESPP.

The following table is a reconciliation of net income (loss) and the shares used in calculating basic and diluted net income (loss) per common share for the years ended December 31, 2011, 2010 and 2009:

	2011		2010			2009
Numerator:
Net income (loss)	$	3,155,153	$	(19,917,410	)	$	(20,505,320	)
Denominator:
Weighted average common shares outstanding – Basic		43,737,968		37,567,374			36,479,331
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP		956,803		—			—
Restricted stock awards and units		445,623		—			—
Weighted average common shares outstanding – Diluted		45,140,394		37,567,374			36,479,331
Net income (loss) per common share:
Basic	$	0.07	$	(0.53	)	$	(0.56	)
Diluted	$	0.07	$	(0.53	)	$	(0.56	)

For the year ended December 31, 2011, the effect of 586,972 warrants prior to their exercise was excluded from the calculation of diluted EPS as the impact would have been antidilutive. For the years ended December 31, 2010 and 2009, the effects of the assumed exercise of the combined outstanding stock options and warrants and unvested restricted stock awards and restricted stock units of 3,165,048 and 4,299,598, respectively, and the impact of shares to be issued under the ESPP, which was minor, were excluded from the calculation of diluted EPS as the impact would have been antidilutive.

Revenue Recognition and Deferred Revenue

In 2011, the Company revised the presentation of its revenue categories to better reflect its primary sources of revenue. Revenue categories for 2010 and 2009 were conformed to reflect the current presentation.

Material sales relate to the Company’s sale of its OLED materials, for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Material sales are recognized at the time of shipment or at time of delivery, and passage of title, depending upon the contractual agreement between the parties.

The Company has received non-refundable advance license and royalty payments under certain commercial, development and technology evaluation agreements. Certain of the payments under development and technology evaluation agreements are creditable against future amounts payable under commercial license agreements that the parties may subsequently enter into and, as such, are deferred until such commercial license agreements are executed or negotiations have ceased and Company management determines that there is no appreciable likelihood of executing a commercial license agreement with the other party. Revenue would then be recognized over the term of the agreement or the expected useful life of the relevant licensed technology, for perpetual licenses, if there is an effective commercial license agreement or amounts are not creditable against future commercial license fees, or at the time Company management determines that there is no appreciable likelihood of an executable commercial license agreement. Amounts deferred are classified as current and non-current based upon current contractual remaining terms; however, based upon on-going relationships with customers, as well as future agreement extensions, amounts classified as current as of December 31, 2011, may not be recognized as revenue over the next twelve months. As of December 31, 2011, $9,407,715 was recorded as deferred revenue, of which $3,366,667 is creditable against future commercial license agreements that have not yet been executed or deemed effective. For the years ended December 31, 2010 and 2009, $2,100,000 and $1,500,000, respectively, of revenue was recognized relating to cash payments received that were creditable against license fees and/or royalties for which the Company determined there was no appreciable likelihood of executing a commercial license agreement with the customer. For the year ended December 31, 2011, no such revenue was recognized. For arrangements with extended payment terms where the fee is not fixed and determinable, the Company recognizes revenue when the payment is due and payable. Royalty revenue is recognized when earned and the amount is fixed and determinable.

Technology development and support revenue is revenue earned from government contracts, development and technology evaluation agreements and commercialization assistance fees, which includes reimbursements by government entities for all or a portion of the research and development costs the Company incurs in relation to its government contracts. Revenues are recognized proportionally as research and development costs are incurred, or as defined milestones are achieved.

Included in accounts receivable as of December 31, 2011 and 2010 are unbilled receivables of $869,982 and $1,095,329, respectively. All amounts are billed and collected within one year.

Cost of Material Sales

Cost of material sales represents costs associated with the sale of materials that have been classified as commercial.

Research and Development

Expenditures for research and development are charged to operations as incurred. Research and development expenses consist of the following:

	Year Ended December 31,
	2011		2010		2009
Development and operations in the Company’s facility	$	18,658,616	$	14,959,399	$	14,350,130
Costs incurred under sponsored research agreements		1,021,925		1,143,052		1,264,983
PPG OLED Materials Agreement (Note 7)		3,539,017		3,296,227		3,266,980
Amortization of intangibles		48,849		1,234,272		1,695,072
Scientific Advisory Board compensation		860,826		1,062,189		544,991
	$	24,129,233	$	21,695,139	$	21,122,156

Patent Costs

Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense.

Statement of Cash Flow Information

The following non-cash activities occurred:

	Year Ended December 31,
	2011			2010			2009
Unrealized (loss) gain on available-for-sale securities	$	(886	)	$	(11,819	)	$	(100,980	)
Common stock issued for royalties that was earned in a previous period		—			81,273			81,954
Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period		299,943			314,181			309,802
Common stock issued to employees that was accrued for in a previous period, net of shares withheld for taxes		1,113,483			929,552			1,031,645
Fair value of stock warrant liability reclassified to shareholders’ equity upon exercise		14,850,038			3,137,475			—

Income Taxes

Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. The Company accounts for the sale of its state net operating losses on a cash basis; therefore, it does not record an income tax benefit until the cash is received. The Company classifies interest and penalties, if any, as a component of tax expense.

Share-Based Payment Awards

The Company recognizes in the statements of operations the grant-date fair value of stock options and other equity-based compensation, such as shares issued under employee stock purchase plans, restricted stock awards and units and stock appreciation rights (SARs), issued to employees and directors.

The grant-date fair value of stock options is determined using the Black-Scholes option pricing model. The fair value of share-based awards is recognized as compensation expense on a straight-line basis over the requisite service period, net of estimated forfeitures.  The Company relies primarily upon historical experience to estimate expected forfeitures and recognizes compensation expense on a straight-line basis from the date of the grant.  The Company issues new shares upon the exercise or vesting of share-based payment awards.

Cash-settled SARs awarded in share-based payment transactions are classified as liability awards; accordingly, the Company records these awards as a component of accrued expenses on its consolidated balance sheets. The fair value of each SAR is estimated using the Black-Scholes option pricing model and is remeasured at each reporting period until the award is settled. Changes in the fair value of the liability award are recorded as expense or income in the statements of operations.

Recent Accounting Pronouncements

In September 2009, the Financial Accounting Standards Board (FASB) issued guidance which affects the revenue recognition accounting policies for transactions that involve multiple deliverables. The new guidance requires companies to allocate revenue in arrangements involving multiple deliverables based on the estimated selling price of each deliverable, even though those deliverables are not sold separately either by the company itself or other vendors. This new guidance eliminates the requirement that all undelivered elements have objective and reliable evidence of fair value before a company can recognize the portion of the overall arrangement fee that is attributable to items that already have been delivered. In the absence of vendor-specific objective evidence and third-party evidence for one or more elements in a multiple-element arrangement, companies will estimate the selling prices of those elements. The overall arrangement fee is allocated to each element whether delivered or undelivered, based on their relative selling prices, regardless of whether those estimated selling prices are evidenced by vendor-specific objective evidence, third-party evidence of fair value or are based on the company’s judgment. The new guidance was effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company adopted this new guidance on a prospective basis beginning January 1, 2011. The adoption of this new guidance did not have an impact on the Company’s results of operations or financial position.

In January 2010, the FASB issued amended standards that require additional fair value disclosures. These amended standards require disclosures about inputs and valuation techniques used to measure fair value, as well as disclosures about significant transfers, beginning in the first quarter of 2010.  Additionally, these amended standards require presentation of disaggregated activity within the reconciliation for fair value measurements using significant unobservable inputs (Level 3), beginning in the first quarter of 2011. The adoption of the additional disclosure requirements of this new guidance in the first quarter of 2011 did not have an impact on the Company’s results of operations, financial position, or disclosures.

In April 2010, the FASB issued guidance allowing the milestone method as an acceptable revenue recognition methodology when an arrangement includes substantive milestones. The guidance provides a definition of a substantive milestone and should be applied regardless of whether the arrangement includes single or multiple deliverables or units of accounting. The scope of this consensus is limited to the transactions involving milestones relating to research and development deliverables. The guidance includes enhanced disclosure requirements about each arrangement, individual milestones and related contingent consideration, information about substantive milestones and factors considered in the determination. The consensus was effective prospectively to milestones achieved in annual reporting periods, and interim periods within those years, beginning after June 15, 2010. The Company adopted this new guidance on a prospective basis beginning January 1, 2011. The adoption of this new guidance did not have an impact on the Company’s results of operations or financial position.

In May 2011, the FASB issued amended standards that revised the application of the valuation premise of highest and best use of an asset, the application of premiums and discounts for fair value determination, as well as the required disclosures for transfers between Level 1 and Level 2 fair value measures and the highest and best use of nonfinancial assets. The update provides additional disclosures regarding Level 3 fair value measurements and clarifies certain other existing disclosure requirements. The new guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company does not expect this new guidance to have an impact on the Company’s results of operations or financial position.

In June 2011, the FASB issued amended standards for the reporting of other comprehensive income.  The amendments require that all non-owner changes in shareholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income.  Regardless of which option is chosen, the entity is required to present on the face of the financial statements any adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued additional standards which defer specific requirements to present reclassification adjustments for each component of accumulated other comprehensive income. The new guidance is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. This new guidance will not have an impact on the Company’s results of operations or financial position, but it will change the Company’s presentation of comprehensive income (loss).

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STOCK-BASED COMPENSATION, Equity Instruments Other Than Options (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stock Appreciation Rights (SARs) [Member]
Equity instruments other than options [Roll Forward]
Outstanding at January 1 (in shares)	0
Granted (in shares)	24,000
Exercised (in shares)	0
Forfeited (in shares)	0
Cancelled (in shares)	0
Outstanding at December 31 (in shares)	24,000
Equity instruments other than options, additional disclosures [Abstract]
Outstanding at January 1, Base price (in dollars per share)	$ 0
Granted, Base price (in dollars per share)	$ 34.78
Exercised, Base price (in dollars per share)	$ 0
Forfeited, Base price (in dollars per share)	$ 0
Cancelled, Base price (in dollars per share)	$ 0
Outstanding at December 31, Base price (in dollars per share)	$ 34.78
Vested and expected to vest (in shares)	24,000
Vested and expected to vest, Base price (in dollars per share)	$ 34.78
Outstanding at December 31, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 1.93
Assumptions used in determining fair value [Abstract]
Dividend yield rate (in hundredths)	0.00%
Expected volatility (in hundredths)	23.40%
Risk-free interest rate (in hundredths)	0.02%
Expected life (in years)	0.02
Stock-based compensation, aggregate disclosures [Abstract]
Intrinsic value	$ 45,840
Stock Appreciation Rights (SARs) [Member] | Selling, General and Adminstrative Expense [Member]
Stock-based compensation, aggregate disclosures [Abstract]
Compensation expense	13,261
Stock Appreciation Rights (SARs) [Member] | Research and Development Expense [Member]
Stock-based compensation, aggregate disclosures [Abstract]
Compensation expense	32,207
Restricted Stock and Units [Member]
Equity instruments other than options [Roll Forward]
Outstanding at January 1 (in shares)	773,803
Granted (in shares)	202,390
Vested (in shares)	(318,852)
Cancelled (in shares)	0
Outstanding at December 31 (in shares)	657,341	773,803
Equity instruments other than options, additional disclosures [Abstract]
Outstanding at January 1, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 12.87
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 35.21	$ 13.54	$ 10.12
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 19.19
Cancelled, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 0
Outstanding at December 31, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 16.68	$ 12.87
Stock-based compensation, aggregate disclosures [Abstract]
Vesting term, minimum (in years)	1Y
Vesting term, maximum (in years)	6Y
Shares withheld for tax withholding obligations (in shares)	83,089	40,049	22,164
Fair value of shares withheld for tax withholding obligations	3,379,828	581,833	209,685
Restricted Stock and Units [Member] | Selling, General and Adminstrative Expense [Member]
Stock-based compensation, aggregate disclosures [Abstract]
Compensation expense	2,977,130	2,024,507	993,357
Restricted Stock and Units [Member] | Research and Development Expense [Member]
Stock-based compensation, aggregate disclosures [Abstract]
Compensation expense	1,726,183	1,368,314	705,535
Common Stock [Member]
Equity instruments other than options [Roll Forward]
Granted (in shares)	3,196	2,881	5,842
Common Stock [Member] | Research and Development Expense [Member]
Stock-based compensation, aggregate disclosures [Abstract]
Compensation expense	$ 129,327	$ 56,107	$ 51,055

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2011

STOCK-BASED COMPENSATION [Abstract]

Stock option activity

The following table summarizes the stock option activity during the year ended December 31, 2011 for all grants under the Equity Compensation Plan:

			Weighted
			Average
			Exercise
	Options		Price
Outstanding at January 1, 2011		1,804,273	$	10.30
Granted		—		—
Exercised		(725,050)		9.94
Forfeited		—		—
Cancelled		—		—
Outstanding at December 31, 2011		1,079,223		10.54
Vested and expected to vest		1,079,223		10.54
Exercisable at December 31, 2011		1,079,223		10.54

Assumptions used in determining the fair value of stock options

The following table provides the assumptions used in determining the fair value of the stock options for the years ended December 31, 2010 and 2009, respectively:

	2010		2009
Dividend yield rate		—		—
Expected volatility		46.3%		74.8%
Risk-free interest rates		0.2%		3.6%
Expected life	0.3 Years		10 Years

Summary of stock options outstanding and exercisable by price range

A summary of stock options outstanding and exercisable by price range at December 31, 2011 is as follows:

		Outstanding and Exercisable
		Number of		Weighted
		Options		Average		Weighted
		Outstanding		Remaining		Average		Aggregate
		at December 31,		Contractual		Exercise		Intrinsic
Exercise Price		2011		Life (Years)		Price		Value (A)
$	5.45–8.17		386,480		2.04	$	6.96	$	11,488,302
	8.18-12.27		402,298		3.70		10.36		10,591,835
	12.28–18.48		290,445		2.50		15.56		6,137,608
$	5.45–18.48		1,079,223		2.78	$	10.54	$	28,217,745

(A) The difference between the stock option’s exercise price and the closing price of the common stock at December 31, 2011.

SAR activity

The following table summarizes the SARs activity during the year ended December 31, 2011 for all grants under the Equity Compensation Plan:

			Base
	SARs		Price
Outstanding at January 1, 2011		—	$	—
Granted		24,000		34.78
Exercised		—		—
Forfeited		—		—
Cancelled		—		—
Outstanding at December 31, 2011		24,000		34.78
Vested and expected to vest		24,000		34.78

Assumptions used in determining the fair value of stock appreciation rights

The following table provides the assumptions used in determining the fair value of the SARs at December 31, 2011:

Dividend yield rate	—
Expected volatility	23.4	%
Risk-free interest rates	0.02	%
Expected life	0.02

Restricted stock and units activity

         The following table summarizes the stock activity related to restricted stock awards and units and fully vested share based payment awards:

				Weighted-
				Average
	Number of			Grant-Date
	Shares			Fair Value
Unvested, January 1, 2011		773,803		$	12.87
Granted		202,390			35.21
Vested		(318,852	)		19.19
Cancelled		—			—
Unvested, December 31, 2011		657,341		$	16.68

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ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2011

ACCRUED EXPENSES [Abstract]

Accrued expenses

Accrued expenses consist of the following:

	December 31,
	2011		2010
Compensation	$	5,591,067	$	4,013,391
Royalties		1,219,256		865,902
Consulting		338,701		340,543
Professional fees		758,952		558,929
Subcontracts		83,859		87,137
Research and development agreements		546,133		751,701
Other		481,754		288,686
	$	9,019,722	$	6,906,289

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STOCK-BASED COMPENSATION, Employee Stock Purchase Plan (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Jun. 25, 2009
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Proceeds from common stock issued	$ 307,342	$ 245,684	$ 130,184
Employee Stock Purchase Plan (ESPP) [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Reserved for issuance (in shares)				1,000,000
Purchase period (in months)	3M
Percentage of market value (in hundredths)	85.00%
Maximum allocation of base compensation (in hundredths)	10.00%
Maximum shares per purchase date (in shares)	12,500
Maximum value per calendar year, per employee	25,000
Common stock issued (in shares)	10,531	19,583	14,056
Proceeds from common stock issued	307,342	245,684	130,184
Employee Stock Purchase Plan (ESPP) [Member] | Selling, General and Adminstrative Expense [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Charges to expense	31,096	26,061	15,276
Employee Stock Purchase Plan (ESPP) [Member] | Research and Development Expense [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Charges to expense	$ 76,088	$ 50,834	$ 27,718

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SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (Tables)

12 Months Ended

Dec. 31, 2011

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN [Abstract]

Information relating to the Company's plan

Information relating to the Company’s plan is as follows:

	Year Ended December 31,
	2011		2010
Change in benefit obligation:
Benefit obligation, beginning of year/upon plan adoption	$	7,077,901	$	5,611,079
Service cost		541,835		331,837
Interest cost		385,038		256,041
Actuarial loss		418,461		878,944
Benefit obligation, end of year		8,423,235		7,077,901
Fair value of plan assets		—		—
Unfunded status of the plan, end of year	$	8,423,235	$	7,077,901
Current liability	$	163,545	$	—
Noncurrent liability		8,259,690		7,077,901

Components of net periodic pension cost

The components of net periodic pension cost were as follows:

	Year Ended December 31,
	2011		2010
Service cost	$	541,835	$	331,837
Interest cost		385,038		256,041
Amortization of prior service cost		584,487		438,366
Amortization of loss		15,512		—
Total net periodic benefit cost	$	1,526,872	$	1,026,244

Assumptions used to determine benefit obligation and net periodic pension cost

Assumptions used to determine the year end benefit obligation were as follows:

	Year Ended December 31,
	2011		2010
Discount rate		4.44%		5.44%
Rate of compensation increases		3.5%		3.5%

Assumptions used to determine the net periodic pension cost were as follows:

	Year Ended December 31,
	2011		2010
Discount rate		5.44%		6.13%
Rate of compensation increases		3.5%		3.5%

Amounts to be amortized from accumulated other comprehensive loss into net periodic pension cost in next fiscal year

The estimated amounts to be amortized from accumulated other comprehensive loss into the net periodic pension cost in 2012 are as follows:

Amortization of prior service cost	$	584,000
Amortization of loss		10,000
Total	$	594,000

Benefit payments expected to be paid

Benefit payments, which reflect estimated future service, are currently expected to be paid as follows:

Year	Projected Benefits
2012	$	164,000
2013		393,000
2014		393,000
2015		393,000
2016		393,000
2017-2021		4,259,000
Thereafter		14,011,000

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CONCENTRATION OF RISK (Tables)

12 Months Ended

Dec. 31, 2011

CONCENTRATION OF RISK [Abstract]

Revenues and accounts receivable from our largest non-government customers

Revenues and accounts receivable from our largest non-government customers for the years ended December 31 were as follows:

		2011				2010				2009
Customer		% of Total Revenue		Accounts Receivable		% of Total Revenue		Accounts Receivable		% of Total Revenue		Accounts Receivable
	A		51%	$	5,208,085		35%	$	2,635,290		31%	$	528,150
	B		11%		844,610		23%		2,246,295		9%		630,800
	C		18%		62,955		—%		—		10%		—

Revenues by geographic area

Revenues by geographic area are as follows:

Country	2011		2010		2009
United States	$	6,842,202	$	5,369,396	$	4,789,536
South Korea		38,581,685		18,015,390		6,570,447
Japan		15,004,708		5,341,803		2,737,514
Taiwan		642,510		1,736,102		1,664,050
Other		217,573		81,689		25,070
All foreign locations		54,446,476		25,174,984		10,997,081
Total revenue	$	61,288,678	$	30,544,380	$	15,786,617

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BUSINESS

12 Months Ended

Dec. 31, 2011

BUSINESS [Abstract]

BUSINESS

1. BUSINESS:

Universal Display Corporation (Company) is engaged in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel display, solid-state lighting and other product applications. The Company’s primary business strategy is to develop and license its proprietary OLED technologies to product manufacturers for use in these applications. In support of this objective, the Company also develops new OLED materials and sells those materials to product manufacturers. Through internal research and development efforts and relationships with entities such as Princeton University (Princeton), the University of Southern California (USC), the University of Michigan (Michigan), Motorola Solutions, Inc. (f/k/a Motorola, Inc.) (Motorola) and PPG Industries, Inc. (PPG Industries), the Company has established a significant portfolio of proprietary OLED technologies and materials (Notes 3, 5 and 7).

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES [Abstract]

Components of income (loss) before income taxes

                   The components of income (loss) before income taxes are as follows:  

	Year ended December 31,
	2011		2010		2009
United States	$	3,729,014	$	(20,022,838)	$	(20,625,310)
Foreign		(1,287,914)		(28,921)		(9,925)
Income (loss) before income tax	$	2,441,100	$	(20,051,759)	$	(20,635,235)

Components of income tax benefit

The components of the income tax benefit are as follows:  

	Year ended December 31,
	2011		2010		2009
Current income tax benefit (expense):
Federal	$	—	$	—	$	104,428
State		2,660,509		464,162		25,487
Foreign		(1,946,456)		(329,813)		—
		714,053		134,349		129,915
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
		—		—		—
Income tax benefit	$	714,053	$	134,349	$	129,915

Reconciliation of the statutory U.S. federal tax rate to the effective tax rate

Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows:

	Year ended December 31,
	2011		2010		2009
Statutory U.S. federal income tax rate		34.0%		34.0%		34.0%
State income taxes, net of federal  benefit		14.8%		10.1%		7.8%
Sale of New Jersey tax attributes		50.8%		0.3%		0.0%
Effect of foreign operations		17.9%		(1.7%)		0.0%
Nondeductible employee compensation		44.4%		(0.2%)		0.0%
Loss on stock warrant liability		58.4%		(17.1%)		(1.7%)
Research tax credits		(34.7%)		4.3%		3.5%
Change in valuation allowance		(226.9%)		(35.3%)		(54.4%)
Other		12.0%		6.3%		11.4%
Effective tax rate		(29.3%)		0.7%		0.6%

Tax loss and tax credit carryforwards

The following table summarizes Company tax loss and tax credit carry forwards at December 31, 2011:  

	Related
	Tax		Tax		Expiration
	Deduction		Benefit		Date
Loss carry forwards:
Federal net operating loss	$	177,956,000	$	60,505,000	2012 to 2030
State net operating loss		87,481,000		5,180,000	2013 to 2030
Total loss carry forwards	$	265,437,000	$	65,685,000
Tax credit carry forwards:
Research tax credits		n/a	$	7,856,000	2020 to 2031
Foreign tax credits		n/a		2,293,000	2012 to 2021
State research tax credits		n/a		2,210,000	2020 to 2026
Total credit carry forwards		n/a	$	12,359,000

Significant components of deferred tax assets

Significant components of the Company's net deferred tax assets are as follows:

	December 31,
	2011		2010
Deferred tax asset:
Net operating loss carry forwards	$	57,974,000	$	70,048,000
Capitalized technology license		3,352,000		3,811,000
Capitalized research expenditures		976,000		-
Accruals and reserves		2,119,000		463,000
Retirement plan		3,364,000		2,827,000
Deferred revenue		3,758,000		3,235,000
Tax credit carry forward		12,359,000		8,394,000
Other		502,000		1,237,000
		84,404,000		90,015,000
Valuation allowance		(84,404,000)		(90,015,000)
Net deferred tax asset	$	—	$	—

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PREFERRED STOCK (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 1995	Dec. 31, 2010
Class of Stock [Line Items]
Preferred Stock, shares authorized (in shares)	5,000,000		5,000,000
Series A Nonconvertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, issued during the period (in shares)		200,000
Preferred Stock, liquidation value per share (in dollars per share)	$ 7.50		$ 7.50
Preferred Stock, voting rights	Series A shareholders, as a single class, have the right to elect two members of the Company's Board of Directors. This right has never been exercised. Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote.

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CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 111,795,229	$ 20,368,852
Short-term investments	234,294,041	52,794,545
Accounts receivable	10,726,524	7,247,873
Inventory	3,842,729	2,209
Other current assets	1,645,504	1,986,030
Total current assets	362,304,027	82,399,509
PROPERTY AND EQUIPMENT, net	10,883,939	9,711,093
ACQUIRED TECHNOLOGY, net	390,795	0
OTHER ASSETS	298,964	216,529
TOTAL ASSETS	373,877,725	92,327,131
CURRENT LIABILITIES:
Accounts payable	4,776,446	2,155,489
Accrued expenses	9,019,722	6,906,289
Deferred revenue	5,534,176	5,323,154
Stock warrant liability (Note 2)	0	10,659,755
Other current liabilities	186,952	0
Total current liabilities	19,517,296	25,044,687
DEFERRED REVENUE	3,873,539	2,775,024
RETIREMENT PLAN BENEFIT LIABILITY	8,259,690	7,077,901
Total liabilities	31,650,525	34,897,612
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS' EQUITY:
Common Stock, par value $0.01 per share, 100,000,000 shares authorized, 46,113,296 and 38,936,571 shares issued and outstanding at December 31, 2011 and 2010, respectively	461,133	389,366
Additional paid-in capital	561,492,336	280,102,227
Accumulated deficit	(213,870,962)	(217,026,115)
Accumulated other comprehensive loss	(5,857,307)	(6,037,959)
Total shareholders' equity	342,227,200	57,429,519
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	373,877,725	92,327,131
Series A Nonconvertible Preferred Stock [Member]
SHAREHOLDERS' EQUITY:
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500,000)	$ 2,000	$ 2,000

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SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Initial prior service cost for retirement plan		$ 5,611,079
Change in benefit obligation:
Noncurrent liability	8,259,690	7,077,901
Supplemental Executive Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of participants	6
Factor used to determine annual base salary	12
Annual base salary period (in months)	24M
Age of participant	65
Minimum period of service (in years)	20Y
Benefit percentage, tier one (in hundredths)	50.00%
Benefit percentage, tier two (in hundredths)	25.00%
Benefit percentage, tier three (in hundredths)	15.00%
Minimum period of service for prorated benefit (in years)	15Y
Factor used to determine prorated benefit	20
Installment period (in years)	10Y
Benefit percentage for special participants (in hundredths)	50.00%
Initial prior service cost for retirement plan		5,611,079
Prior service cost expected to be amortized in next fiscal year	584,487
Change in benefit obligation:
Benefit obligation, beginning of year/upon plan adoption	7,077,901	5,611,079
Service cost	541,835	331,837
Interest cost	385,038	256,041
Actuarial loss	418,461	878,944
Benefit obligation, end of year	8,423,235	7,077,901
Fair value of plan assets	0	0
Unfunded status of the plan, end of year	8,423,235	7,077,901
Current liability	163,545	0
Noncurrent liability	8,259,690	7,077,901
Accumulated benefit obligation	6,967,000	5,890,000
Components of net periodic pension cost [Abstract]
Service cost	541,835	331,837
Interest cost	385,038	256,041
Amortization of prior service cost	584,487	438,366
Amortization of loss	15,512	0
Total net periodic benefit cost	1,526,872	1,026,244
Assumptions used to determine the year end benefit obligation [Abstract]
Discount rate (in hundredths)	4.44%	5.44%
Rate of compensation increases (in hundredths)	3.50%	3.50%
Assumptions used to determine the net periodic pension cost [Abstract]
Discount rate (in hundredths)	5.44%	6.13%
Rate of compensation increases (in hundredths)	3.50%	3.50%
Defined benefit plan threshold of benefit obligation at which actuarial losses are amortized (in hundredths)	10.00%
Estimated amounts to be amortized from accumulated other comprehensive loss in next fiscal year [Abstract]
Amortization of prior service cost	584,487
Amortization of loss	10,000
Total	594,000
Benefit payments currently expected to be paid [Abstract]
2012	164,000
2013	393,000
2014	393,000
2015	393,000
2016	393,000
2017 - 2021	4,259,000
Thereafter	$ 14,011,000

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND COMPREHENSIVE INCOME (LOSS) [Abstract]
Issuance of common stock through a public offering, expenses	$ 14,871,186

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RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN (Details) (USD $)	12 Months Ended			120 Months Ended	36 Months Ended	32 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Jul. 31, 2007 1997 Research Agreement [Member]	Apr. 30, 2009 2006 Research Agreement - Original Term [Member]	Dec. 31, 2011 2006 Research Agreement - Extended Term [Member]	Dec. 31, 2011 1997 Amended License Agreement [Member]	Dec. 31, 2010 1997 Amended License Agreement [Member]	Dec. 31, 2009 1997 Amended License Agreement [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Term of agreement (in years)				10Y	3Y	4Y
Research and development expense incurred					$ 2,155,570	$ 2,181,369
Maximum obligation						2,601,278
Royalty rate for licensed products sold by the Company (in hundredths)							3.00%
Royalty rate for licensed products sold by the Company's sublicenses (in hundredths)							3.00%
Minimum royalty payment per year							100,000
Royalty expense	1,359,578	875,902	395,279				1,219,256	555,546	222,721
Minimum investment per year							$ 800,000

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DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2011

DEFINED CONTRIBUTION PLAN [Abstract]

DEFINED CONTRIBUTION PLAN

15. DEFINED CONTRIBUTION PLAN:

The Company maintains the Universal Display Corporation 401(k) Plan (Plan) in accordance with the provisions of Section 401(k) of the Internal Revenue Code (Code).  The Plan covers substantially all full-time employees of the Company.  Participants may contribute up to 15% of their total compensation to the Plan, not to exceed the limit as defined in the Code, with the Company matching 50% of the participant’s contribution, limited to 6% of the participant’s total compensation.  For the years ended December 31, 2011, 2010 and 2009, the Company contributed $250,803, $245,026 and $230,395, respectively, to the Plan.

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PROPERTY AND EQUIPMENT (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,619,267	$ 27,046,755
Less: Accumulated depreciation	(18,735,328)	(17,335,662)
Property and equipment, net	10,883,939	9,711,093
Depreciation expense	1,451,146	1,706,816	2,069,626
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	820,000	820,000
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,469,304	11,163,569
Office and lab equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,597,065	14,630,062
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	340,615	339,599
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,392,283	$ 93,525

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Universal Display Corporation and its wholly owned subsidiaries, UDC, Inc., Universal Display Corporation Hong Kong, Ltd., Universal Display Corporation Korea, Inc., and Universal Display Corporation Japan, Inc.   All intercompany transactions and accounts have been eliminated.

Management's Use of Estimates

Management’s Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the area of revenue recognition for license agreements, useful life of acquired technology, stock-based compensation and the valuation of stock warrant and retirement benefit plan liabilities. Actual results could differ from those estimates.

Cash, Cash Equivalents and Short-term Investments

Cash, Cash Equivalents and Short-term Investments

The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. The Company classifies its remaining short-term investments as available-for-sale. These securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Trade Accounts Receivable

Trade Accounts Receivable

Trade accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The Company considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms.  The Company’s accounts receivable balance is a result of chemical sales, royalties, license fees and U.S. government contract revenues.  These receivables have historically been paid timely.  Due to the nature of the accounts receivable balance, the Company believes there is no significant risk of collection.  If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, allowances for doubtful accounts would be required.  The Company recorded no bad debt expense in the years ended December 31, 2011, 2010 and 2009.  

Inventory

Inventory

Inventory, which consists of materials that have been classified as commercial, is valued at the lower of cost or market using the first-in, first-out method. Commercial materials are materials that have been validated by the Company for use in commercial OLED products.

Fair Value Measurements

Fair Value Measurements

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value of Financial Instruments

The carrying values of accounts receivable, other current assets, and accounts payable approximate fair value in the accompanying financial statements due to the short-term nature of those instruments. The Company’s other financial instruments, which include cash equivalents, short-term investments and stock warrant liability are carried at fair value as noted above.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of 30 years for building, 15 years for building improvements, and three to seven years for office and lab equipment and furniture and fixtures. Repair and maintenance costs are charged to expense as incurred. Additions and betterments are capitalized.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Company management continually evaluates whether events or changes in circumstances might indicate that the remaining estimated useful life of long-lived assets may warrant revision, or that the remaining balance may not be recoverable. When factors indicate that long-lived assets should be evaluated for possible impairment, the Company uses an estimate of the related undiscounted cash flows in measuring whether the long-lived asset should be written down to fair value. Measurement of the amount of impairment would be based on generally accepted valuation methodologies, as deemed appropriate. As of December 31, 2011, Company management believed that no revision to the remaining useful lives or write-down of the Company’s long-lived assets was required. No such revisions were required for the years ended December 31, 2011, 2010 or 2009.

Stock Warrant Liability

Stock Warrant Liability

On January 1, 2009, the Company adopted certain revised provisions of Accounting Standards Codification (ASC) 815, Derivatives and Hedging. These provisions apply to freestanding financial instruments or embedded features that have the characteristics of a derivative and to freestanding financial instruments that are potentially settled in an entity’s own common stockand provide guidance related to the determination of whether these instruments should be classified as equity or debt.  If an instrument is classified as debt, it is valued at fair value, and this value is re-measured on an ongoing basis, with changes recorded on the statement of operations in each reporting period.  At January 1, 2009, the Company had warrants to purchase shares of common stock outstanding containing a “down-round” provision.  In accordance with the guidance in these revised provisions, the fair value of these warrants was required to be reported as a liability, with the changes of fair value recorded on the statement of operations.  As such, on January 1, 2009, the fair value of these warrants at that date of $2,689,110 was reclassified from equity to a liability.  As a result of the change, the original fair value of the warrants at the date of issuance of $6,557,928 was recorded as a reduction to additional paid-in capital.  In addition, accumulated deficit, as of January 1, 2009, decreased to reflect the cumulative effect of the adoption of these provisions.  The change in fair value of these warrants resulted in a non-cash loss on the Company’s consolidated statement of operations of $4,190,283, $10,777,065 and $1,031,055 for the years ended December 31, 2011, 2010 and 2009, respectively. In 2011, all remaining outstanding stock warrants to purchase shares of the Company’s common stock were exercised.

The fair value of the stock warrant liability was determined using the Black-Scholes option pricing model as noted above in “Fair Value Measurements”.

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, excluding unvested restricted stock awards.  Diluted net income (loss) per common share reflects the potential dilution from the exercise or conversion of securities into common stock, the effect of unvested restricted stock awards and restricted stock units, and the impact of shares to be issued under the ESPP.

For the year ended December 31, 2011, the effect of 586,972 warrants prior to their exercise was excluded from the calculation of diluted EPS as the impact would have been antidilutive. For the years ended December 31, 2010 and 2009, the effects of the assumed exercise of the combined outstanding stock options and warrants and unvested restricted stock awards and restricted stock units of 3,165,048 and 4,299,598, respectively, and the impact of shares to be issued under the ESPP, which was minor, were excluded from the calculation of diluted EPS as the impact would have been antidilutive.

Revenue Recognition and Deferred Revenue

Revenue Recognition and Deferred Revenue

In 2011, the Company revised the presentation of its revenue categories to better reflect its primary sources of revenue. Revenue categories for 2010 and 2009 were conformed to reflect the current presentation.

Material sales relate to the Company’s sale of its OLED materials, for incorporation into its customers’ commercial OLED products or for their OLED development and evaluation activities. Material sales are recognized at the time of shipment or at time of delivery, and passage of title, depending upon the contractual agreement between the parties.

The Company has received non-refundable advance license and royalty payments under certain commercial, development and technology evaluation agreements. Certain of the payments under development and technology evaluation agreements are creditable against future amounts payable under commercial license agreements that the parties may subsequently enter into and, as such, are deferred until such commercial license agreements are executed or negotiations have ceased and Company management determines that there is no appreciable likelihood of executing a commercial license agreement with the other party. Revenue would then be recognized over the term of the agreement or the expected useful life of the relevant licensed technology, for perpetual licenses, if there is an effective commercial license agreement or amounts are not creditable against future commercial license fees, or at the time Company management determines that there is no appreciable likelihood of an executable commercial license agreement. Amounts deferred are classified as current and non-current based upon current contractual remaining terms; however, based upon on-going relationships with customers, as well as future agreement extensions, amounts classified as current as of December 31, 2011, may not be recognized as revenue over the next twelve months. As of December 31, 2011, $9,407,715 was recorded as deferred revenue, of which $3,366,667 is creditable against future commercial license agreements that have not yet been executed or deemed effective. For the years ended December 31, 2010 and 2009, $2,100,000 and $1,500,000, respectively, of revenue was recognized relating to cash payments received that were creditable against license fees and/or royalties for which the Company determined there was no appreciable likelihood of executing a commercial license agreement with the customer. For the year ended December 31, 2011, no such revenue was recognized. For arrangements with extended payment terms where the fee is not fixed and determinable, the Company recognizes revenue when the payment is due and payable. Royalty revenue is recognized when earned and the amount is fixed and determinable.

Technology development and support revenue is revenue earned from government contracts, development and technology evaluation agreements and commercialization assistance fees, which includes reimbursements by government entities for all or a portion of the research and development costs the Company incurs in relation to its government contracts. Revenues are recognized proportionally as research and development costs are incurred, or as defined milestones are achieved.

Included in accounts receivable as of December 31, 2011 and 2010 are unbilled receivables of $869,982 and $1,095,329, respectively. All amounts are billed and collected within one year.

Cost of Material Sales

Cost of Material Sales

Cost of material sales represents costs associated with the sale of materials that have been classified as commercial.

Research and Development

Research and Development

Expenditures for research and development are charged to operations as incurred.

Patent Costs

Patent Costs

Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred. Costs to successfully defend a challenge to a patent are capitalized to the extent of an evident increase in the value of the patent. Costs that relate to an unsuccessful outcome are charged to expense.

Income Taxes

Income Taxes

Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. The Company accounts for the sale of its state net operating losses on a cash basis; therefore, it does not record an income tax benefit until the cash is received. The Company classifies interest and penalties, if any, as a component of tax expense.

Share-Based Payment Awards

Share-Based Payment Awards

The Company recognizes in the statements of operations the grant-date fair value of stock options and other equity-based compensation, such as shares issued under employee stock purchase plans, restricted stock awards and units and stock appreciation rights (SARs), issued to employees and directors.

The grant-date fair value of stock options is determined using the Black-Scholes option pricing model. The fair value of share-based awards is recognized as compensation expense on a straight-line basis over the requisite service period, net of estimated forfeitures.  The Company relies primarily upon historical experience to estimate expected forfeitures and recognizes compensation expense on a straight-line basis from the date of the grant.  The Company issues new shares upon the exercise or vesting of share-based payment awards.

Cash-settled SARs awarded in share-based payment transactions are classified as liability awards; accordingly, the Company records these awards as a component of accrued expenses on its consolidated balance sheets. The fair value of each SAR is estimated using the Black-Scholes option pricing model and is remeasured at each reporting period until the award is settled. Changes in the fair value of the liability award are recorded as expense or income in the statements of operations.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 3,155,153	$ (19,917,410)	$ (20,505,320)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred revenue	(3,275,064)	(4,890,555)	(3,986,490)
Depreciation	1,451,146	1,706,816	2,069,626
Amortization of intangibles	48,849	1,234,272	1,695,072
Amortization of premium and discount on investments, net	(774,570)	(172,737)	(426,065)
Stock-based employee compensation	4,372,673	4,553,713	3,156,420
Stock-based non-employee compensation	6,325	47,222	7,011
Non-cash expense under materials and license agreements	9,181	1,173,347	1,170,039
Stock-based compensation to Board of Directors and Scientific Advisory Board	1,376,963	1,332,712	755,294
Loss on stock warrant liability	4,190,283	10,077,065	1,031,055
Retirement plan benefit expense	1,526,872	1,026,244	0
(Increase) decrease in assets:
Accounts receivable	(3,478,651)	(3,903,618)	(893,811)
Inventory	(3,840,520)	(1,568)	1,568
Other current assets	340,526	(1,575,432)	52,309
Other assets	(82,435)	10,747	(157,504)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	6,774,688	2,387,942	(210,939)
Other current liabilities	23,407	0	0
Deferred revenue	4,584,601	2,711,102	1,631,527
Net cash provided by (used in) operating activities	16,409,427	(4,200,138)	(14,610,208)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,623,992)	(369,145)	(258,761)
Purchases of intangibles	(439,644)	0	0
Purchases of short-term investments	(337,442,466)	(91,393,656)	(61,345,251)
Proceeds from sale of short-term investments	156,716,654	79,932,984	69,630,000
Net cash (used in) provided by investing activities	(183,789,448)	(11,829,817)	8,025,988
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	249,936,156	245,684	130,184
Proceeds from the exercise of common stock options and warrants	13,342,791	14,618,569	1,702,138
Payment of withholding taxes related to stock-based employee compensation	(4,472,549)	(1,166,572)	(868,557)
Net cash provided by financing activities	258,806,398	13,697,681	963,765
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	91,426,377	(2,332,274)	(5,620,455)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	20,368,852	22,701,126	28,321,581
CASH AND CASH EQUIVALENTS, END OF YEAR	$ 111,795,229	$ 20,368,852	$ 22,701,126

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2011	Dec. 31, 2010
SHAREHOLDERS' EQUITY:
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	5,000,000	5,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, shares issued (in shares)	46,113,296	38,936,571
Common Stock, shares outstanding (in shares)	46,113,296	38,936,571
Series A Nonconvertible Preferred Stock [Member]
SHAREHOLDERS' EQUITY:
Preferred Stock, shares issued (in shares)	200,000	200,000
Preferred Stock, shares outstanding (in shares)	200,000	200,000
Preferred Stock, liquidation value per share (in dollars per share)	$ 7.50	$ 7.50
Preferred Stock, liquidation value	$ 1,500,000	$ 1,500,000

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2011

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION:

Equity Compensation Plan

In 1995, the Board of Directors of the Company adopted a stock option plan, which was amended and restated in 2003 and is now called the Equity Compensation Plan.  The Equity Compensation Plan provides for the granting of incentive and nonqualified stock options, shares of common stock, stock appreciation rights and performance units to employees, directors and consultants of the Company.  Stock options are exercisable over periods determined by the Compensation Committee, but for no longer than 10 years from the grant date. Through December 31, 2011, the Company’s shareholders have approved increases in the number of shares reserved for issuance under the Equity Compensation Plan to 8,000,000, and have extended the term of the plan through 2015. At December 31, 2011, there were 1,534,311 shares that remained available to be granted under the Equity Compensation Plan.

The following table summarizes the stock option activity during the year ended December 31, 2011 for all grants under the Equity Compensation Plan:

			Weighted
			Average
			Exercise
	Options		Price
Outstanding at January 1, 2011		1,804,273	$	10.30
Granted		—		—
Exercised		(725,050)		9.94
Forfeited		—		—
Cancelled		—		—
Outstanding at December 31, 2011		1,079,223		10.54
Vested and expected to vest		1,079,223		10.54
Exercisable at December 31, 2011		1,079,223		10.54

The weighted average grant date fair value of stock options granted in 2010 and 2009 was $3.84 and $8.06, respectively.  The fair value of the stock options granted was estimated using the Black-Scholes option-pricing model.  The Black-Scholes option-pricing model considers assumptions related to volatility, risk-free interest rates, dividend yields and expected life.  Expected volatility was based on the Company’s historical daily stock price volatility.  The risk-free rate was based on average U.S. Treasury security yields in the quarter of the grant.  The dividend yield was based on historical information.  The expected life was determined using historical information and management estimates.  The following table provides the assumptions used in determining the fair value of the stock options for the years ended December 31, 2010 and 2009, respectively:

	2010		2009
Dividend yield rate		—		—
Expected volatility		46.3%		74.8%
Risk-free interest rates		0.2%		3.6%
Expected life	0.3 Years		10 Years

A summary of stock options outstanding and exercisable by price range at December 31, 2011 is as follows:

		Outstanding and Exercisable
		Number of		Weighted
		Options		Average		Weighted
		Outstanding		Remaining		Average		Aggregate
		at December 31,		Contractual		Exercise		Intrinsic
Exercise Price		2011		Life (Years)		Price		Value (A)
$	5.45–8.17		386,480		2.04	$	6.96	$	11,488,302
	8.18-12.27		402,298		3.70		10.36		10,591,835
	12.28–18.48		290,445		2.50		15.56		6,137,608
$	5.45–18.48		1,079,223		2.78	$	10.54	$	28,217,745

(A) The difference between the stock option’s exercise price and the closing price of the common stock at December 31, 2011.

The total intrinsic value of stock awards exercised during the years ended December 31, 2011, 2010 and 2009 was $25,022,463, $8,075,057 and $2,310,832, respectively. The Company recorded as compensation expense related to the vesting of all employee stock options charges of $0, $30,497 and $97,145 for the years ended December 31, 2011, 2010 and 2009, respectively.

In 2011 and 2010, 32,800 and 54,650 shares of common stock, valued at $1,259,506 and $1,500,931, respectively, were tendered to net share settle the exercise of options. In connection with the exercise of options during the year ended December 31, 2011, 13,031 shares, with a fair value of $437,711, were withheld in satisfaction of tax withholding obligations.

 In 2011, the Company granted 24,000 cash-settled SARs to certain executive officers. The SARs represent the right to receive, for each SAR, a cash payment equal to the amount, if any, by which the fair market value of a share of the common stock of the Company on the vesting date exceeds the base price of the SAR award. The SARs vest on the first anniversary of the date of grant, provided that the grantee is still an employee of the Company on the applicable vesting date.

The following table summarizes the SARs activity during the year ended December 31, 2011 for all grants under the Equity Compensation Plan:

			Base
	SARs		Price
Outstanding at January 1, 2011		—	$	—
Granted		24,000		34.78
Exercised		—		—
Forfeited		—		—
Cancelled		—		—
Outstanding at December 31, 2011		24,000		34.78
Vested and expected to vest		24,000		34.78

The fair value of the SARs was $1.93 per SAR at December 31, 2011, estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model considers assumptions related to volatility, risk-free interest rates, dividend yields and remaining life.  Expected volatility was based on the Company’s historical daily stock price volatility. The risk-free rate was based on average U.S. Treasury security yields in the quarter of the grant.  The dividend yield was based on historical information.  The SARs are liability-classified awards that must be remeasured at fair value at the end of each reporting period, and cumulative compensation cost recognized to date must be adjusted each reporting period for changes in fair value prorated for the portion of the requisite service period rendered. The following table provides the assumptions used in determining the fair value of the SARs at December 31, 2011:

Dividend yield rate	—
Expected volatility	23.4	%
Risk-free interest rates	0.02	%
Expected life	0.02

The remaining life of the outstanding SARs was 0.02 years and the intrinsic value was $45,840 at December 31, 2011. Based on the fair value as of December 31, 2011, the Company recorded, selling, general and administrative expense of $13,261 and research and development expense of $32,207 for the year ended December 31, 2011.

The Company has issued restricted stock awards and units to employees and non-employee members of the Scientific Advisory Board with vesting terms of one to six years.  The fair value is equal to the market price of the Company’s common stock on the date of grant for awards granted to employees and equal to the market price at the end of the reporting period for unvested non-employee awards or upon the date of vesting for vested non-employee awards. Expense for restricted stock awards and units is amortized ratably over the vesting period for the awards issued to employees and using a graded vesting method for the awards issued to non-employee members of the Scientific Advisory Board.

For the years ended December 31, 2011, 2010 and 2009, the Company recorded, as compensation charges related to all restricted stock awards and units, selling, general and administrative expense of $2,977,130, $2,024,507, and $993,357, respectively, and research and development expense of $1,726,183, $1,368,314 and $705,535, respectively. In connection with the vesting of restricted stock awards and units during the years ended December 31, 2011, 2010 and 2009, respectively, 83,089, 40,049 and 22,164 shares, with an aggregate fair value of $3,379,828, $581,833 and $209,685, were withheld in satisfaction of tax withholding obligations.

For the years ended December 31, 2011, 2010 and 2009, the Company granted to employees and non-employees 3,196, 2,881 and 5,842 shares of common stock, which shares fully vested as of the date of grant. The Company recorded research and development expense of $129,327, $56,107 and $51,055 for the years ended December 31, 2011, 2010 and 2009, respectively, for the fair value of these awards.

         The following table summarizes the stock activity related to restricted stock awards and units and fully vested share based payment awards:

				Weighted-
				Average
	Number of			Grant-Date
	Shares			Fair Value
Unvested, January 1, 2011		773,803		$	12.87
Granted		202,390			35.21
Vested		(318,852	)		19.19
Cancelled		—			—
Unvested, December 31, 2011		657,341		$	16.68

The weighted average grant-date fair value of restricted stock awards and units and fully vested shares based payment awards granted was $35.21, $13.54 and $10.12 in 2011, 2010 and 2009, respectively.

Employee Stock Purchase Plan

On April 7, 2009, the Board of Directors of the Company adopted an Employee Stock Purchase Plan (ESPP).  The ESPP was approved by the Company’s shareholders and became effective on June 25, 2009.  The Company has reserved 1,000,000 shares of common stock for issuance under the ESPP.  Unless sooner terminated by the Board of Directors, the ESPP will expire when all reserved shares have been issued.

Eligible employees may elect to contribute to the ESPP through payroll deductions during consecutive three-month purchase periods, the first of which began on July 1, 2009.  Each employee who elects to participate will be deemed to have been granted an option to purchase shares of the Company’s common stock on the first day of the purchase period.  Unless the employee opts out during the purchase period, the option will automatically be exercised on the last day of the period, which is the purchase date, based on the employee’s accumulated contributions to the ESPP.  The purchase price will equal 85% of the lesser of the price per share of common stock on the first day of the period or the last day of the period.

Employees may allocate up to 10% of their base compensation to purchase shares of common stock under the ESPP; however, each employee may purchase no more than 12,500 shares on a given purchase date, and no employee may purchase more than $25,000 of common stock under the ESPP during a given calendar year.

For years ended December 31, 2011, 2010 and 2009, the Company issued 10,531, 19,583 and 14,056 shares of its common stock under the ESPP, resulting in proceeds of $307,342, $245,684 and $130,184, respectively. For the year ended December 31, 2011, 2010 and 2009, the Company recorded charges of $31,096, $26,061 and $15,276, respectively, to selling, general and administrative expense and $76,088, $50,834 and $27,718, respectively, to research and development expense, related to the ESPP equal to the amount of the discount and the value of the look-back feature.

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2011	Feb. 23, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	UNIVERSAL DISPLAY CORP \PA\
Entity Central Index Key	0001005284
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,159,835,981
Entity Common Stock, Shares Outstanding		46,144,532
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011

XML

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

12 Months Ended

Dec. 31, 2011

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN [Abstract]

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

11. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

On March 18, 2010, the Compensation Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP), effective as of April 1, 2010.  The purpose of the SERP, which is unfunded, is to provide certain of the Company’s executive officers with supplemental pension benefits following a cessation of their employment. As of December 31, 2011 there were six participants in the SERP.

The SERP benefit is based on a percentage of the participant’s annual base salary.  For this purpose, annual base salary means 12 times the highest monthly base salary paid or payable to the participant during the 24-month period immediately preceding the participant’s date of termination of employment, or, if required, the date of a change in control of the Company.

Under the SERP, if a participant resigns or is terminated without cause at or after age 65 and with at least 20 years of service, he or she will be eligible to receive a SERP benefit.  The benefit is based on a percentage of the participant’s annual base salary for the life of the participant.  This percentage is 50%, 25% or 15%, depending on the participant’s benefit class.  All current participants in the SERP are in the 50% benefit class.

If a participant resigns at or after age 65 and with at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit.  If a participant is terminated without cause or on account of a disability after at least 15 years of service, he or she will be eligible to receive a prorated SERP benefit regardless of age.  The prorated benefit in either case would be based on the participant’s number of years of service (up to 20), divided by 20. In the event a participant is terminated for cause, his or her SERP benefit and any future benefit payments are subject to immediate forfeiture.

The SERP benefit is payable in installments over 10 years, beginning at the later of age 65 or the date of the participant’s separation from service.  Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancy of the participant.  This calculation is made as of the date benefit payments are to begin (later of age 65 or separation from service).  If the participant dies after reaching age 65, any future or remaining benefit payments are made to the participant’s beneficiary or estate.  If the participant dies before reaching age 65, the benefit is forfeited.

In the event of a change in control of the Company, each participant will become immediately vested in his or her SERP benefit.  Unless the participant’s benefit has already fully vested, if the participant has less than 20 years of service at the time of the change in control, he or she will receive a prorated benefit based on his or her number of years of service (up to 20), divided by 20.  If the change in control qualifies as a “change in control event” for purposes of Section 409A of the Internal Revenue Code, then each participant (including former employees who are entitled to SERP benefits) will receive a lump sum cash payment equal to the present value of the benefit immediately upon the change in control.

Certain of the Company’s executive officers are designated as special participants under the SERP.  If these participants resign or are terminated without cause after 20 years of service, or at or after age 65 and with at least 15 years of service, they will be eligible to receive a SERP benefit.  If they are terminated without cause or on account of a disability, they will be eligible to receive a prorated SERP benefit regardless of age.  The prorated benefit would be based on the participant’s number of years of service (up to 20), divided by 20.

The SERP benefit for special participants is based on 50% of their annual base salary for their life and the life of their surviving spouse, if any.  Payments are based on a present value calculation of the benefit amount for the actuarial remaining life expectancies of the participant and their surviving spouse, if any.  If they die before reaching age 65, the benefit is not forfeited if the surviving spouse, if any, lives until the participant would have reached age 65.  If their spouse also dies before the participant would have reached age 65, the benefit is forfeited.

The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates, and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits.

In connection with the initiation of the SERP, the Company recorded cost related to prior service of $5,611,079 as accumulated other comprehensive loss. The prior service cost is being amortized as a component of net periodic pension cost over the average of the remaining service period of the employees expected to receive benefits under the plan. The prior service cost expected to be amortized for the year ending December 31, 2012 is $584,487.

Information relating to the Company’s plan is as follows:

	Year Ended December 31,
	2011		2010
Change in benefit obligation:
Benefit obligation, beginning of year/upon plan adoption	$	7,077,901	$	5,611,079
Service cost		541,835		331,837
Interest cost		385,038		256,041
Actuarial loss		418,461		878,944
Benefit obligation, end of year		8,423,235		7,077,901
Fair value of plan assets		—		—
Unfunded status of the plan, end of year	$	8,423,235	$	7,077,901
Current liability	$	163,545	$	—
Noncurrent liability		8,259,690		7,077,901

The accumulated benefit obligation for the plan was $6,967,000 and $5,890,000 as of December 31, 2011 and 2010, respectively.

The components of net periodic pension cost were as follows:

	Year Ended December 31,
	2011		2010
Service cost	$	541,835	$	331,837
Interest cost		385,038		256,041
Amortization of prior service cost		584,487		438,366
Amortization of loss		15,512		—
Total net periodic benefit cost	$	1,526,872	$	1,026,244

The measurement date is the Company’s fiscal year end. The net periodic pension cost is based on assumptions determined at the prior year end measurement date.

Assumptions used to determine the year end benefit obligation were as follows:

	Year Ended December 31,
	2011		2010
Discount rate		4.44%		5.44%
Rate of compensation increases		3.5%		3.5%

Assumptions used to determine the net periodic pension cost were as follows:

	Year Ended December 31,
	2011		2010
Discount rate		5.44%		6.13%
Rate of compensation increases		3.5%		3.5%

Actuarial losses are amortized from accumulated other comprehensive loss into net periodic pension cost over future years based upon the average remaining service period of active plan participants, when the accumulation of such losses exceeds 10% of the year end benefit obligation. The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service cost [credit]) is included in the Company’s results of operations on a straight-line basis over the average remaining service period of active plan participants.

The estimated amounts to be amortized from accumulated other comprehensive loss into the net periodic pension cost in 2012 are as follows:

Amortization of prior service cost	$	584,000
Amortization of loss		10,000
Total	$	594,000

Benefit payments, which reflect estimated future service, are currently expected to be paid as follows:

Year	Projected Benefits
2012	$	164,000
2013		393,000
2014		393,000
2015		393,000
2016		393,000
2017-2021		4,259,000
Thereafter		14,011,000

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
REVENUE:
Material sales	$ 37,443,329	$ 17,271,749	$ 5,668,752
Royalty and license fees	15,345,281	4,605,512	2,656,326
Technology development and support revenue	8,500,068	8,667,119	7,461,539
Total revenue	61,288,678	30,544,380	15,786,617
OPERATING EXPENSES:
Cost of material sales	3,730,840	887,509	374,322
Research and development	24,129,233	21,695,139	21,122,156
Selling, general and administrative	18,939,916	13,041,438	10,921,859
Patent costs	7,442,374	4,270,689	3,239,795
Royalty and license expense	1,359,578	875,902	395,279
Total operating expenses	55,601,941	40,770,677	36,053,411
Operating income (loss)	5,686,737	(10,226,297)	(20,266,794)
INTEREST INCOME	994,221	279,474	669,633
INTEREST EXPENSE	(49,575)	(27,871)	(7,019)
LOSS ON STOCK WARRANT LIABILITY	(4,190,283)	(10,077,065)	(1,031,055)
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	2,441,100	(20,051,759)	(20,635,235)
INCOME TAX BENEFIT	714,053	134,349	129,915
NET INCOME (LOSS)	$ 3,155,153	$ (19,917,410)	$ (20,505,320)
NET INCOME (LOSS) PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.07	$ (0.53)	$ (0.56)
DILUTED (in dollars per share)	$ 0.07	$ (0.53)	$ (0.56)
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME (LOSS) PER COMMON SHARE:
BASIC (in shares)	43,737,968	37,567,374	36,479,331
DILUTED (in shares)	45,140,394	37,567,374	36,479,331

XML

ACQUIRED TECHNOLOGY

12 Months Ended

Dec. 31, 2011

ACQUIRED TECHNOLOGY [Abstract]

ACQUIRED TECHNOLOGY

5. ACQUIRED TECHNOLOGY:

Acquired technology consists of acquired license rights for patents and know-how obtained from PD-LD, Inc. and Motorola. These intangible assets consist of the following:

	December 31,
	2011			2010
PD-LD, Inc.	$	1,481,250		$	1,481,250
Motorola		15,909,112			15,469,468
		17,390,362			16,950,718
Less: Accumulated amortization		(16,999,567	)		(16,950,718	)
Acquired technology, net	$	390,795		$	—

Amortization expense for all intangible assets was $48,849, $1,234,272 and $1,695,072 for the years ended December 31, 2011, 2010 and 2009, respectively.

In 2000, the Company entered into a license agreement with Motorola whereby Motorola granted the Company perpetual license rights to what are now 74 issued U.S. patents relating to Motorola’s OLED technologies, together with foreign counterparts in various countries. These patents will start expiring in the U.S. in 2012.

The Company was required under a license agreement to pay Motorola annual royalties on gross revenues received on account of the Company’s sales of OLED products or components, or from its OLED technology licenses, whether or not these revenues related specifically to inventions claimed in the patent rights licensed from Motorola.

On March 9, 2011, the Company purchased these patents from Motorola, including all existing and future claims and causes of action for any infringement of the patents, pursuant to a Patent Purchase Agreement.  The Patent Purchase Agreement effectively terminated the Company’s license agreement with Motorola, including any obligation to make royalty payments to Motorola.

The technology acquired from Motorola had an assigned value of $439,644 as of March 9, 2011, which is being amortized over a period of 7.5 years.  The Company accrued royalty expense in connection with the Motorola license agreement of $310,356 and $162,558 for the years ended December 31, 2010 and 2009, respectively.  To satisfy the royalty obligation, the Company issued to Motorola 7,200 shares of the Company’s common stock, valued at $81,273, and paid $81,285 in cash for the year ended December 31, 2009, which were issued and paid in 2010. There was no corresponding royalty expense for the year ended December 31, 2011.

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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT:

Property and equipment consist of the following:

	December 31,
	2011			2010
Land	$	820,000		$	820,000
Building and improvements		11,469,304			11,163,569
Office and lab equipment		15,597,065			14,630,062
Furniture and fixtures		340,615			339,599
Construction-in-progress		1,392,283			93,525
	$	29,619,267		$	27,046,755
Less: Accumulated depreciation		(18,735,328	)		(17,335,662	)
Property and equipment, net	$	10,883,939		$	9,711,093

Depreciation expense was $1,451,146, $1,706,816 and $2,069,626 for the years ended December 31, 2011, 2010 and 2009, respectively.

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QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) [Abstract]

QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

16. QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED):

The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters in the two-year period ended December 31, 2011. In the opinion of Company management, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of the results for the full year or for any future period.

Year ended December 31, 2011:

	Three Months Ended
	March 31			June 30			September 30		December 31		Total
Revenue	$	9,600,540		$	11,252,415		$	21,777,140	$	18,658,583	$	61,288,678
Net (loss) income		(11,880,856	)		3,312,700			5,989,426		5,733,883		3,155,153
Net (loss) income per common share:
Basic		(0.31	)		0.07			0.13		0.13		0.07
Diluted		(0.31	)		(0.03	)		0.12		0.12		0.07

Year ended December 31, 2010:

	Three Months Ended
	March 31			June 30			September 30			December 31			Total
Revenue	$	4,246,650		$	8,446,829		$	7,055,861		$	10,795,040		$	30,544,380
Net loss		(2,978,331	)		(4,436,095	)		(7,186,570	)		(5,316,414	)		(19,917,410	)
Basic and diluted net loss per common share		(0.08	)		(0.12	)		(0.19	)		(0.14	)		(0.53	)

Per share amounts for each quarter have been calculated separately. Accordingly, quarterly amounts may not add to annual amounts.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES:

Commitments

Under the 2006 Research Agreement with USC, the Company is obligated to make certain payments to USC based on work performed by USC under that agreement, and by Michigan under its subcontractor agreement with USC.  See Note 3 for further explanation.

Under the terms of the 1997 Amended License Agreement, the Company is required to make minimum royalty payments to Princeton.  See Note 3 for further explanation.

The Company has agreements with six executive officers which provide for certain cash and other benefits upon termination of employment of the officer in connection with a change in control of the Company. Each executive is entitled to a lump-sum cash payment equal to two times the sum of the average annual base salary and bonus of the officer and immediate vesting of all stock options and other equity awards that may be outstanding at the date of the change in control, among other items.

Opposition to European Patent No. 0946958

On December 8, 2006, Cambridge Display Technology Ltd. (CDT), which was acquired in 2007 by Sumitomo Chemical Company (Sumitomo), filed a Notice of Opposition to European Patent No. 0946958 (EP ‘958 patent). The EP ‘958 patent, which was issued on March 8, 2006, is a European counterpart patent to U.S. patents 5,844,363, 6,602,540, 6,888,306 and 7,247,073. These patents relate to the Company’s FOLED™ flexible OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The European Patent Office (the EPO) conducted an Oral Hearing in this matter on October 6, 2009. No representative from CDT attended the Oral Hearing. At the conclusion of the Oral Hearing, the EPO panel announced its decision to reject the opposition and to maintain the patent as granted. The minutes of the Oral Hearing were dispatched on October 27, 2009, and a written decision was issued on November 26, 2009.

CDT filed an appeal to the EPO panel decision on January 25, 2010. CDT timely filed its grounds for the appeal with the EPO on or about April 1, 2010. The EPO set August 12, 2010 as the due date for filing the Company’s reply to this appeal. The Company’s reply was timely filed.

At this time, based on its current knowledge, Company management believes that the EPO panel decision will be upheld on appeal. However, Company management cannot make any assurances of this result.

Opposition to European Patent No. 1449238

On March 8, 2007, Sumation Company Limited (Sumation), a joint venture between Sumitomo and CDT, filed a first Notice of Opposition to European Patent No. 1449238 (EP ‘238 patent). The EP ‘238 patent, which was issued on November 2, 2006, is a European counterpart patent, in part, to U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent application 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

Two other parties filed additional oppositions to the EP ‘238 patent just prior to the August 2, 2007 expiration date for such filings. On July 24, 2007, Merck Patent GmbH, of Darmstadt, Germany, filed a second Notice of Opposition to the EP ‘238 patent, and on July 27, 2007, BASF Aktiengesellschaft, of Mannheim, Germany, filed a third Notice of Opposition to the EP ‘238 patent. The EPO combined all three oppositions into a single opposition proceeding.

The EPO conducted an Oral Hearing in this matter on November 3, 2011. At the conclusion of the Oral Hearing, the EPO panel announced its decision to maintain the patent with claims directed to OLEDs comprising phosphorescent organometallic iridium compounds. The official minutes from the Oral Hearing and written decision were published on January 13, 2012. The EPO panel decision is open to appeal.

At this time, based on its current knowledge, Company management believes that the EPO panel decision, if appealed, would be upheld on appeal. However, Company management cannot make any assurances of this result.

Invalidation Trial in Japan for Japan Patent No. 3992929

On April 19, 2010, the Company received a copy of a Notice of Invalidation Trial from the Japanese Patent Office (the JPO) for the Company’s Japan Patent No. 3992929 (the JP ‘929 patent), which was issued on August 3, 2007. The request for the Invalidation Trial was filed by Semiconductor Energy Laboratory Co., Ltd. (SEL), of Kanagawa, Japan. The JP ‘929 patent is a Japanese counterpart patent, in part, to the above-noted EP ‘238 patent and to the above-noted family of U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent applications 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. Under its license agreement with Princeton, the Company is required to pay all legal costs and fees associated with this proceeding.

An Oral Hearing in this matter was held on November 16, 2010. On February 28, 2011, the Company learned that the JPO had issued a decision recognizing the Company’s invention and upholding the validity of most of the claims, but finding the broadest claims in the patent invalid. Company management believes that the JPO’s decision invalidating these claims was erroneous, and the Company filed an appeal to the Japanese IP High Court.

Both parties filed appeal briefs in this matter with the Japanese IP High Court. A technical explanation hearing was held on February 1, 2012.  At the hearing, both parties filed technical materials supporting their respective positions.

At this time, based on its current knowledge, Company management believes that the JPO decision invalidating certain claims in the Company’s JP ‘929 patent should be overturned on appeal as to all or a significant portion of the claims. However, Company management cannot make any assurances of this result.

Opposition to European Patent No. 1394870

On about April 20, 2010, five European companies filed Notices of Opposition to European Patent No. 1394870 (the EP ‘870 patent). The EP ‘870 patent, which was issued on July 22, 2009, is a European counterpart patent, in part, to U.S. patents 6,303,238; 6,579,632; 6,872,477; 7,279,235; 7,279,237; 7,488,542; 7,563,519; and 7,901,795; and to pending U.S. patent application 13/035,051, filed on February 25, 2011. These patents and this patent application relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding. The five companies are Merck Patent GmbH; BASF Schweitz AG of Basel, Switzerland; Osram GmbH of Munich, Germany; Siemens Aktiengesellschaft of Munich, Germany; and Koninklijke Philips Electronics N.V., of Eindhoven, The Netherlands.

The EPO combined the oppositions into a single opposition proceeding. The matter has been briefed and the Company is waiting for the EPO to provide notice of the date of the Oral Hearing.  The Company is also waiting to see whether any of the other parties in the opposition file additional documents, to which the Company might respond.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patent being challenged will be declared valid, and that all or a significant portion of its claims will be upheld. However, Company management cannot make any assurances of this result.

Invalidation Trials in Japan for Japan Patent Nos. 4357781 and 4358168

On May 24, 2010, the Company received copies of two additional Notices of Invalidation Trials against Japan Patent Nos. 4357781 (the JP ‘781 patent) and 4358168 (the JP ‘168 patent), which were both issued on August 14, 2009. The requests for these two additional Invalidation Trials were also filed by SEL. The JP ‘781 and ‘168 patents are also Japanese counterpart patents, in part, to the above-noted family of U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent applications 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. Under its license agreement with Princeton, the Company is also required to pay all legal costs and fees associated with these two proceedings.

An Oral Hearing in this matter was held on February 1, 2011. On March 31, 2011, the Company learned that the JPO had issued decisions finding all claims in the JP ‘781 and JP ‘168 patents invalid. Company management believes that the JPO’s decisions invalidating these claims were erroneous, and the Company filed appeals for both cases to the Japanese IP High Court.

Both parties are in the process of filing appeal briefs in this matter with the Japanese IP High Court. The Japanese IP High Court held an initial hearing for this matter on November 22, 2011, and the Company is preparing for a technical explanation hearing in this matter.

At this time, based on its current knowledge, Company management believes that the JPO decisions invalidating all the claims in the Company’s JP ‘781 and JP ‘168 patents should be overturned on appeal as to all or a significant portion of the claims. However, Company management cannot make any assurances of this result.

Interference No. 105,771 involving Claims 48-52 of US Patent No. 6,902,830

Patent Interference No. 105,771 was declared by the United States Patent and Trademark Office (the USPTO) on November 17, 2010 between The University of Southern California and The Trustees of Princeton University (the Universities), Junior Party, and Fujifilm Holding Corporation (Fuji), Senior Party. The dispute is between the Universities’ U.S. Patent No. 6,902,830 (the ’830 patent), claims 48-52, and Fuji’s Patent Application No. 11/802,492, claims 1-5 (the Fuji application). The ‘830 patent relates to the Company’s UniversalPHOLED phosphorescent OLED technology. It is exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The USPTO declares an interference when two or more parties claim the same patentable invention. The objective of an interference is to contest which party, if any, has both a right to participate in the proceeding and a right to the claimed invention and, if more than one party does, then to contest which party has the earliest priority date for the claimed invention.

Subsequent to the filing of motions and responsive motions in this matter, the interference was concluded by the Company’s purchase of the Fuji application. As a result of this purchase, the Fuji application was assigned to the Company effective September 13, 2011. The Company then requested that adverse judgment be entered against the Fuji application, which was entered by the USPTO on October 4, 2011. Thus, the Company’s claims 48-52 of the ‘830 patent, and the ‘830 patent as a whole, remain intact as granted.

Invalidation Trial in Korea for Patent No. KR-0998059

On March 10, 2011, the Company received informal notice from the Company’s Korean patent counsel of a Request for an Invalidation Trial from the Korean Intellectual Property Office (KIPO) for its Korean Patent No. 10-0998059 (the KR ‘059 patent), which was issued on November 26, 2010. The Request was filed by a certain individual petitioner, but the Company still does not know which company, if any, was ultimately responsible for filing this Request. The KR ‘059 patent is a Korean counterpart patent to the OVJP, Organic Vapor Jet Printing, family of U.S. patents originating from US 7,431,968.

On April 21, 2011, the Company’s Korean patent counsel received a copy of the Appeal Brief for the Request from KIPO. The Company filed a response to the Request on June 20, 2011. The petitioner filed a rebuttal brief on August 8, 2011, and the Company filed a response to the rebuttal brief on October 12, 2011.  The petitioner filed a second rebuttal brief on February 3, 2012, and the Company is preparing its response to this brief.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patent being challenged will be declared valid, and that all or a significant portion of its claims will be upheld. However, Company management cannot make any assurances of this result.

Invalidation Trials in Korea for Patent Nos. KR-558632 and KR-963857

On May 11 and May 31, 2011, respectively, the Company learned that further Requests for Invalidation Trials were filed in Korea, on May 3 and May 26, 2011, respectively, for the Company’s Korean Patent Nos. KR-558632 (the KR ‘632 patent), which issued on March 2, 2006, and KR-963857 (the KR ‘857 patent), which issued on June 8, 2010. The Requests were filed by Duk San Hi-metal, Ltd. (Duk San) of Korea. The KR ‘632 and KR ‘857 patents are both Korean counterpart patents, in part, to U.S. patents 6,303,238; 6,579,632; 6,872,477; 7,279,235; 7,279,237; 7,488,542 and 7,563,519; and to pending U.S. patent application 12/489,045, filed on June 22, 2009; to the EP ‘870 patent, which is subject to one of the above-noted European Oppositions; and to the JP ‘024 patent, which is subject to the below-noted Japanese Invalidation Trial. These patents and the pending U.S. patent application relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The Company timely filed its formal responses to the Requests by the due dates of August 27, 2011 and September 8, 2011, respectively.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patents being challenged will be declared valid, and that all or a significant portion of their claims will be upheld. However, Company management cannot make any assurances of this result.

Invalidation Trials in Korea for Patent Nos. KR-744199 and KR-913568

On May 10 and May 31, 2011, respectively, the Company learned that further Requests for Invalidation Trials were filed in Korea, on May 3 and May 26, 2011, respectively, for the Company’s Korean Patent Nos. KR-744199 (the KR ‘199 patent), which issued on July 24, 2007, and KR-913568 (the KR ‘568 patent), which issued on August 17, 2009. The Requests were also filed by Duk San. The KR ‘199 and KR ‘568 patents are both Korean counterpart patents, in part, to U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent applications 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011; to the EP ‘238 patent, which is subject to one of the above-noted European Oppositions; and to the JP ‘929 patent, which is subject to one of the above-noted Japanese Invalidation Trials. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The Company timely filed its formal responses to the Requests by the due dates of September 1, 2011 and August 23, 2011, respectively.  Both parties are in the process of filing briefs in these matters with the Korean Patent Office.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patents being challenged will be declared valid, and that all or a significant portion of their claims will be upheld. However, Company management cannot make any assurances of this result.

Invalidation Trial in Japan for Japan Patent No. 4511024

On June 16, 2011, the Company learned that a further Request for an Invalidation Trial was filed in Japan for the Company’s Japanese Patent No. JP-4511024 (the JP ‘024 patent), which issued on May 14, 2010. The Request was filed by SEL, the same opponent as in the above-noted Japanese Invalidation Trial for the JP ‘929 patent. The JP ‘024 patent is a counterpart patent, in part, to U.S. patents 6,303,238; 6,579,632; 6,872,477; 7,279,235; 7,279,237; 7,488,542; 7,563,519; and 7,901,795; and to pending U.S. patent application 13/035,051, filed on February 25, 2011; to the EP ‘870 patent, which is subject to one of the above-noted European Oppositions; and to the KR ‘632 and KR ‘857 patents, which are subject to one of the above noted Korean Invalidation Trials. These patents and the pending U.S. patent application relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The Company timely filed a Written Reply to the Request for Invalidation Trial by the due date of November 2, 2011.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patent being challenged will be declared valid, and that all or a significant portion of its claims will be upheld. However, Company management cannot make any assurances of this result.

Opposition to European Patent No. 1252803

On July 12 and 13, 2011, Oppositions were filed to the Company’s European Patent No. 1252803 (the EP ‘803 patent). These Oppositions were filed by Sumitomo, Merck Patent GmbH and BASF SE, of Ludwigshaven, Germany. The EP ‘803 patent, which was issued on October 13, 2010, is a European counterpart patent, in part, to U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent application 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The EPO combined the oppositions into a single opposition proceeding and set December 18, 2011 as the due date for the Company to file its response, subject to extension.  The Company’s response to the oppositions was timely filed prior to the February 18, 2012, extended due date.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patent being challenged will be declared valid, and that all or a significant portion of its claims will be upheld. However, Company management cannot make any assurances of this result.

Invalidation Trials in Korea for Patent Nos. KR-794,975, KR-840,637 and KR-937,470

On August 8, 2011, the Company received information indicating that further Requests for Invalidation Trials were filed against the Company’s Korean Patent Nos. KR-840,637 (the KR ‘637 patent) and KR-937,470 (the KR ‘470 patent), which issued on June 17, 2008 and January 11, 2010, respectively. On December 12, 2011, the Company received information that a further Request for an Invalidation Trial was filed against the Company’s Korean Patent No. KR-794,975 (the KR ‘975 patent).  The Requests were also filed by Duk San. The KR ‘975, KR ‘637 and KR ‘470 patents are Korean counterpart patents, in part, to U.S. patents 6,830,828; 6,902,830; 7,001,536; 7,291,406; 7,537,844; and 7,883,787; and to pending U.S. patent application 13/009,001, filed on January 19, 2011, and 13/205,290, filed on August 9, 2011; to the EP ‘803 patent, which is subject to one of the above-noted European Oppositions; and to the JP ‘781 and JP ‘168 patents, which are subject to the above-noted Japanese Invalidation Trials. These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

Formal, substantially non-substantive responses relating to KR ‘637 and KR ‘470, originally due in Korea on September 7 and 8, 2011, respectively, were extended until December 7 and 8, 2011, respectively.  The Company’s responses were timely filed.  The Company is in the process of preparing its response for KR ‘975.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patents being challenged will be declared valid, and that all or a significant portion of their claims will be upheld. However, Company management cannot make any assurances of this result.

Opposition to European Patent No. 1390962

On November 16, 2011, Osram AG and BASF SE each filed a Notice of Opposition to European Patent No. 1390962 (EP ‘962 patent). The EP ‘962 patent, which was issued on February 16, 2011, is a European counterpart patent to U.S. patents 7,009,338 and 7,285,907.  These patents relate to the Company’s white phosphorescent OLED technology.  They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

The EPO combined the oppositions into a single opposition proceeding.  The Company is in the process of preparing its response to the oppositions.

At this time, based on its current knowledge, Company management believes there is a substantial likelihood that the patent being challenged will be declared valid, and that all or a significant portion of its claims will be upheld. However, Company management cannot make any assurances of this result.

Opposition to European Patent No. 1933395

On February 24, 2012, the European Patent Office posted an Acknowledgement of Receipt of a Notice of Opposition by Sumitomo to European Patent No. 1933395 (EP ‘395 patent). The EP ‘395 patent is a counterpart patent to the above-noted Japan Patent No. 4358168, and to the above-noted Patent Nos. KR-840,637 and KR-937,470, and the related U.S. patents cited therewith.  These patents and patent applications relate to the Company’s UniversalPHOLED phosphorescent OLED technology. They are exclusively licensed to the Company by Princeton, and under the license agreement the Company is required to pay all legal costs and fees associated with this proceeding.

No further knowledge of this newly-reported opposition is available to the Company at this time.

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PREFERRED STOCK

12 Months Ended

Dec. 31, 2011

PREFERRED STOCK [Abstract]

PREFERRED STOCK

8. PREFERRED STOCK:

The Company’s Articles of Incorporation authorize it to issue up to 5,000,000 shares of preferred stock with designations, rights and preferences determined from time-to-time by the Company’s Board of Directors. Accordingly, the Company’s Board of Directors is empowered, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights superior to those of shareholders of the Company’s common stock.

In 1995, the Company issued 200,000 shares of Series A Nonconvertible Preferred Stock (Series A) to American Biomimetics Corporation (ABC) pursuant to a certain Technology Transfer Agreement between the Company and ABC. The Series A shares have a liquidation value of $7.50 per share. Series A shareholders, as a single class, have the right to elect two members of the Company’s Board of Directors. This right has never been exercised. Holders of the Series A shares are entitled to one vote per share on matters which shareholders are generally entitled to vote. The Series A shareholders are not entitled to any dividends.

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ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2011

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

6. ACCRUED EXPENSES:

Accrued expenses consist of the following:

	December 31,
	2011		2010
Compensation	$	5,591,067	$	4,013,391
Royalties		1,219,256		865,902
Consulting		338,701		340,543
Professional fees		758,952		558,929
Subcontracts		83,859		87,137
Research and development agreements		546,133		751,701
Other		481,754		288,686
	$	9,019,722	$	6,906,289

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EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS

12 Months Ended

Dec. 31, 2011

EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS [Abstract]

EQUITY AND CASH COMPENSATION UNDER THE PPG INDUSTRIES AGREEMENTS

7. EQUITY AND CASH COMPENSATION UNDER THE PPG AGREEMENTS:

On October 1, 2000, the Company entered into a five-year Development and License Agreement (Development Agreement) and a seven-year Supply Agreement (Supply Agreement) with PPG Industries.  Under the Development Agreement, a team of PPG Industries scientists and engineers assisted the Company in developing its proprietary OLED materials and supplied the Company with these materials for evaluation purposes.  Under the Supply Agreement, PPG Industries supplied the Company with its proprietary OLED materials that were intended for resale to customers for commercial purposes.

On July 29, 2005, the Company entered into an OLED Materials Supply and Service Agreement with PPG Industries (OLED Materials Agreement).  The OLED Materials Agreement superseded and replaced in their entireties the Development Agreement and Supply Agreement effective as of January 1, 2006, and extended the term of the Company’s relationship with PPG Industries through December 31, 2009. The term of the OLED Materials Agreement was subsequently extended through December 31, 2014.

On September 22, 2011, the Company entered into an Amended and Restated OLED Materials Supply and Service Agreement with PPG Industries (the New OLED Materials Agreement).  The New OLED Materials Agreement replaced the original OLED Materials Agreement with PPG Industries effective as of October 1, 2011.  The term of the New OLED Materials Agreement runs through December 31, 2014.  The new agreement contains provisions that are substantially similar to those of the original OLED Materials Agreement. Under the New OLED Materials Agreement, PPG Industries continues to assist the Company in developing its proprietary OLED materials and supplying the Company with those materials for evaluation purposes and for resale to its customers.

Under the New OLED Materials Agreement and the OLED Materials Agreement, the Company compensates PPG Industries on a cost-plus basis for the services provided during each calendar quarter.  The Company is required to pay for some of these services in all cash.  Up to 50% of the remaining services are payable, at the Company’s sole discretion, in cash or shares of the Company’s common stock, with the balance payable in cash.  The actual number of shares of common stock issuable to PPG Industries is determined based on the average closing price for the Company’s common stock during a specified number of days prior to the end of each calendar half-year period ending on March 31 and September 30.  If, however, this average closing price is less than $6.00, the Company is required to compensate PPG Industries in cash.

The Company is also to reimburse PPG Industries for raw materials used for research and development. The Company records the purchases of these raw materials as a current asset until such materials are used for research and development efforts.

The Company issued 181, 72,873 and 110,839 shares of the Company’s common stock to PPG Industries as consideration for services provided by PPG Industries during the years ended December 31, 2011, 2010 and 2009, respectively. For these shares, the Company recorded expense of $9,181, $1,173,346 and $1,088,766 for the years ended December 31, 2011, 2010 and 2009, respectively.

The Company recorded expense of $3,529,835, $2,122,882 and $2,178,214 for the years ended December 31, 2011, 2010 and 2009, respectively, in relation to the cash portion of the reimbursement of expenses and work performed by PPG Industries, excluding amounts paid for commercial materials.

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SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS EQUITY

9. SHAREHOLDERS’ EQUITY:

In March 2011, the Company sold 5,750,000 shares of its Common Stock at $46.00 per share in a registered underwritten public offering. The offering resulted in proceeds to the Company of $249,628,814, which was net of $14,871,186 in underwriting discounts and commissions and other costs associated with completion of the offering.

During the year ended December 31, 2011, the Company issued a total 20,000 shares of common stock to members of its Board of Directors as partial compensation for services performed.  The fair value of the shares was $788,000 and was recorded as selling, general and administrative expense. The Company has also expensed $28,138 as of December 31, 2011 in relation to shares granted to the Board of Directors on December 15, 2011. During the years ended December 31, 2010 and 2009, respectively, the Company issued 23,036 and 22,260 of fully vested common stock to its Board of Directors. The fair value of the shares issued was $284,725 and $205,905, respectively.  For the years ended December 31, 2010 and 2009, the Company recorded, as a compensation charge related to these shares, selling, general and administrative expense of $270,523 and $210,302, respectively.

During the years ended December 31, 2011, 2010 and 2009, respectively, warrants to purchase 586,972, 677,826, and 61,024 shares of common stock were exercised, resulting in proceeds to the Company of $7,397,710, $9,515,232 and $618,783, respectively. As of December 31, 2011, the Company had no warrants to purchase shares of the Company’s common stock outstanding.

In January 2011 and 2010, respectively, the Company granted a total of 59,472 and 127,995 shares of fully vested common stock to employees and non-employee members of the Scientific Advisory Board for services performed in 2010 and 2009, respectively.  The fair value of the shares issued was $1,768,493 and $1,513,710, respectively, for employees and $299,943, and $299,979, respectively, for non-employee members of the Scientific Advisory Board, which amounts were accrued at December 31, 2010 and 2009, respectively.  In connection with the issuance of these grants, 18,792 and 41,259 shares, respectively, with a fair value of $655,010 and $585,220, were withheld in satisfaction of employee tax withholding obligations in 2011 and 2010, respectively. The stock awards were recorded as a compensation charge for the years ended December 31, 2010 and 2009 in selling, general and administrative expense in the amounts of $1,193,545 and $1,051,697, respectively, and in research and development expense in the amounts of $874,891 and $761,992, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash and Cash Equivalents [Abstract]
Certificates of deposit, Amortized Cost	$ 5,797,322				$ 7,167,818				$ 5,797,322	$ 7,167,818
Certificates of deposit, Unrealized Gains	158				62				158	62
Certificates of deposit, Unrealized (Losses)	(5,112)				(7,919)				(5,112)	(7,919)
Certificates of deposit, Aggregate Fair Market Value	5,792,368				7,159,961				5,792,368	7,159,961
Short-term Investments [Abstract]
Short-term investments, Amortized Cost	234,281,229				52,780,847				234,281,229	52,780,847
Short-term investments, Unrealized Gains	43,051				23,066				43,051	23,066
Short-term investments, Unrealized (Losses)	(30,239)				(9,368)				(30,239)	(9,368)
Short-term investments, Aggregate Fair Market Value	234,294,041				52,794,545				234,294,041	52,794,545
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loss on stock warranty liability									(4,190,283)	(10,077,065)	(1,031,055)
Numerator:
Net income (loss)	5,733,883	5,989,426	3,312,700	(11,880,856)	(5,316,414)	(7,186,570)	(4,436,095)	(2,978,331)	3,155,153	(19,917,410)	(20,505,320)
Denominator:
Weighted average common shares outstanding - Basic (in shares)									43,737,968	37,567,374	36,479,331
Effect of dilutive shares:
Common stock equivalents arising from stock options and ESPP (in shares)									956,803	0	0
Restricted stock awards and units (in shares)									445,623	0	0
Weighted average common shares outstanding - Diluted (in shares)									45,140,394	37,567,374	36,479,331
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.13	$ 0.13	$ 0.07	$ (0.31)					$ 0.07	$ (0.53)	$ (0.56)
Diluted (in dollars per share)	$ 0.12	$ 0.12	$ (0.03)	$ (0.31)					$ 0.07	$ (0.53)	$ (0.56)
Anti-dilutive shares excluded from the calculation of diluted net loss per common share (in shares)									586,972	3,165,048	4,299,598
Deferred revenue [Abstract]
Deferred revenue	9,407,715								9,407,715
Deferred revenue under license agreements not yet executed or deemed effective	3,366,667								3,366,667
Deferred revenue, revenue recognized										2,100,000	1,500,000
Accounts receivable [Abstract]
Unbilled receivables, current	869,982				1,095,329				869,982	1,095,329
Research and Development [Abstract]
Development and operations in the Company's facility									18,658,616	14,959,399	14,350,130
Research and Development Costs incurred under sponsored research agreements									1,021,925	1,143,052	1,264,983
PPG OLED Materials Agreement (Note 7)									3,539,017	3,296,227	3,266,980
Amortization of intangibles									48,849	1,234,272	1,695,072
Scientific Advisory Board compensation									860,826	1,062,189	544,991
Research and Development Expense, Total									24,129,233	21,695,139	21,122,156
Statement of Cash Flow Information [Abstract]
Unrealized gain (loss) on available-for-sale securities									(886)	(11,819)	(100,980)
Common stock issued for royalties that was earned in a previous period [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash activities									0	81,273	81,954
Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash activities									299,943	314,181	309,802
Common stock issued to employees that was accrued for in a previous period, net of shares withheld for taxes [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash activities									1,113,483	929,552	1,031,645
Fair value of stock warrant liability reclassified to shareholders' equity upon exercise [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash activities									14,850,038	3,137,475	0
Accounting Standards Codification 815 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of revisions to ASC 815											(2,689,110)
Accounting Standards Codification 815 [Member] | Additional Paid-in Capital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of revisions to ASC 815											(6,557,928)
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)									30
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)									15
Office, Lab Equipment and Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (in years)									3
Estimated useful life, maximum (in years)									7
Stock warrant [Member]
Derivative [Line Items]
Contractual life (years)										0.6
Contractual life, minimum (years)											0.1
Contractual life, maximum (years)											0.6
Expected volatility (in hundredths)										55.60%
Expected volatility, minimum (in hundredths)											40.50%
Expected volatility, maximum (in hundredths)											76.70%
Risk-free interest rate (in hundredths)										0.20%
Risk-free interest rate, minimum (in hundredths)											0.10%
Risk-free interest rate, maximum (in hundredths)											0.80%
Annual dividend yield (in hundredths)										0.00%	0.00%
Stock warrant liability [Member]
Reconciliation of changes in fair value classified as Level 3 [Roll Forward]
Fair value, beginning of year				10,659,755				3,720,165	10,659,755	3,720,165	0
Cumulative effect of reclassification of stock warrant liability under ASC 815									0	0	2,689,110
Loss for period									4,190,283	10,077,065	1,031,055
Warrants exercised									(14,850,038)	(3,137,475)	0
Fair value, end of year	0				10,659,755				0	10,659,755	3,720,165
Measured on a recurring basis [Member] | Quoted prices in active markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	96,538,248				8,234,698				96,538,248	8,234,698
Short-term investments	234,294,041				52,794,545				234,294,041	52,794,545
Stock warrant liability					0					0
Measured on a recurring basis [Member] | Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	0				0				0	0
Short-term investments	0				0				0	0
Stock warrant liability					0					0
Measured on a recurring basis [Member] | Significant unobservable inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	0				0				0	0
Short-term investments	0				0				0	0
Stock warrant liability					10,659,755					10,659,755
Total carrying value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents	96,538,248				8,234,698				96,538,248	8,234,698
Short-term investments	234,294,041				52,794,545				234,294,041	52,794,545
Stock warrant liability					10,659,755					10,659,755
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	223,260,232				30,423,518				223,260,232	30,423,518
Available-for-sale securities, Gross Unrealized Gains	42,461				19,964				42,461	19,964
Available-for-sale securities, Gross Unrealized (Losses)	(25,118)				(642)				(25,118)	(642)
Available-for-sale securities, Aggregate Fair Market Value	223,277,575				30,442,840				223,277,575	30,442,840
U.S. Government bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	5,223,675				15,189,511				5,223,675	15,189,511
Available-for-sale securities, Gross Unrealized Gains	432				3,040				432	3,040
Available-for-sale securities, Gross Unrealized (Losses)	(9)				(807)				(9)	(807)
Available-for-sale securities, Aggregate Fair Market Value	$ 5,224,098				$ 15,191,744				$ 5,224,098	$ 15,191,744

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QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) [Abstract]
Revenue	$ 18,658,583	$ 21,777,140	$ 11,252,415	$ 9,600,540	$ 10,795,040	$ 7,055,861	$ 8,446,829	$ 4,246,650	$ 61,288,678	$ 30,544,380	$ 15,786,617
Net (loss) income	$ 5,733,883	$ 5,989,426	$ 3,312,700	$ (11,880,856)	$ (5,316,414)	$ (7,186,570)	$ (4,436,095)	$ (2,978,331)	$ 3,155,153	$ (19,917,410)	$ (20,505,320)
Net (loss) income per common share:
Basic (in dollars per share)	$ 0.13	$ 0.13	$ 0.07	$ (0.31)					$ 0.07	$ (0.53)	$ (0.56)
Diluted (in dollars per share)	$ 0.12	$ 0.12	$ (0.03)	$ (0.31)					$ 0.07	$ (0.53)	$ (0.56)
Basic and diluted net loss per common share (in dollars per share)					$ (0.14)	$ (0.19)	$ (0.12)	$ (0.08)		$ (0.53)

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INCOME TAXES

12 Months Ended

Dec. 31, 2011

INCOME TAXES [Abstract]

INCOME TAXES

14. INCOME TAXES:

                     The components of income (loss) before income taxes are as follows:  

	Year ended December 31,
	2011		2010		2009
United States	$	3,729,014	$	(20,022,838)	$	(20,625,310)
Foreign		(1,287,914)		(28,921)		(9,925)
Income (loss) before income tax	$	2,441,100	$	(20,051,759)	$	(20,635,235)

The components of the income tax benefit are as follows:  

	Year ended December 31,
	2011		2010		2009
Current income tax benefit (expense):
Federal	$	—	$	—	$	104,428
State		2,660,509		464,162		25,487
Foreign		(1,946,456)		(329,813)		—
		714,053		134,349		129,915
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
		—		—		—
Income tax benefit	$	714,053	$	134,349	$	129,915

Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows:

	Year ended December 31,
	2011		2010		2009
Statutory U.S. federal income tax rate		34.0%		34.0%		34.0%
State income taxes, net of federal  benefit		14.8%		10.1%		7.8%
Sale of New Jersey tax attributes		50.8%		0.3%		0.0%
Effect of foreign operations		17.9%		(1.7%)		0.0%
Nondeductible employee compensation		44.4%		(0.2%)		0.0%
Loss on stock warrant liability		58.4%		(17.1%)		(1.7%)
Research tax credits		(34.7%)		4.3%		3.5%
Change in valuation allowance		(226.9%)		(35.3%)		(54.4%)
Other		12.0%		6.3%		11.4%
Effective tax rate		(29.3%)		0.7%		0.6%

As of December 31, 2011, the Company had net operating loss and credit carry forwards.  The Company’s net operating loss carry forwards differ from the accumulated deficit principally due to the timing of the recognition of certain revenues and expenses.  A portion of the Company’s net operating loss carry forwards relates to tax deductions from stock-based compensation that would be accounted for as an increase to additional paid-in capital for financial reporting purposes to the extent such future deductions could be utilized by the Company.   Pursuant to Internal Revenue Code section 382, utilization of the Company’s net operating loss and tax credit carry forwards could be subject to limitation because of certain ownership changes.  

The following table summarizes Company tax loss and tax credit carry forwards at December 31, 2011:  

	Related
	Tax		Tax		Expiration
	Deduction		Benefit		Date
Loss carry forwards:
Federal net operating loss	$	177,956,000	$	60,505,000	2012 to 2030
State net operating loss		87,481,000		5,180,000	2013 to 2030
Total loss carry forwards	$	265,437,000	$	65,685,000
Tax credit carry forwards:
Research tax credits		n/a	$	7,856,000	2020 to 2031
Foreign tax credits		n/a		2,293,000	2012 to 2021
State research tax credits		n/a		2,210,000	2020 to 2026
Total credit carry forwards		n/a	$	12,359,000

Significant components of the Company's net deferred tax assets are as follows:

	December 31,
	2011		2010
Deferred tax asset:
Net operating loss carry forwards	$	57,974,000	$	70,048,000
Capitalized technology license		3,352,000		3,811,000
Capitalized research expenditures		976,000		-
Accruals and reserves		2,119,000		463,000
Retirement plan		3,364,000		2,827,000
Deferred revenue		3,758,000		3,235,000
Tax credit carry forward		12,359,000		8,394,000
Other		502,000		1,237,000
		84,404,000		90,015,000
Valuation allowance		(84,404,000)		(90,015,000)
Net deferred tax asset	$	—	$	—

 During the year ended December 31, 2009, the Company received federal cash refunds of $104,428 related to research and development credits.  The Company also received state cash refunds of $25,487 in 2009 from claims for overpaid New Jersey Alternative Minimum Assessment tax for taxable years 2003 to 2006.

During the years ended December 31, 2011 and 2010, the Company sold approximately $45.2 million and $3.8 million, respectively, of its state net operating losses and $232,000 and $194,000 of its state research and development tax credits under the New Jersey Technology Tax Certificate Transfer Program, and received or will receive net proceeds of $2,660,509 and $464,162, respectively.  The Company recorded these sales as income tax benefit.

During the years ended December 31, 2011 and 2010 the Company paid foreign taxes on South Korean royalty and license fee income of $1,946,456 and $329,813, respectively, which were recorded as current income tax expense. Any potential tax credit to be received by the Company on its United States tax returns is currently offset by a full valuation allowance (see below). The Company filed for and was granted a five-year exemption on withholding tax on royalty payments received from SMD under its patent license agreement as part of a tax incentive program in South Korea. The exemption was granted in May 2005 and remained in effect until May 2010. Since then, SMD has been required to withhold tax upon payment of royalties and license fees to the Company.  In 2011 and 2010, the withholding tax rate for royalty payments made by SMD was 16.5%.

A valuation allowance has been established for all deferred tax assets because the Company incurred substantial operating losses from inception through 2010 and Company management has not determined that the net deferred tax assets are more likely than not to be realized.  The Company’s valuation allowance decreased by $5,611,000 for the year ended December 31, 2011 and increased by $9,490,000 and $11,232,000 for the years ended December 31, 2010, and 2009, respectively. In future periods, if the Company determines it is more likely than not that net deferred tax assets will be realized, the related valuation allowance would be reduced and an income tax benefit would be recorded. However, due to the uncertainty inherent in projections of future earnings within the statutory carry forward periods, it cannot be assured there will be any adjustment to the valuation allowance in the future.

The tax deduction resulting from exercise and vesting of certain share-based awards has exceeded the aggregate compensation expense recorded for financial reporting purposes for such awards.  These “windfall”' deductions resulted in excess tax benefits that must be analyzed to determine whether realization has occurred.  The Company uses the “with and without” approach as described in ASC 740, Income Taxes, whereby the excess tax benefit of deductions from stock-based compensation is reflected as an increase in additional paid-in capital only if an incremental benefit is provided after considering all other tax attributes available to the Company.  Given the Company's net operating loss carry forward position, no income tax benefit has been recognized in paid-in capital for such excess tax benefits.

The Company did not record a liability for uncertain tax positions as of December 31, 2011 and December 31, 2010. Company management does not anticipate any material change in its uncertain tax positions in the next twelve months. The Company’s federal income tax returns for 2008 through 2011 are open tax years and are subject to examination by the Internal Revenue Service. State tax years 2007 to 2011 remain open to examination by the jurisdictions (Pennsylvania, New Jersey, and Idaho) in which the Company is subject to tax.

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PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2011

PROPERTY AND EQUIPMENT [Abstract]

Property and equipment

Property and equipment consist of the following:

	December 31,
	2011			2010
Land	$	820,000		$	820,000
Building and improvements		11,469,304			11,163,569
Office and lab equipment		15,597,065			14,630,062
Furniture and fixtures		340,615			339,599
Construction-in-progress		1,392,283			93,525
	$	29,619,267		$	27,046,755
Less: Accumulated depreciation		(18,735,328	)		(17,335,662	)
Property and equipment, net	$	10,883,939		$	9,711,093

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INCOME TAXES (Details) (USD $)	12 Months Ended			60 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	May 31, 2010
Components of income (loss) before income taxes [Abstract]
United States	$ 3,729,014	$ (20,022,838)	$ (20,625,310)
Foreign	(1,287,914)	(28,921)	(9,925)
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	2,441,100	(20,051,759)	(20,635,235)
Current income tax benefit (expense):
Federal	0	0	104,428
State	2,660,509	464,162	25,487
Foreign	(1,946,456)	(329,813)	0
Current income tax benefit (expense)	714,053	134,349	129,915
Deferred income tax benefit:
Federal	0	0	0
State	0	0	0
Foreign	0	0	0
Deferred income tax benefit	0	0	0
Income tax benefit	714,053	134,349	129,915
Reconciliation of the statutory U.S. federal tax rate to the effective tax rate [Abstract]
Statutory U.S. federal income tax rate (in hundredths)	34.00%	34.00%	34.00%
State income taxes, net of federal benefit (in hundredths)	14.80%	10.10%	7.80%
Sale of New Jersey tax attributes (in hundredths)	50.80%	0.30%	0.00%
Effect of foreign operations (in hundredths)	17.90%	(1.70%)	0.00%
Nondeductible employee compensation (in hundredths)	44.40%	(0.20%)	0.00%
Loss on stock warrant liability (in hundredths)	58.40%	(17.10%)	(1.70%)
Research tax credits (in hundredths)	(34.70%)	4.30%	3.50%
Change in valuation allowance (in hundredths)	(226.90%)	(35.30%)	(54.40%)
Other (in hundredths)	12.00%	6.30%	11.40%
Effective tax rate (in hundredths)	(29.30%)	0.70%	0.60%
Operating Loss Carryforwards [Line Items]
Tax Deduction	265,437,000
Tax Benefit	65,685,000
Tax Credit Carryforward [Line Items]
Tax Benefit	12,359,000	8,394,000
Deferred tax asset:
Net operating loss carryforwards	57,974,000	70,048,000
Capitalized technology license	3,352,000	3,811,000
Capitalized research expenditures	976,000	0
Accruals and reserves	2,119,000	463,000
Retirement plan	3,364,000	2,827,000
Deferred revenue	3,758,000	3,235,000
Tax credit carryforward	12,359,000	8,394,000
Other	502,000	1,237,000
Gross deferred tax asset	84,404,000	90,015,000
Valuation allowance	(84,404,000)	(90,015,000)
Net deferred tax asset	0	0
Proceeds from federal tax credits			104,428
Proceeds from state tax refunds			25,487
Proceeds from sale of operating losses and tax credits	2,660,509	464,162
Exemption on withholding tax on royalty payments [Abstract]
Period of exemption on withholding tax on royalty payments (in years)				5Y
Withholding tax rate for royalty payments (in hundredths)	16.50%	16.50%
Valuation Allowance [Abstract]
Increase (decrease) in valuation allowance	(5,611,000)	9,490,000	11,232,000
Income Tax Contingency [Line Items]
Liability recorded for uncertain tax positions	0
Anticipated material change in uncertain tax positions in the next twelve months	0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Tax Deduction	177,956,000
Tax Benefit	60,505,000
Expiration Date	2012 to 2030
Income Tax Contingency [Line Items]
Open tax years subject to examination	2008 through 2011
Federal [Member] | Research tax credit [Member]
Tax Credit Carryforward [Line Items]
Tax Benefit	7,856,000
Expiration Date	2020 to 2031
Deferred tax asset:
Tax credit carryforward	7,856,000
Foreign [Member]
Tax Credit Carryforward [Line Items]
Tax Benefit	2,293,000
Expiration Date	2012 to 2021
Deferred tax asset:
Tax credit carryforward	2,293,000
State [Member]
Operating Loss Carryforwards [Line Items]
Tax Deduction	87,481,000
Tax Benefit	5,180,000
Expiration Date	2013 to 2030
Operating loss carryforwards sold	45,200,000	3,800,000
Income Tax Contingency [Line Items]
Open tax years subject to examination	2007 to 2011
State [Member] | Research tax credit [Member]
Tax Credit Carryforward [Line Items]
Tax Benefit	2,210,000
Expiration Date	2020 to 2026
Tax credit carryforwards sold	232,000	194,000
Deferred tax asset:
Tax credit carryforward	2,210,000
South Korea [Member]
Current income tax benefit (expense):
Foreign	$ (1,946,456)	$ (329,813)

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SHAREHOLDERS' EQUITY (Details) (USD $)	12 Months Ended									1 Months Ended		12 Months Ended				1 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 Board of Directors [Member]	Dec. 31, 2010 Board of Directors [Member]	Dec. 31, 2009 Board of Directors [Member]	Dec. 31, 2011 Board of Directors [Member] Selling, General and Adminstrative Expense [Member]	Dec. 31, 2010 Board of Directors [Member] Selling, General and Adminstrative Expense [Member]	Dec. 31, 2009 Board of Directors [Member] Selling, General and Adminstrative Expense [Member]	Jan. 31, 2011 Employees and Non-Employee Members of Scientific Advisory Board [Member]	Jan. 31, 2010 Employees and Non-Employee Members of Scientific Advisory Board [Member]	Dec. 31, 2010 Employees and Non-Employee Members of Scientific Advisory Board [Member] Selling, General and Adminstrative Expense [Member]	Dec. 31, 2009 Employees and Non-Employee Members of Scientific Advisory Board [Member] Selling, General and Adminstrative Expense [Member]	Dec. 31, 2010 Employees and Non-Employee Members of Scientific Advisory Board [Member] Research and Development Expense [Member]	Dec. 31, 2009 Employees and Non-Employee Members of Scientific Advisory Board [Member] Research and Development Expense [Member]	Jan. 31, 2011 Employees [Member]	Jan. 31, 2010 Employees [Member]	Jan. 31, 2011 Non-Employee Members of Scientific Advisory Board [Member]	Jan. 31, 2010 Non-Employee Members of Scientific Advisory Board [Member]	Mar. 31, 2011 Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock through a public offering, net of expenses (in shares)																				5,750,000
Sale price of common stock (in dollars per share)																				$ 46.00
Proceeds from issuance of common stock through a public offering																				$ 249,628,814
Issuance of common stock through a public offering, expenses	14,871,186																			14,871,186
Deferred Compensation Arrangement with Employees and Non-Employees, Share-Based Payments [Line Items]
Shares issued (in shares)				20,000	23,036	22,260				59,472	127,995
Fair value of shares issued				788,000	284,725	205,905										1,768,493	1,513,710	299,943	299,979
Compensation charge							788,000	270,523	210,302			1,193,545	1,051,697	874,891	761,992
Accrued liability for compensation charge				28,138
Shares withheld for tax withholding obligations (in shares)																18,792	41,259
Fair value of shares withheld for tax withholding obligations																655,010	585,220
Common stock from warrant exercises (in shares)	586,972	677,826	61,024
Proceeds from warrant exercises	$ 7,397,710	$ 9,515,232	$ 618,783

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS) (USD $)	Series A Nonconvertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
BALANCE at Dec. 31, 2008	$ 2,000	$ 361,320	$ 256,696,849	$ (180,472,203)	$ 126,497	$ 76,714,463
BALANCE (in shares) at Dec. 31, 2008	200,000	36,131,981
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net (loss) income				(20,505,320)		(20,505,320)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities					(100,980)	(100,980)
Comprehensive income (loss)						(20,606,300)
Cumulative effect of the adoption of revisions, see Note 2 (Accounting Standards Codification 815 [Member])			(6,557,928)	3,868,818		(2,689,110)
Exercise of common stock options and warrants, net of tendered shares		3,403	1,698,735			1,702,138
Exercise of common stock options and warrants, net of tendered shares (in shares)		340,279
Stock-based employee compensation, net of shares withheld for employee taxes		1,471	2,446,034			2,447,505
Stock-based employee compensation, net of shares withheld for employee taxes (in shares)		147,078
Stock-based non-employee compensation		4	7,007			7,011
Stock-based non-employee compensation (in shares)		450
Issuance of common stock to Board of Directors and Scientific Advisory Board		617	750,298			750,915
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		61,742
Issuance of common stock in connection with materials and license agreements		1,228	1,169,492			1,170,720
Issuance of common stock in connection with materials and license agreements (in shares)		122,854
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP)		141	130,043			130,184
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP) (in shares)		14,056
BALANCE at Dec. 31, 2009	2,000	368,184	256,340,530	(197,108,705)	25,517	59,627,526
BALANCE (in shares) at Dec. 31, 2009	200,000	36,818,440
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net (loss) income				(19,917,410)		(19,917,410)
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities					(11,819)	(11,819)
Initial prior service cost for retirement plan					(5,611,079)	(5,611,079)
Amortization of prior service cost for retirement plan					438,366	438,366
Actuarial loss on retirement plan					(878,944)	(878,944)
Comprehensive income (loss)						(25,980,886)
Exercise of common stock options and warrants, net of tendered shares		13,047	17,742,998			17,756,045
Exercise of common stock options and warrants, net of tendered shares (in shares)		1,304,654
Stock-based employee compensation, net of shares withheld for employee taxes		6,514	3,125,844			3,132,358
Stock-based employee compensation, net of shares withheld for employee taxes (in shares)		651,384
Stock-based non-employee compensation		5	47,217			47,222
Stock-based non-employee compensation (in shares)		491
Issuance of common stock to Board of Directors and Scientific Advisory Board		619	1,346,331			1,346,950
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		61,946
Issuance of common stock in connection with materials and license agreements		801	1,253,819			1,254,620
Issuance of common stock in connection with materials and license agreements (in shares)		80,073
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP)		196	245,488			245,684
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP) (in shares)		19,583
BALANCE at Dec. 31, 2010	2,000	389,366	280,102,227	(217,026,115)	(6,037,959)	57,429,519
BALANCE (in shares) at Dec. 31, 2010	200,000	38,936,571
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net (loss) income				3,155,153		3,155,153
Other comprehensive (loss) income:
Unrealized loss on available-for-sale securities					(886)	(886)
Amortization of prior service cost and actuarial loss for retirement plan					599,999	599,999
Actuarial loss on retirement plan					(418,461)	(418,461)
Comprehensive income (loss)						3,335,805
Exercise of common stock options and warrants, net of tendered shares		12,662	27,742,456			27,755,118
Exercise of common stock options and warrants, net of tendered shares (in shares)		1,266,191
Stock-based employee compensation, net of shares withheld for employee taxes		1,031	2,105,297			2,106,328
Stock-based employee compensation, net of shares withheld for employee taxes (in shares)		103,112
Stock-based non-employee compensation		2	6,323			6,325
Stock-based non-employee compensation (in shares)		174
Issuance of common stock to Board of Directors and Scientific Advisory Board		465	1,648,303			1,648,768
Issuance of common stock to Board of Directors and Scientific Advisory Board (in shares)		46,536
Issuance of common stock in connection with materials and license agreements		2	9,179			9,181
Issuance of common stock in connection with materials and license agreements (in shares)		181
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP)		105	307,237			307,342
Issuance of common stock to employees under an Employee Stock Purchase Plan (ESPP) (in shares)		10,531
Issuance of common stock through a public offering, net of expenses of $14,871,186		57,500	249,571,314			249,628,814
Issuance of common stock through a public offering, net of expenses of $14,871,186 (in shares)		5,750,000
BALANCE at Dec. 31, 2011	$ 2,000	$ 461,133	$ 561,492,336	$ (213,870,962)	$ (5,857,307)	$ 342,227,200
BALANCE (in shares) at Dec. 31, 2011	200,000	46,113,296

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RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN

12 Months Ended

Dec. 31, 2011

RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN [Abstract]

RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN

3. RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA AND THE UNIVERSITY OF MICHIGAN:

The Company funded OLED technology research at Princeton and, on a subcontractor basis, at USC, for 10 years under a Research Agreement executed with Princeton in August 1997 (1997 Research Agreement).  The Principal Investigator conducting work under the 1997 Research Agreement transferred to Michigan in January 2006.  Following this, the 1997 Research Agreement was allowed to expire on July 31, 2007.

As a result of the transfer, the Company entered into a new Sponsored Research Agreement with USC to sponsor OLED technology research at USC and, on a subcontractor basis, Michigan.  This new Research Agreement (2006 Research Agreement) was effective as of May 1, 2006, and had an original term of three years.  The 2006 Research Agreement superseded the 1997 Research Agreement with respect to all work being performed at USC and Michigan.  Payments under the 2006 Research Agreement are made to USC on a quarterly basis as actual expenses are incurred.  The Company incurred $2,155,570 in research and development expense for work performed under the 2006 Research Agreement during the original term, which ended on April 30, 2009.

Effective May 1, 2009, the Company amended the 2006 Research Agreement to extend the term of the agreement for an additional four years. As of December 31, 2011, the Company is obligated to pay USC up to $2,601,278 for work to actually be performed during the remaining extended term, which runs through April 30, 2013.  From May 1, 2009 through December 31, 2011, the Company incurred $2,181,369 in research and development expense for work performed under the amended 2006 Research Agreement.

On October 9, 1997, the Company, Princeton and USC entered into an Amended License Agreement (1997 Amended License Agreement) under which Princeton and USC granted the Company worldwide, exclusive license rights, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of work performed by Princeton and USC under the 1997 Research Agreement.  Under this agreement, the Company is required to pay Princeton royalties for licensed products sold by the Company or its sublicensees.  For licensed products sold by the Company, the Company is required to pay Princeton 3% of the net sales price of these products.  For licensed products sold by the Company’s sublicensees, the Company is required to pay Princeton 3% of the revenues received by the Company from these sublicensees.  These royalty rates are subject to renegotiation for products not reasonably conceivable as arising out of the 1997 Research Agreement if Princeton reasonably determines that the royalty rates payable with respect to these products are not fair and competitive.

The Company is obligated under the 1997 Amended License Agreement to pay to Princeton minimum annual royalties.  The minimum royalty payment is $100,000 per year.  The Company incurred $1,219,256, $555,546, and $222,721 of royalty expense in connection with the agreement for the years ended December 31, 2011, 2010 and 2009, respectively.

The Company also is required under the 1997 Amended License Agreement to use commercially reasonable efforts to bring the licensed OLED technology to market.  However, this requirement is deemed satisfied if the Company invests a minimum of $800,000 per year in research, development, commercialization or patenting efforts respecting the patent rights licensed to the Company.

In connection with entering into the 2006 Research Agreement, the Company amended the 1997 Amended License Agreement to include Michigan as a party to that agreement effective as of January 1, 2006.  Under this amendment, Princeton, USC and Michigan have granted the Company a worldwide exclusive license, with rights to sublicense, to make, have made, use, lease and/or sell products and to practice processes based on patent applications and issued patents arising out of work performed under the 2006 Research Agreement.  The financial terms of the 1997 Amended License Agreement were not impacted by this amendment.

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ACQUIRED TECHNOLOGY (Tables)

12 Months Ended

Dec. 31, 2011

ACQUIRED TECHNOLOGY [Abstract]

Acquired technology

Acquired technology consists of acquired license rights for patents and know-how obtained from PD-LD, Inc. and Motorola. These intangible assets consist of the following:

	December 31,
	2011			2010
PD-LD, Inc.	$	1,481,250		$	1,481,250
Motorola		15,909,112			15,469,468
		17,390,362			16,950,718
Less: Accumulated amortization		(16,999,567	)		(16,950,718	)
Acquired technology, net	$	390,795		$	—

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ACCRUED EXPENSES (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
ACCRUED EXPENSES [Abstract]
Compensation	$ 5,591,067	$ 4,013,391
Royalties	1,219,256	865,902
Consulting	338,701	340,543
Professional fees	758,952	558,929
Subcontracts	83,859	87,137
Research and development agreements	546,133	751,701
Other	481,754	288,686
Accrued expenses	$ 9,019,722	$ 6,906,289

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CONCENTRATION OF RISK

12 Months Ended

Dec. 31, 2011

CONCENTRATION OF RISK [Abstract]

CONCENTRATION OF RISK

13. CONCENTRATION OF RISK:

Included in technology development and support revenue in the accompanying statement of operations, is $5,773,957, $4,939,546,and$4,373,316 for the years ended December 31, 2011, 2010 and 2009, respectively, which has been derived from contracts with United States government agencies.  Revenues derived from contracts with government agencies represented 9%, 16% and 28% of the consolidated revenue for the years ended December 31, 2011, 2010 and 2009, respectively.

Revenues and accounts receivable from our largest non-government customers for the years ended December 31 were as follows:

		2011				2010				2009
Customer		% of Total Revenue		Accounts Receivable		% of Total Revenue		Accounts Receivable		% of Total Revenue		Accounts Receivable
	A		51%	$	5,208,085		35%	$	2,635,290		31%	$	528,150
	B		11%		844,610		23%		2,246,295		9%		630,800
	C		18%		62,955		—%		—		10%		—

The Company’s relationships with customers B and C are under agreements that are presently scheduled to expire in less than twelve months.

Revenues from outside of North America represented 89%, 82%, and 70% of the consolidated revenue for the years ended December 31, 2011, 2010 and 2009, respectively. Revenues by geographic area are as follows:

Country	2011		2010		2009
United States	$	6,842,202	$	5,369,396	$	4,789,536
South Korea		38,581,685		18,015,390		6,570,447
Japan		15,004,708		5,341,803		2,737,514
Taiwan		642,510		1,736,102		1,664,050
Other		217,573		81,689		25,070
All foreign locations		54,446,476		25,174,984		10,997,081
Total revenue	$	61,288,678	$	30,544,380	$	15,786,617

The Company attributes revenue to different geographic areas on the basis of the location of the customer.

Long-lived tangible assets at international locations are not significant for each of the periods presented.

All chemical materials were purchased from one supplier. See Note 7.