STOCK OPTION PLANS AND WARRANTS

3 Months Ended

Mar. 31, 2013

7.	STOCK OPTION PLANS AND WARRANTS

During the three months ended March 31, 2013, the range of exercise prices for outstanding options was $7.90 to $60.92. During the three months ended March 31, 2013, the weighted average remaining contractual life of options outstanding is 5.3 years. Exercise prices for options exercisable as of March 31, 2013 ranged from $7.90 to $60.92.

The Company has issued stock options to employees under stock based compensation plans. Stock options are issued at the current market price, subject to a vesting period, which varies from one to three years. As of March 31, 2013, the Company has not changed the terms of any outstanding awards.

During the three months ended March 31, 2013, the Company recognized compensation cost of $0.3 million.

As of March 31, 2013, there was $1.0 million of total unrecognized compensation cost related to non-vested stock options, restricted stock units and restricted stock granted under the Company’s Stock Incentive Plan. The costs are expected to be recognized over the 2013 to 2014 period.

During the year ended December 31, 2012 and for the three months ended March 31, 2013 the Company did not grant any options to its employees. All of the outstanding options and warrants were cancelled pursuant to the Plan of Reorganization.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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