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NOTE 6 - STOCK INCENTIVE PLAN
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Dec. 31, 2011
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| Shareholders' Equity and Share-based Payments [Text Block] |
NOTE
6 - STOCK INCENTIVE PLAN
The
Company's 2006 Stock Incentive Plan (the "Plan"), which is
shareholder-approved, permits the grant of share options to
its employees and board members for up to a maximum aggregate
of 12.0 million shares of common stock. In addition, as of
the first business day of each calendar year in the period
2007 through 2015, the maximum aggregate number of shares
shall be increased by a number equal to one percent of the
number of shares of common stock of the Company outstanding
on December 31 of the immediately preceding calendar year.
Accordingly, as of December 31, 2011, the maximum aggregate
number of shares under the Plan was 21.0 million. The Company
believes that such awards better align the interests of its
employees with those of its shareholders. In accordance with
the Plan, incentive stock options, nonqualified stock
options, and performance based compensation awards may not be
granted at less than 100 percent of the estimated fair market
value of the common stock on the date of grant. Incentive
stock options granted to a person owning more than 10 percent
of the voting power of all classes of stock of the Company
may not be issued at less than 110 percent of the fair market
value of the stock on the date of grant. Option awards
generally vest based on 3 years of continuous service (1/3 of
the shares vest on the twelve month anniversary of the grant
date, and an additional 1/12 of the shares vest on each
subsequent fiscal quarter-end of the Company following such
twelve month anniversary). Certain option awards provide for
accelerated vesting if there is a change of control, as
defined. The option awards have 7-year contractual
terms.
When
the measurement date is certain, the fair value of each
option grant is estimated on the date of grant using the
Black-Scholes valuation model. Since there is limited
historical data with respect to both pre-vesting forfeiture
and post-vesting termination, the expected life of the
options was determined utilizing the simplified method,
whereby the expected term is calculated by taking the sum of
the vesting term plus the original contractual term and
dividing that quantity by two.
The
Company recorded $0 and $3.4 of compensation expense relative
to stock options during the three months ended December 31,
2011 and 2010, respectively, and $0 and $30.4 during the nine
months ended December 31, 2011 and 2010, respectively. No
options were exercised during the three and nine months ended
December 31, 2011 and 2010. A summary of stock option
activity for the nine months ended December 31, 2011 is
presented as follows.
All
outstanding options were fully vested as of December 31and
March 31, 2011.
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