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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2013
Stock-Based Compensation [Abstract]  
Compensation costs related to stock-based awards
The following table summarizes compensation costs related to our stock-based awards (in thousands, except per share data):

 
Three Months Ended
March 31,
 
 
2013
 
 
2012
 
 
 
 
 
 
 
Cost of revenue
 
$
6
 
 
$
18
 
Selling, general and administrative
 
 
284
 
 
 
238
 
Research and development
 
 
42
 
 
 
25
 
Total stock-based compensation
 
 
332
 
 
 
281
 
Tax effect on stock-based compensation
 
 
—
 
 
 
—
 
Net effect on net income (loss)
 
$
332
 
 
$
281
 
Effect on net income (loss) attributable to AXT, Inc. per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.01
)
 
$
(0.01
)
Diluted
 
$
(0.01
)
 
$
(0.01
)
 
Weighted-average assumptions
We estimate the fair value of stock options using a Black-Scholes valuation model, consistent with the provisions of ASC 718. There were zero and 80,000 stock options granted with weighted-average grant date fair value of $0 and $3.05 in the three months ended March 31, 2013 and 2012, respectively. The fair value of our stock options granted to employees for the three months ended March 31, 2012 was estimated using the following weighted-average assumptions:
 
 
Three months ended March 31, 2012
 
Expected term (in years)
 
 
4.0
 
Volatility
 
 
73.41
%
Expected dividend
 
 
0
%
Risk-free interest rate
 
 
0.76
%
 
 
 
 
Summary of stock option activity
The following table summarizes our stock option activities during the three months ended March 31, 2013 (in thousands, except per share data):

Stock Options
 
Shares
 
 
Weighted-
average
Exercise
Price
 
 
Weighted-
average
Remaining
Contractual
Life
(in years)
 
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2013
 
 
2,727
 
 
$
3.28
 
 
 
6.71
 
 
$
1,353
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
—
 
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercised
 
 
(183
)
 
 
1.40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Canceled and expired
 
 
(26
)
 
 
3.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2013
 
 
2,518
 
 
$
3.41
 
 
 
6.84
 
 
$
1,239
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options vested and expected to vest as of March 31, 2013
 
 
2,502
 
 
$
3.41
 
 
 
6.83
 
 
$
1,238
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options exercisable as of March 31, 2013
 
 
1,523
 
 
$
3.14
 
 
 
5.58
 
 
$
1,137
 
Restricted stock awards
A summary of activity related to restricted stock awards for the three months ended March 31, 2013 is presented below:

Stock Awards
Shares
Weighted-Average
Grant Date Fair Value
Non-vested as of January 1, 2013
238,723
$
4.27
Granted
—
$
—
Vested
—
$
—
Non-vested as of March 31, 2013
238,723
$
4.27