Stock-Based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

(11) Stock-Based Compensation

Columbia recorded stock-based compensation expense of $0.1 million for both the three months ended September 30, 2013 and 2012. Columbia recorded stock-based compensation expense of $0.3 million and $0.6 million for the nine months ended September 30, 2013 and 2012, respectively. Stock-based compensation expense is included in the accompanying consolidated statements of operations as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Cost of revenues	$	4,922	$	4,361	$	9,790	$	14,400
Research and development		—		16,942		—		78,192
General and administrative		60,177		128,203		328,349		544,895
Total	$	65,099	$	149,506	$	338,139	$	637,487

Columbia granted 88,749 and 104,375 stock options during the nine months ended September 30, 2013 and 2012, respectively. Columbia has elected to use the Black-Scholes option pricing model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the nine months ended September 30, 2013 and 2012 was $3.52 and $4.00, respectively, using the following assumptions:

	Nine Months Ended September 30,
	2013	2012
Risk free interest rate	0.71%-0.76%		0.82	%
Expected term	4.75		4.75
Dividend yield	—		—
Expected volatility	96.52%-97.02%		105.72	%

Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. Columbia’s estimated expected stock price volatility is based on its own historical volatility. Columbia’s expected term of options granted in the nine months ended September 30, 2013 and 2012 was derived from the simplified method. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

Cash received from option exercises was $10,300 during the three and nine months ended September 30, 2013. There were no option exercises in the three and nine months ended September 30, 2012.