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Stock-Based Compensation
9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
 
We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. Currently, we grant options and restricted stock units ("RSUs") from the 2005 Long-Term Incentive Plan ("2005 LTIP") and the 2010 Equity Compensation Plan (“2010 ECP”).

For the three and nine months ended September 30, 2013, stock-based compensation expense was $239,353 and $539,766, respectively. For the three and nine months ended September 30, 2012, stock-based compensation expense was $245,614 and $632,477, respectively. The total compensation cost at September 30, 2013 related to non-vested awards not yet recognized was approximately $575,887 to be recognized over a weighted-average recognition period of 0.48 years.

During the first quarter of 2013, we granted to certain employees a total of 100,000 RSUs with a weighted average fair value of $0.72 per share. These shares vest ratably over three years. During the second quarter of 2013, we granted members of our board of directors a total of 80,000 RSUs with a weighted average fair value of $0.77 per share which vest on December 31, 2013.

During the third quarter of 2013 we granted RSUs to certain executives and management employees as part of an equity compensation program. The program includes service-based and performance-based components. The service-based component of the plan granted 215,000 shares to certain executives and management employees effective July 31, 2013, which vest completely on February 1, 2014. The performance-based component of this plan allows for grants of between 235,000 and 435,000 shares based on certain 2013 financial targets. In the event the low end of the targeted financial results are not met, no shares will be issued under the performance-based component of the plan. The share price at the date of the grant was $0.87.

On March 31, 2013, some of our employees voluntarily canceled certain outstanding stock options for no consideration. As a result, 805,134 shares were canceled and returned to 2005 LTIP and 2010 ECP plans. The cancellation of these options resulted in the recognition of $49,577 in additional stock-based compensation expense, which represented the fair value of the canceled options that had not yet been recognized as of the date of cancellation.

As a result of the changes noted previously, the following table summarizes our 2005 LTIP and 2010 ECP plans as of September 30, 2013:
 
Options Outstanding
 
RSAs Outstanding
 
Awards Exercised
 
Available Shares
 
Authorized Shares
2010 ECP
258,998

 
46,095

 
1,037,250

 
2,193,602

 
3,535,945

2005 LTIP
33,748

 
187,730

 
246,779

 
531,743

 
1,000,000

Total
292,746

 
233,825

 
1,284,029

 
2,725,345

 
4,535,945



We also have 165,827 options outstanding under a separate plan which is not authorized to issue any additional shares.

We made additional grants in October 2013 not considered in the disclosures above. On October 6, 2013 we granted RSUs to certain executives and other employees totaling 428,500 shares. The share price at the date of the grant was $1.44 per share. These RSUs vest ratably on an annual basis over three years.