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WARRANTS
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
WARRANTS

9. WARRANTS

The Company has periodically issued warrants in connection with certain common stock offerings. The warrants issued in January and August 2009 were classified as liabilities as opposed to equity due to their settlement terms which required settlement in registered shares. The outstanding warrants classified as liabilities were recorded on the consolidated balance sheets and adjusted to fair value at each financial reporting period, with changes in the fair value being recorded as “Loss on change in warrant valuation” in the consolidated statements of operations and comprehensive loss. Fair value was determined using the Black-Scholes-Merton option-pricing model, which requires the use of significant judgment and estimates for the inputs used in the model. As of December 31, 2014, there were no outstanding warrants as all warrants issued in January and August 2009 have been exercised or have expired.

The following table summarizes the reconciliation of the change in value of the Company’s liability classified warrants for each of the periods indicated:

 

     For the Year Ended December 31,  
     2014      2013      2012  
     (in thousands)  

Balance at beginning of the period

    $ 9,006       $ 65,193       $ 5,446   

Increase in value of warrants

      2,779         22,027         91,938   

Reclassification to stockholders’ equity upon exercise of warrants

      (11,785 )       (78,214 )       (32,191 ) 
  

 

 

     

 

 

     

 

 

  

Balance at end of the period

    $ —         $ 9,006       $ 65,193   
  

 

 

     

 

 

     

 

 

  

 

The following table summarizes the Company’s warrant activity for each of the periods indicated:

 

     For the Year Ended December 31,  
     2014      2013      2012  
      Shares     Weighted
Average
Exercise
Price		      Shares     Weighted
Average
Exercise
Price		      Shares     Weighted
Average
Exercise
Price		  

Warrants outstanding at beginning of the period

      791,508      $ 10.05         3,127,618      $ 8.48         4,867,477      $ 9.54   

Exercised

      (765,915 )      10.12         (2,336,110 )      7.96         (1,739,859 )      11.81   

Canceled or expired

      (25,593 )      7.92         —          —           —          —     
  

 

 

       

 

 

       

 

 

    
     —        $ —           791,508      $ 10.05         3,127,618      $ 8.48