Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v2.4.0.6
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2011
Stock-Based Compensation
4. Stock-Based Compensation

 

For the years ended December 31, 2011, 2010 and 2009, our total stock-based compensation expense was approximately $3.6 million, $598,000 and $445,000, respectively. We have not recorded any income tax benefit related to stock-based compensation for the years ended December 31, 2011, 2010 and 2009.

 

A summary of the status of our stock options as of December 31, 2011, and changes during the year then ended, is presented below:

 

    Year Ended December 31, 2011  
    Number of
Options		     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Life		     Aggregate
Intrinsic
Value		  
Outstanding at beginning of year     5,734,500     $ 0.58                  
Granted     281,000       3.56                  
Exercised     (2,697,833 )     0.35                  
Forfeited     (2,667 )     0.85                  
Expired     —       —                  
Outstanding at end of year     3,315,000     $ 1.02       4.1 years     $ 5,576,560  
                                 
Exercisable at end of year     2,588,817     $ 0.67       2.8 years     $ 5,061,590  

 

The weighted average grant-date fair value of options granted in 2011, 2010 and 2009 was $2.22, $1.13 and $0.68, respectively. During 2011, 2,697,833 stock options with an aggregate intrinsic value of $9,620,085 were exercised in exchange for issuance of 1,832,673 shares of our common stock, resulting in gross proceeds of $225,010. During 2010, 491,667 stock options with an aggregate intrinsic value of $697,662 were exercised in exchange for issuance of 350,156 shares of our common stock, resulting in gross proceeds of $32,550. During 2009, 465,000 stock options with an aggregate intrinsic value of $282,250 were exercised in exchange for issuance of 400,441 shares of our common stock, resulting in gross proceeds of $148,750. During 2011, 2010 and 2009, we paid tax withholdings related to stock options exercised of $2.8 million, $133,000, and $24,000, respectively. During 2011, 2010 and 2009, the aggregate fair value of stock options vested was $1.9 million, $668,000 and $343,000, respectively.

 

A summary of the status of our unvested restricted stock as of December 31, 2011, and changes during the year then ended, is presented below:

 

    Year Ended
December 31, 2011		  
    Number of
Shares		     Weighted
Average
Grant-Date
Fair Value		  
Unvested at beginning of year     2,374,500     $ 1.07  
Granted     922,000       3.49  
Vested     (1,050,000 )     1.27  
Forfeited     (4,500 )     0.65  
Expired     (596,000 )     0.80  
Unvested at end of year     1,556,000     $ 2.48  

 

During 2011 and 2009, 1,050,000 and 5,000 shares, respectively, of restricted stock vested with aggregate fair values of $4.2 million and $6,000, respectively. No restricted stock vested during 2010.

  

As of December 31, 2011, there was approximately $1.5 million of total unrecognized compensation cost related to stock option and restricted stock awards, which we expect to recognize over remaining weighted average vesting terms of 2.1 years. See Note 1(e).