Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

v2.4.0.6
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
  4. Stock-Based Compensation

 

For the years ended December 31, 2012, 2011 and 2010, our total stock-based compensation expense was approximately $2.3 million, $3.6 million and $598,000, respectively. We have not recorded any income tax benefit related to stock-based compensation for the years ended December 31, 2012, 2011 and 2010.

 

A summary of the status of our stock options as of December 31, 2012, and changes during the year then ended, is presented below:

 

    Year Ended December 31, 2012  
    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Contractual Life     Aggregate Intrinsic Value  
Outstanding at beginning of year     3,315,000     $ 1.02                  
Granted     1,351,027       3.16                  
Exercised     (1,232,001 )     0.62                  
Forfeited     (12,249 )     2.18                  
Expired     (9,000 )     1.73                  
Outstanding at end of year     3,412,777     $ 2.01       6.8 years     $ 3,530,862  
                                 
Exercisable at end of year     1,836,237     $ 1.10       4.9 years     $ 3,271,747  

 

The weighted average grant-date fair value of options granted in 2012, 2011 and 2010 was $1.86, $2.22 and $1.13, respectively. During 2012, 1,232,001 stock options with an aggregate intrinsic value of $3,360,686 were exercised in exchange for issuance of 1,225,270 shares of our common stock, resulting in gross proceeds of $752,060. 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 2012, 2011 and 2010, we paid tax withholdings related to stock options exercised of $9,000, $2.8 million and $133,000, respectively. During 2012, 2011 and 2010, the aggregate fair value of stock options vested was $460,000, $998,000 and $379,000, respectively.

 

A summary of the status of our unvested restricted stock as of December 31, 2012, and changes during the year then ended, is presented below:

 

    Year Ended
December 31, 2012		  
    Number of Shares     Weighted Average Grant-Date Fair Value  
Unvested at beginning of year     1,556,000     $ 2.48  
Granted     405,000       3.14  
Vested     (30,000 )     2.86  
Forfeited     --       --  
Expired     (596,000 )     3.36  
Unvested at end of year     1,335,000     $ 2.28  

 

During 2012 and 2011, 30,000 and 1,050,000 shares, respectively, of restricted stock vested with aggregate fair values of $85,000 and $4.2 million, respectively. No restricted stock vested during 2010.

 

As of December 31, 2012, there was approximately $2.2 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 2.0 years. See Note 1(e).