The Company is authorized to issue up to 15,000,000 shares of preferred stock, $0.001 par value per share ("Preferred Stock"). Any Preferred Stock issued may have dividend rights, voting rights, conversion privileges, redemption characteristics, and sinking fund requirements as approved by the Company's board of directors.

The Company currently has one class of common stock, $0.001 par value per share common stock ("Common Stock"), authorized and outstanding. The Company is authorized to issue up to 100,000,000 shares of Common Stock. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters, except as may be provided by law.

On May 17, 2012, the Company's Board of Directors authorized the repurchase of up to $35.0 million of its common stock through a share repurchase program. The Company repurchased 398,481 shares for $5.8 million during the year ended December 31, 2012. There were no repurchases under the plan during the year ended December 31, 2013. The repurchase program terminated on December 31, 2013. In addition, the Company has acquired 14,472 shares, through December 31, 2013, from members of senior management for $287,000.

Employee Stock Purchase Plan

On May 17, 2012, the Company's shareholders approved the 2012 Employee Stock Purchase Plan ("ESPP"), as defined in Section 423 of the Internal Revenue Code of 1986. All employees of the Company are eligible to participate in the ESPP, except those owning 5% or more of the Company's stock. one million shares of common stock have been approved for the ESPP. The ESPP has two plan periods: December 1^st to May 31^st and June 1^st to November 30^th. Employees are permitted to contribute between 1% and 10% of compensation during a plan period. The ESPP allows for employees to purchase shares of the Company's stock at a 15% discount at the end of each plan period based on the share price at that time. The maximum number of shares an employee may purchase during any plan period is 800 shares. The Company utilizes the Black-Scholes valuation model for estimating the fair value of all shares under its ESPP. The fair value of each  ESPP share is estimated at the beginning of each plan period. During the year ended December 31, 2013, the Company issued 52,768 shares under the ESPP plan. During the year ended December 31, 2013, the Company recorded stock-based compensation expense of $128,000 related to the ESPP.

Stock options and restricted stock units

The following is a summary of option award activity under the Emergent Plans:

The weighted average remaining contractual term of options outstanding as of December 31, 2013 and 2012 was 4.1 and 4.2 years, respectively. The weighted average remaining contractual term of options exercisable as of December 31, 2013 and 2012 was 3.4 and 3.5 years, respectively.

The weighted average grant date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $5.38, $5.16 and $10.09 respectively. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $6.9 million, $589,000 and $10.2 million, respectively. The total fair value of awards vested during 2013, 2012 and 2011 was $9.1 million, $10.3 million and $7.9 million, respectively.

Stock-based compensation expense from the 2006 Plan was recorded in the following financial statement line items: