| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 10 - Stock-Based Compensation
Stock options
The following table summarizes the stock option activity for the three months ended March 31, 2012:
| |
|
Number
of Stock Options
Outstanding |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Life (Years) |
|
|
Aggregate
Intrinsic Value
(in thousands) |
|
| Outstanding — December 31, 2011 |
|
|
1,275,665 |
|
|
|
5.06 |
|
|
|
8.47 |
|
|
|
8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
382,000 |
|
|
|
1.10 |
|
|
|
9.95 |
|
|
|
|
|
| Forfeited |
|
|
50,000 |
|
|
|
2.79 |
|
|
|
9.23 |
|
|
|
|
|
| Expired |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding — March 31, 2012 |
|
|
1,607,665 |
|
|
|
4.20 |
|
|
|
8.40 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested and expected to vest — March 31, 2012 |
|
|
1,600,165 |
|
|
|
4.22 |
|
|
|
8.39 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested – March 31, 2012 |
|
|
1,118,915 |
|
|
|
5.19 |
|
|
|
7.92 |
|
|
|
|
|
Additional information regarding the Company’s stock options outstanding and vested and exercisable as of March 31, 2012 is summarized below:
| Options Outstanding |
|
Exercise
Prices |
|
|
Number
of Stock Options
Outstanding |
|
|
Weighted-
Average
Remaining
Contractual
Life (Years) |
|
|
Shares Subject to vested
Stock
Options |
|
| |
16.80 |
|
|
|
16,666 |
|
|
|
5.58 |
|
|
|
16,666 |
|
| |
11.10 |
|
|
|
11,666 |
|
|
|
5.75 |
|
|
|
11,666 |
|
| |
6.19 |
|
|
|
100,000 |
|
|
|
8.29 |
|
|
|
100,000 |
|
| |
5.39 |
|
|
|
722,000 |
|
|
|
8.09 |
|
|
|
722,000 |
|
| |
4.60 |
|
|
|
57,500 |
|
|
|
8.12 |
|
|
|
57,500 |
|
| |
4.04 |
|
|
|
35,000 |
|
|
|
8.09 |
|
|
|
35,000 |
|
| |
3.62 |
|
|
|
25,000 |
|
|
|
8.64 |
|
|
|
6,250 |
|
| |
3.53 |
|
|
|
200,000 |
|
|
|
8.63 |
|
|
|
50,000 |
|
| |
3.03 |
|
|
|
41,667 |
|
|
|
2.31 |
|
|
|
41,667 |
|
| |
2.74 |
|
|
|
29,500 |
|
|
|
9.26 |
|
|
|
29,500 |
|
| |
2.40 |
|
|
|
16,666 |
|
|
|
6.58 |
|
|
|
16,666 |
|
| |
1.19 |
|
|
|
100,000 |
|
|
|
9.88 |
|
|
|
0 |
|
| |
1.16 |
|
|
|
32,000 |
|
|
|
9.85 |
|
|
|
32,000 |
|
| |
1.05 |
|
|
|
220,000 |
|
|
|
9.99 |
|
|
|
0 |
|
| |
|
|
|
|
1,607,665 |
|
|
|
|
|
|
|
1,118,915 |
|
A summary of the assumptions used in calculating the fair value of option awards during the three months ended March 31, 2012 and 2011 is reflected below. There were no issuances of options during the three months ended March 31, 2011.
| |
|
March 31, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Expected term (in years) |
|
|
5 - 6.25 |
|
|
|
— |
|
| Risk-free interest rate |
|
|
0.88 - 1.41 |
% |
|
|
— |
|
| Expected volatility |
|
|
140- 142 |
% |
|
|
— |
|
| Expected dividend rate |
|
|
0.0 |
% |
|
|
— |
|
The share-based compensation expenses recognized in the consolidated statements of operations was $0.2 million and $0.1 million for the three months ended March 31, 2012 and 2011, respectively and includes the expense for options and restricted common stock awards.
Restricted Common Shares
| |
|
Number
of Vesting
Restricted
Shares |
|
|
Weighted-Average
Share Price at
date of grant |
|
|
Weighted-
Average
Remaining
Contractual
Life (Years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
| Outstanding — December 31, 2011 |
|
|
415,513 |
|
|
$ |
2.38 |
|
|
|
1.4 |
|
|
$ |
449 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested |
|
|
166,666 |
|
|
$ |
3.03 |
|
|
|
|
|
|
$ |
163 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding — March 31, 2012 |
|
|
248,847 |
|
|
$ |
1.95 |
|
|
|
|
|
|
$ |
244 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expected to vest — March 31, 2012 |
|
|
244,512 |
|
|
$ |
1.93 |
|
|
|
|
|
|
$ |
240 |
|
|