7. STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company’s Certificate of Incorporation authorizes 5,000,000 shares of preferred stock, $0.001 par value. At December 31, 2013 and 2012, there were no shares issued or outstanding.

  

Common Stock

 

The Company’s Certificate of Incorporation authorizes 100,000,000 shares of common stock, $0.001 par value. At December 31, 2013 and 2012, there were 25,262,791 and 24,302,749 shares issued and 21,647,098 and 20,692,558 shares outstanding, respectively.

 

Treasury Stock

 

During the years ended December 31, 2013 and 2012, the Company repurchased approximately 5,000 and 5,000 shares of its common stock for approximately $32,000 and $7,000, respectively, to cover tax withholding obligations. These shares were repurchased in connection with the net share settlement provision of its Restricted Stock Award Agreements upon the vesting of restricted stock during the periods. During the years ended December 31, 2013 and 2012, there were approximately 0 and 3,000 shares, respectively, of restricted stock forfeited and transferred to treasury stock.