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Shared-Based Compensation - Note 11 | 12 Months Ended
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Dec. 31, 2012
Disclosure Of Compensation Related Costs |
Share-based compensation - Note 11 | 11. Share-based compensation We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The valuation of and accounting for share-based awards includes a number of complex and subjective estimates. These estimates include, but are not limited to, the future volatility of our stock price, future stock option exercise behaviors, estimated employee turnover and award forfeiture rates. As part of our plan to conserve cash used in operations, we implemented two share-based compensation programs under which we issued shares of our common stock as compensation instead of cash. We have allocated the expense related to these programs to various financial statement lines consistent with the method used for allocating all share-based compensation. In May 2012, we issued 227,000 shares of our common stock to non-executive employees as the remaining payment of 2010 bonuses in lieu of cash. These shares were valued using our closing stock price on the date of grant. We expensed $345,000 of share-based employee compensation for these awards at grant. In August 2012, we issued 440,000 shares of our common stock to non-executive employees for retention purposes. These shares were valued using our closing stock price on the date of grant. These shares vest 40% in August 2012, 30% in December 2012, and 30% in August 2013 and expense is recognized over the vesting period. During 2012, we expensed $562,000 of share-based employee compensation for these awards at grant. In May 2011, we issued 52,000 shares of our common stock as incentive awards to non-executive employees under the 2006 Incentive Plan. The shares were valued using our closing stock price on the date of grant. We expensed $560,000 of share-based employee compensation for these awards at grant. In June 2011, we implemented a voluntary program in which certain non-executive senior professional employees could elect to receive a portion of their 2011 salary in stock instead of cash. During 2011, we issued 136,000 shares of our common stock under the 2006 Incentive Plan as payment of salary. The shares were valued using our closing stock price on the date of grant. The total share-based compensation expense for these awards was $998,000, for service completed during 2011. Description of Incentive Plans The Company currently has two share-based incentive plans. The 2006 Incentive Plan described below is administered by the Board of Directors, or its designated committee ("Plan Administrator"), and provides for various awards as determined by the Plan Administrator. In June 2008, we determined not to issue additional options from a second share-based incentive plan, the Independent Director Stock Option Plan described below. The 2006 Incentive Plan has 2.8 million shares authorized, of which 218,000 shares were available for awards as of December 31, 2012. The 2006 Incentive Plan permits granting non-qualified stock options (NSOs), incentive stock options (ISOs), stock appreciation rights, restricted or unrestricted stock, deferred stock, other share-based awards, or cash awards to employees, officers, directors and certain non-employees of the Company. Any award may be a performance-based award. Awards granted under the 2006 Incentive Plan have generally been to employees under non-qualified stock option agreements with the following provisions: exercise prices greater than or equal to the Company's closing stock price on the date of grant; vesting periods ranging from three years to four years; expiration 10 years from the date of grant; and optionees who terminate their service after vesting have a limited time to exercise their options (typically three to twelve months). The Independent Director Stock Option Plan (IDSOP) has 113,000 shares authorized, of which 75,000 are issued and outstanding as of December 31, 2012. The IDSOP permits granting NSOs to independent directors of the Company. Grants awarded under the IDSOP generally have the following terms: exercise price equal to the Company's closing stock price on the date of grant, expiration 10 years from the date of grant, and vested grants remain exercisable until their expiration dates if a director leaves the Board. In June 2008, the Company shareholders approved an amendment to the 2006 Incentive Plan described above to allow non-employee directors to participate in the plan. The Company does not intend to issue additional options from the IDSOP. Options Valuation Methodology and Assumptions We use the Black-Scholes option valuation model to determine the fair value of options granted and use the closing price of our common stock as the fair market value of our stock on that date. We consider historical stock price volatilities, volatilities of similar companies and other factors in determining estimates of future volatilities. We use historical lives, including post-termination exercise behavior, publications, comparable company estimates, and other factors as the basis for estimating expected lives. Risk free rates are based on the U.S. Treasury Yield Curve as published by the U.S. Treasury. The following table summarizes the weighted-average valuation assumptions and weighted-average grant date fair value of options granted during the periods shown below:
|  |  | Year Ended December 31,
|  |  | 2012 |  |  | 2011
Assumptions (weighted average) |  |  |  |  |  |
Volatility |  |  | 98% |  |  | 85%
Expected term (in years) |  |  | 4.5 |  |  | 4.0
Risk-free rate |  |  | 0.6% |  |  | 1.3%
Expected dividends |  |  | 0.0% |  |  | 0.0%
Pre-vest forfeiture rate |  |  | 8.5% |  |  | 7.5%
Grant date fair value of options granted |  | $ | 1.39 |  | $ | 6.10
Options Activity and Positions The following table summarizes activity and positions with respect to options for the two years ended December 31, 2012:
|  |  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |
|  |  |  |  |  | Weighted |  |  | Remaining |  |  |
|  |  |  |  |  | Average |  |  | Contractual |  |  | Aggregate
|  |  |  |  |  | Exercise |  |  | Term |  |  | Intrinsic
Options |  |  | Shares |  |  | Price |  |  | (years) |  |  | Value
Outstanding as of December 31, 2010 |  |  | 1,092,000 |  | $ | 27.20 |  |  | 5.9 |  | $ | 96,309
Granted |  |  | 121,000 |  |  | 10.00 |  |  |  |  |  |
Exercised |  |  | (5,000) |  |  | 15.12 |  |  |  |  |  |
Forfeited or expired |  |  | (244,000) |  |  | 31.60 |  |  |  |  |  |
Outstanding as of December 31, 2011 |  |  | 964,000 |  |  | 24.00 |  |  | 5.8 |  |  | -
Granted |  |  | 671,000 |  |  | 1.97 |  |  |  |  |  |
Exercised |  |  | (16,000) |  |  | 1.80 |  |  |  |  |  |
Forfeited or expired |  |  | (301,000) |  |  | 21.20 |  |  |  |  |  |
Outstanding as of December 31, 2012 |  |  | 1,318,000 |  | $ | 13.71 |  |  | 6.8 |  | $ | 61,871
Vested and expected to vest as of December 31, 2012 |  |  | 1,285,000 |  | $ | 13.97 |  |  | 6.7 |  | $ | 59,481
Exercisable as of December 31, 2012 |  |  | 777,000 |  | $ | 20.34 |  |  | 5.4 |  | $ | 20,444
The total intrinsic value of options exercised during the years ended December 31, 2012 and 2011 were $13,000 and $12,000, respectively. The total grant date fair value of options vested during the years ended December 31, 2012 and 2011 was $2.5 million and $4.1 million, respectively. As of December 31, 2012, our unamortized share-based compensation was $1.3 million which we plan to amortize over the next 1.5 years. In March 2011, we issued 85,000 nonvested equity shares of the Company's common stock to executive employees. These shares vest conditionally upon completion of certain service and performance objectives by June 30, 2014. The nonvested equity shares were valued at fair value on the date of grant and the share-based compensation expense will be amortized over the service period. As of December 31, 2012, our unamortized nonvested equity share-based compensation was $516,000 which we plan to amortize over the next year.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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