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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2013
Stock-Based Compensation Expense

The following table presents stock-based compensation expense included in the Company’s consolidated statements of comprehensive income:

 

     Three months ended
September 30,
     Nine months ended
September 30,
 
     2013      2012      2013      2012  

Cost of product revenue

   $ 24,059       $ 10,646       $ 47,151       $ 33,420   

Research and development

     30,092         53,094         73,814         169,919   

Selling, general and administrative

     151,621         224,539         647,569         540,609   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 205,772       $ 288,279       $ 768,534       $ 743,948   
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Option Activity

Information regarding option activity for the nine months ended September 30, 2013 under the Plans is summarized below:

 

     Options
Outstanding
    Weighted-
Average
Exercise
Price Per
Share
     Weighted-
Average
Remaining
Contractual
Term
(in years)
     Aggregate
Intrinsic
Value
 

Options outstanding at January 1, 2013

     2,315,090      $ 4.20         

Granted

     541,052        6.97         

Exercised

     (884,954     4.36         

Forfeited/Cancelled

     (300,500     5.03         
  

 

 

         

Options outstanding at September 30, 2013

     1,670,688      $ 4.87         6.91       $ 10,394,325   
  

 

 

         

Options exercisable at September 30, 2013

     866,136      $ 4.19         5.16       $ 5,972,968   
  

 

 

         

Vested and expected to vest at September 30, 2013 (1)

     1,576,516      $ 4.77         6.82       $ 9,970,772   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(1) This represents the number of vested options as of September 30, 2013 plus the number of unvested options expected to vest as of September 30, 2013 based on the unvested outstanding options at September 30, 2013 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.