v2.3.0.15
Stock-Based Awards
9 Months Ended
Sep. 30, 2011
Stock-Based Awards [Abstract] 
Stock-Based Awards

5. Stock-Based Awards

Stock Options and Restricted Stock

The Company grants stock options to employees, certain directors and non-employee consultants and special advisors for services. Options are issued generally for terms of ten years and vest between two to four years. Options are issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimated the fair value for options using the Black-Scholes Option Pricing Model.

The Company grants restricted stock to employees and certain directors. All restricted stock awards require future service as a condition of delivery of the underlying shares of common stock along with certain other requirements outlined in the award agreements. Restricted stock awards generally vest over one to four years.

From time-to-time, the Company also grants restricted and common stock to nonemployee consultants, special advisors and vendors for services. In general, theses awards vest over the contractual period of the consulting arrangement. The fair value of these awards is measured at the grant dated fair value and re-measured at each reporting period. Fair value is determined as the closing price of the Company's common stock on the date of grant.

A summary of options and restricted stock activity is as follows:

 

                         
     Options     Weighted
Average
Exercise Price
of Options		      Restricted
Stock Awards		  

Balance at January 1, 2011

      21,443,617      $ 0.60         2,158,509   

Granted

      755,000      $ 5.68         561,526   

Exercised/vested

      (535,842 )    $ 1.12         (1,251,896 ) 

Forfeitures or expirations

      (109,066 )    $ 2.32         (25,405 ) 
    

 

 

             

 

 

  

Balance at September 30, 2011

      21,553,709      $ 0.76         1,442,734   
    

 

 

    

 

 

     

 

 

  

A summary of stock-based compensation expense is as follows:

 

                                 
     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2011      2010      2011      2010  

Employees and directors

    $ 995       $ 1,492       $ 3,374       $ 5,319   

Non-employees

      808         476         2,053         1,210   
    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,803       $ 1,968       $ 5,427       $ 6,529