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Stock-Based Awards
 9 Months Ended
Sep. 30, 2012
Stock-Based Awards [Abstract]  
Stock-Based Awards

6. Stock-Based Awards

The Company grants equity awards to employees, directors and special advisors for services:

 

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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.

 

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All restricted stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Awards generally vest over one to four years.

 

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Stock awards granted to advisors 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 initially 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, 2012

     20,852,614     $ 0.79       1,311,371  

Granted

     —       $ 0.00       1,009,114  

Exercised/vested

     (6,565,043 )    $ 0.60       (771,188 ) 

Forfeitures

     (20,000 )    $ 4.53       (23,483 ) 
   

 

 

    

 

 

    

 

 

  

Balance at September 30, 2012

     14,267,571     $ 0.90       1,525,814  
   

 

 

    

 

 

    

 

 

  

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

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2012     2011     2012     2011  

Employees and directors

   $ 1,256     $ 995     $ 3,917     $ 3,374  

Non-employees

     614       808       1,986       2,053  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 1,870     $ 1,803     $ 5,903     $ 5,427