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Stock-Based Awards
 3 Months Ended
Mar. 31, 2013
Stock-Based Awards [Abstract]  
Stock-Based Awards

6. Stock-Based Awards

The Company grants equity awards to employees and directors and has in the past granted such awards to 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.

 

  •  

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.

 

  •  

Stock awards granted to advisors vested over the contractual period of the consulting arrangement. The fair value of these awards was measured at the grant dated fair value and re-measured at each reporting period. Fair value was 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, 2013

     12,760,191     $ 0.95       1,281,144  

Granted

     —       $ —         826,849  

Exercised/vested

     (315,000 )    $ 2.37       (69,080 ) 

Forfeitures

     (37,500 )    $ 4.23       —    
   

 

 

    

 

 

    

 

 

  

Balance at March 31, 2013

     12,407,691     $ 0.90       2,038,913  
   

 

 

    

 

 

    

 

 

  

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

 

                 
    Three Months Ended
March 31,		  
    2013     2012  

Employees and directors

   $ 1,714     $ 1,424  

Non-employees

     —         691  
   

 

 

    

 

 

  

Total

   $ 1,714     $ 2,115