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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2013
Stock-Based Compensation |
Stock-Based Compensation | (11) Stock-Based Compensation A summary of stock option activity for the six months ended June 30, 2013 is as follows:
|  | Shares |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (In Years) |
Options Outstanding at December 31, 2012 |  | 5,349,810 |  | $ | 5.98 |  | 7.0 |
Granted |  | 38,750 |  | $ | 13.01 |  |  |
Exercised |  | (370,627 | ) | $ | 6.17 |  |  |
Canceled |  | (12,330 | ) | $ | 6.64 |  |  |
Options Outstanding at June 30, 2013 |  | 5,005,603 |  | $ | 6.02 |  | 6.5 |
Options Vested and Expected to Vest at June 30, 2013 |  | 4,967,369 |  | $ | 6.02 |  | 6.5 |
Options Exercisable at June 30, 2013 |  | 3,176,119 |  | $ | 6.58 |  | 5.3 |
Shares Available for Grant under the 2008 Plan |  | 3,313,661 |  |  |  |  |
The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2013 was $8.31. Stock-based compensation expense for the three and six months ended June 30, 2013 and 2012 was recorded as follows:
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (In thousands) |
Research and development |  | $ | 422 |  | $ | 284 |  | $ | 863 |  | $ | 679 |
General and administrative |  | 254 |  | 164 |  | 521 |  | 409 |
Total stock-based compensation expense |  | $ | 676 |  | $ | 448 |  | $ | 1,384 |  | $ | 1,088 |
The fair values of employee and director stock options granted during the three and six months ended June 30, 2013 and 2012 were valued using the Black-Scholes option-pricing model with the following assumptions:
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Expected stock price volatility |  | 72 | % | 71 | % | 72 | % | 70 - 71 | %
Expected option term |  | 6.0 years |  | 6.0 years |  | 6.0 years |  | 6.0 years |
Risk-free interest rate |  | 1.2 — 1.8 | % | 0.9 — 1.3 | % | 1.2 — 1.8 | % | 0.9 — 1.4 | %
Expected dividend yield |  | None |  | None |  | None |  | None |

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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 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 Reference 3: 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 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 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: 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. + Details
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