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Common Stock | 12 Months Ended
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Dec. 31, 2011
Common Stock [Abstract] |
Common Stock | Note 14 — Common Stock The Company's Certificate of Incorporation, as amended November 9, 2009, authorizes the Company to issue up to 80.0 million shares of common stock, par value $0.0001 per share, and 100,000 shares of one or more series of preferred stock, par value $0.0001 per share. A reconciliation of the changes in common shares issued is as follows:
|  | Year ended December 31, |
|  | 2011 |  |  | 2010 |
Shares issued at the beginning of the year |  |  | 36,753,891 |  |  |  | 24,168,292 |
Issued in sale of common stock |  |  | 3,665,000 |  |  |  | - |
Issued upon conversion of preferred stock |  |  | 4,871,719 |  |  |  | 2,084,776 |
Issued in payment of term loan principal |  |  | 171,154 |  |  |  | - |
Issued in exchange of convertible notes |  |  | 559,007 |  |  |  | 1,568,874 |
Issued in payment of debt issuance costs |  |  | - |  |  |  | 4,042,241 |
Issued upon exercise of warrants |  |  | 3,960,747 |  |  |  | 3,922,854 |
Issued as dividend payments on preferred stock |  |  | 624,171 |  |  |  | - |
Issued as restricted stock award grants |  |  | 1,287,731 |  |  |  | 826,575 |
Issued upon exercise of stock options |  |  | 64,232 |  |  |  | 140,279 |
Shares issued at the end of the year |  |  | 51,957,652 |  |  |  | 36,753,891 |
Stock-Based Incentive Plans Stockholders approved long term incentive plans in 2010, 2007, 2005 and 2003 (the "2010" Plan, the "2007 Plan," the "2005 Plan" and the "2003 Plan," respectively) under which the Company may grant equity awards to officers, key employees, and non-employee directors in the form of stock options, restricted stock and certain other incentive awards. At December 31, 2011, the maximum number of shares that may be issued under the 2010 Plan, 2007 Plan, 2005 Plan and 2003 Plan are 6.0 million, 2.2 million, 1.9 million and 1.4 million, respectively. The Company had approximately 2.4 million shares remaining to be granted under the 2010 Plan and 0.1 million shares remaining to be granted under both the 2007 and 2005 Plans at December 31, 2011. Stock Options All stock options are granted with an exercise price equal to the market value of the Company's common stock on the date of grant. Options expire no later than ten years from the date of grant and generally vest within four years or less. Proceeds received from stock option exercises are credited to common stock and additional paid-in capital, as appropriate. The Company uses historical data to estimate pre-vesting option forfeitures. Estimates are adjusted when actual forfeitures differ from the estimate. Stock-based compensation expense is recorded for all equity awards expected to vest. The fair value of stock-based awards at the date of grant is calculated using the Black-Scholes option pricing model. The risk free interest rate is based on the implied yield of US Treasury zero-coupon securities that correspond to the expected life of the option. Volatility is estimated based on historical and implied volatilities of the Company's stock and of identified companies considered to be representative peers of the Company. The expected life of awards granted represents the period of time the options are expected to remain outstanding. The Company uses the "simplified" method which is allowed for companies that cannot reasonably estimate the expected life of options based on historical share option exercise experience. The Company does not expect to pay dividends on common stock. Assumptions used in the Black-Scholes model for stock options granted include:
|  | Year ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Risk-free interest rate |  |  | .94%-1.825% |  |  |  | .55% - 2.275% |  |  |  | 1.29% - 2.32% |
Expected volatility of common stock |  |  | 67.7%-70.3% |  |  |  | 61.4% -69.3% |  |  |  | 68.8% - 71.7% |
Expected life of options in years |  |  | 3.50*-4.00 |  |  |  | 3.34* - 6.25 |  |  |  | 3.50* and 4.25 |
Dividend yield |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
Vesting period in years |  |  | 3.5-4.0 |  |  |  | 3.4 - 6.3 |  |  |  | 0.4 - 4.0 |
* | Grants were made to an optionee for whom the Company was able to reasonably estimate the expected life of the award.
The Black-Scholes option valuation model was developed to estimate the fair value of traded options that have no vesting restrictions and are fully-transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value calculation. The Company's options are not characteristic of traded options; therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of options. A summary of stock option activity for the year ended December 31, 2011 is as follows:
Options |  | Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2011 |  |  | 1,605,135 |  |  | $ | 3.90 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,005,235 |  |  |  | 8.47 |  |  |  |  |  |  |  |  |
Exercised |  |  | (64,232 | ) |  |  | 1.90 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (6,310 | ) |  |  | 10.49 |  |  |  |  |  |  |  |  |
Expired |  |  | (10,138 | ) |  |  | 17.41 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  |  | 2,529,690 |  |  | $ | 5.32 |  |  |  | 8.08 |  |  | $ | 12,852,373 |
Vested or expected to vest at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 2,483,605 |  |  | $ | 3.42 |  |  |  | 8.05 |  |  | $ | 12,571,840 |
Options exercisable as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 1,108,026 |  |  | $ | 5.27 |  |  |  | 7.31 |  |  | $ | 7,984,059 |
The weighted-average fair value of stock options at grant-date during the years ended December 31, 2011, 2010 and 2009 was $5.32, $1.02 and $1.07 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2011, 2010 and 2009 was $0.2 million, $0.01 million and $0.1 million, respectively. The total fair value of stock options vesting during the years ended December 31, 2011, 2010 and 2009 was $0.5 million, $0.8 million and $0.4 million, respectively. At December 31, 2011, the company had $3.2 million of measured but unrecognized compensation expense related to non-vested stock options. This cost is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock The Company grants employees either time-vesting or performance-based restricted shares compliant with applicable terms underlying Restricted Stock Agreements ("RSAs"). Time-vesting restricted shares vest after a stipulated period of time has elapsed subsequent the date of grant, generally four to five years. Certain time-vested shares have also been issued with a portion of the shares granted vesting immediately. Performance-based restricted shares are issued with performance criteria defined over a designated performance period and vests only when, and if, the outlined performance criteria is met. Grantees of restricted shares retain voting rights for the granted shares. During the year ended December 31, 2011, the Company awarded 1,287,731 restricted stock awards to employees under the 2010 Plan. Approximately 90% of these awards were time-vesting and the remainder were performance-based. A summary of restricted stock activity for the year ended December 31, 2011 is as follows:
Restricted Stock |  | Shares |  |  |  |  | Weighted- Average Fair Value - Date of Grant |
Non-vested at January 1, 2011 |  |  | 860,794 |  |  |  |  | $ | 2.22 |
Granted |  |  | 1,287,731 |  |  |  |  |  | 8.79 |
Vested |  |  | (693,448 | ) |  |  |  |  | 5.33 |
Forfeited |  |  | (9,219 | ) |  |  |  |  | 8.18 |
Non-vested at December 31, 2011 |  |  | 1,445,858 |  |  |  |  | $ | 6.64 |
The weighted-average fair value of restricted stock at grant-date during the years ended December 31, 2011, 2010 and 2009 was $8.79, $1.88 and $1.18 per share, respectively. The total fair value of restricted stock that vested during the years ended December 31, 2011, 2010 and 2009 was $7.2 million, $4.2 million, and $1.2 million, respectively. At December 31, 2011, there was $6.9 million of unrecognized compensation expense related to non-vested restricted stock. The referenced unrecognized compensation expense is expected to be recognized over a weighted-average period of 1.5 years. Share-Based Compensation Expense Non-cash share-based compensation expense related to stock options and restricted stock grants was $7.4 million, $4.7 million and $1.7 million during the years ended December 31, 2011, 2010 and 2009, respectively. Treasury Stock The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. During the years ended December 31, 2011 and 2010, the Company purchased 57,303 shares and 195,442 shares, respectively, of the Company's common stock at market value as payment of income tax withholding owed by employees upon vesting of restricted shares. During the year ended December 31, 2011, JP Morgan Chase & Co. returned 701,102 shares of the Company's common stock that had been borrowed under the Share Lending Agreement. Shares previously issued as restricted stock awards to employees that were forfeited during 2011 and 2010 were also accounted for as treasury stock. The Company currently does not have or intend to initiate a share repurchase program.

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Also includes disclosure of 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 No definition available. + Details
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