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Stockholders Equity (Tables)
9 Months Ended
Sep. 30, 2014
Stockholders Equity [Abstract]  
Stock option activity
A stock option grant allows the holder of the option to purchase a share of the Company’s common stock in the future at a stated price. Options granted under the Plans vest as determined by the Company’s Compensation and Stock Option Committee and expire over varying terms, but not more than ten years from the date of grant. Stock option activity for the nine months ended September 30, 2014 is as follows:
  
Stock Option Activity under the Plans
 
  
Stock
Options
  
Exercise Price
per Share
  
Weighted Average
Exercise
Price
  
Weighted Average Remaining
Life (Years)
 
Outstanding at December 31, 2013
  
252,158
  
$4.80 — $248.64
  
$
57.90
   
7.36
 
Granted
  
75,000
  
$2.42
   
2.42
     
Forfeited
  
(80,399
)
 
$4.80 — $248.64
   
62.11
     
Expired
  
(22,166
)
 
$19.84 — $62.40
   
56.39
     
Outstanding at September 30, 2014
  
224,593
  
$4.80 — $245.12
  
$
38.35
   
8.36
 
Assumptions used to determine the fair value of stock options
The estimated fair value of each option award granted during the nine month period ended September 30, 2014 and September 30, 2013 was determined on the date of grant using an option pricing model with the following assumptions:
 
  
Nine months ended September 30,
 
  
2014
  
2013
 
Dividend yield
 
None
  
None
 
Expected volatility
  
98.14%
  86.16% — 93.9%
 
Weighted average volatility
  
98.14%
 
  86.37%
Risk-free interest rates
  
1.61%
 
  0.99% — 1.79%
Expected life (in years)
  
4.5
   6.7 
Restricted stock activity
Restricted stock activity for the nine months ended September 30, 2014 is as follows:
 
  
Restricted Stock Activity
under the Plans
 
  
Restricted
Stock
  
Weighted Average Grant Date
Fair Value
 
Non-vested at December 31, 2013
  
20,347
  
$
16.84
 
Granted
  
62,504
   
2.60
 
Vested
  
(17,755
)
  
49.68
 
Forfeited
  
(581
)
  
14.06
 
Non-vested at September 30, 2014
  
64,515
  
$
3.51