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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity [Abstract]

Stock option activity

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 2014, 2013, and 2012 is as follows:

		Number of Options				Exercise Price per Share				Weighted Average Exercise Price				Weighted Average Remaining Life (Years)
Outstanding at January 1, 2012			258,069			$	19.68-248.64			$	81.45				6.38
Granted			75,437				22.88-73.60				60.80
Expired			(26,251	)			30.08-72.32				76.90
Forfeited			(8,013	)			36.16-146.88				80.87
Outstanding at December 31, 2012			299,242			$	19.68-248.64			$	76.66				6.88
Granted			130,328				4.80-34.08				17.41
Expired			(16,874	)			6.08-197.44				63.50
Forfeited			(160,538	)			19.68-29.92				24.47
Outstanding at December 31, 2013			252,158			$	4.80 – 248.64			$	57.90				7.36
Granted			165,000				1.24 – 2.42				1.78
Expired			(45,666	)			4.80 – 110.40				47.54
Forfeited			(89,757	)			4.80 – 248.64				67.58
Outstanding at December 31, 2014			281,735			$	1.24 – 245.12			$	23.63				8.83
Exercisable at December 31, 2014			55,634			$	21.12 – 245.12			$	99.23				6.08

Assumptions used to determine the fair value of stock options

The estimated fair value of each option award granted was determined on the date of grant using an option pricing model with the following assumptions for option grants during the years ended December 31, 2014, 2013 and 2012: 

		Year Ended December 31,
		2014				2013				2012
Weighted average risk-free interest rate			1.53	%			1.30	%			1.11	%
Weighted average expected volatility			96.68	%			92.31	%			79.89	%
Expected volatility			95.47%-98.14	%			86.16%-97.21	%			77.37%-84.81	%
Dividend yield			0.00	%			0.00	%			0.00	%
Weighted average expected option term (in years)			4.5				5.66				6.17
Weighted average grant date fair value		$	1.78			$	17.41			$	60.80

Non-vested options

A summary of the Company’s non-vested options to purchase shares as of December 31, 2014 and changes during the year ended December 31, 2014 and December 31, 2013 are presented below:

		Non-Vested Options
		Number of Options				Weighted Average Exercise Price
Non-vested at January 1, 2013			105,143			$	74.85
Granted			130,328				17.41
Vested			(42,893	)			85.99
Forfeited			(73,968	)			53.93
Non-vested at December 31, 2013			118,610			$	20.76
Granted			165,000				1.78
Vested			(46,737	)			26.35
Forfeited			(10,772	)			35.92
Non-vested at December 31, 2014			226,101			$	5.03

Restricted stock activity

A summary of the Company’s restricted stock activity as of December 31, 2014 and changes during the year ended December 31, 2014 and December 31, 2013 are presented below:

		Restricted Stock Activity
		Number of Shares				Weighted Average Grant Date Fair Value
Non-vested at January 1, 2013			31,267			$	52.02
Granted			17,258				6.73
Vested			(19,582	)			41.14
Forfeited			(8,596	)			69.16
Non-vested at December 31, 2013			20,347			$	16.84
Granted			62,504				2.60
Vested			(18,815	)			13.60
Forfeited			(34,237	)			3.40
Non-vested at December 31, 2014			29,799			$	4.46

Warrant activity

A summary of warrant activity is as follows:

		Warrants				Exercise Price per Share				Weighted Average Exercise Price				Weighted Average Remaining Life (Years)
Outstanding at January 1, 2012			157,063			$	55.04 – 57.60			$	56.10				1.45
Issued			407,695								26.40
Exercised			(185,967	)							23.84
Expired			(26,127	)							23.84
Outstanding at December 31, 2012			352,664			$	19.20			$	19.20				2.24
Issued			589,500								7.04
Exercised			(12,669	)							19.20
Expired			–								–
Outstanding at December 31, 2013			929,495			$	2.56 – 7.04			$	5.40				3.51
Issued			–								–
Exercised			(49,139	)							2.56
Expired			(30,218	)							2.56
Outstanding at December 31, 2014			850,138			$	1.75 – 7.04			$	5.42				2.78

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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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