XML 33 R13.htm IDEA: XBRL DOCUMENT
v2.3.0.15

Compensatory Equity Incentive Plan and Other Equity Incentives | 3 Months Ended
--- | ---
Sep. 30, 2011
Compensatory Equity Incentive Plan And Other Equity Incentives |
Compensatory Equity Incentive Plan and Other Equity Incentives | 7. Compensatory Equity Incentive Plan and Other Equity Incentives Share-Based Compensation Arrangements—The Company’s Amended and Restated Omnibus Incentive Plan (the “Plan”) included several available forms of stock compensation of which incentive stock options and restricted stock awards have been granted to date. These two plans are summarized below:
|  |  |  |  | Award Shares |  |  | Available for |
|  | Award Shares |  |  | Outstanding |  |  | Issuance |
|  | Authorized |  |  | at September 30, |  |  | at September 30, |
Equity Compensation Arrangement |  |  |  |  | 2011 |  |  | 2011 |
Amended and Restated Omnibus Incentive Plan |  |  | 1,715,625 |  |  |  | 934,933 |  |  |  | 335,299 |
Employee Stock Purchase Plan |  |  | 200,000 |  |  |  | - |  |  |  | 126,995 |
|  |  | 1,915,625 |  |  |  | 934,933 |  |  |  | 462,294 |
The 2004 Employee Stock Purchase Plan (“ESPP”) permits employees to purchase shares of Class A common stock through payroll deductions, which may not exceed 15% of an employee’s compensation, at a price not less than 85% of the market value of the stock on specified dates (June 30 and December 31). In no event may any participant purchase more than $25,000 worth of shares of Class A common stock in any calendar year and an employee may purchase no more than 4,000 shares on any purchase date within an offering period of 12 months and 2,000 shares on any purchase date within an offering period of six months. The discount on market value is included in selling, general and administrative expense in the accompanying statements of operations and was $806 and $486 for the three months ended September 30, 2011 and 2010, respectively. Grant Date Fair Values and Underlying Assumptions; Contractual Terms—The Company estimates the fair value of each stock option as of the date of grant using the Black-Scholes-Merton pricing model. The ESPP fair value is the amount of the discounted market value the employee obtains at the date of the purchase transaction. The Company did not grant any stock options in the first quarter of fiscal 2012. For stock options granted in the three month period ended September 30, 2010, the Company estimated the fair value of each stock option as of the date of grant using the following assumptions:
| Quarter Ended
| September 30, 2010
Expected volatility | 134%
Weighted average expected volatility | 134%
Dividend yields | 0%
Risk-free interest rate | 2.15%
Expected term, in years | 7
Most options granted under the Plan vest ratably over two to four years and are generally exercisable for ten years. The assumed forfeiture rates used in calculating the fair value of options and restricted stock unit grants with both performance and service conditions were 20% and 0%, respectively, for the three months ended September 30, 2011 and 42% and 0%, respectively, for the three months ended September 30, 2010. The volatility rate and expected term are based on seven-year historical trends in Class A common stock closing prices and actual forfeitures. The interest rate used is the U.S. Treasury interest rate for constant maturities. Information Regarding Current Share-Based Compensation Awards—A summary of the activity for share-based compensation awards in the three months ended September 30, 2011 is presented below:
|  |  |  |  |  |  |  |  |  |  | Restricted |
|  |  |  |  | Stock Options |  |  |  |  |  | Stock Units |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  | Remaining |  |  |  |  |  | Remaining |
|  |  |  |  | Price |  |  | Contract |  |  |  |  |  | Contract |
|  | Shares |  |  | (per share) |  |  | Life (YRS) |  |  | Shares |  |  | Life (YRS) |
June 30, 2011 |  |  | 500,233 |  |  | $ | 3.01 |  |  |  | 6.9 |  |  |  | 434,700 |  |  |  | 0.9 |
September 30, 2011 |  |  | 500,233 |  |  | $ | 3.01 |  |  |  | 6.6 |  |  |  | 434,700 |  |  |  | 0.8 |
Awards exercisable/ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
vested as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2011 |  |  | 323,483 |  |  | $ | 3.19 |  |  |  | 5.7 |  |  |  | 234,700 |  |  |  | - |
Awards unexercisable/ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
unvested as of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2011 |  |  | 176,750 |  |  | $ | 2.69 |  |  |  | 8.3 |  |  |  | 200,000 |  |  |  | 0.8 |
|  |  | 500,233 |  |  |  |  |  |  |  |  |  |  |  | 434,700 |  |  |  |  |
The total intrinsic value of options outstanding and exercisable at September 30, 2011 and 2010 was $21,000 and $140,000, respectively. The total intrinsic value of RSUs exercised during the three months ended September 30, 2011 and 2010 was $0 and $0, respectively. The total intrinsic value of RSUs outstanding and exercisable at September 30, 2011 and 2010 was $338,000 and $74,000, respectively. The total fair value of RSUs vested during the three months ended September 30, 2011 and 2010 was $0 and $0, respectively. The total fair value of option shares vested during the three months ended September 30, 2011 and 2010 was $18,000, and $3,000, respectively. As of September 30, 2011, there was $341,436 of total unrecognized compensation cost related to non-vested share-based compensation arrangements (including share options and restricted stock units) granted under the Plan. The compensation cost is expected to be recognized as follows:
|  |  |  |  | Restricted |  |  |  |
|  | Stock |  |  | Stock |  |  |  |
|  | Options |  |  | Units |  |  | Total |
Nine months ended June 30, 2012 |  | $ | 34,892 |  |  | $ | 68,126 |  |  | $ | 103,018 |
Year ended June 30, 2013 |  |  | 63,324 |  |  |  | 96,284 |  |  |  | 159,608 |
Year ended June 30, 2014 |  |  | 48,522 |  |  |  | 22,434 |  |  |  | 70,956 |
Year ended June 30, 2015 |  |  | 7,854 |  |  |  | - |  |  |  | 7,854 |
|  | $ | 154,592 |  |  | $ | 186,844 |  |  | $ | 341,436 |
The table above does not include shares under the Company’s ESPP, which has purchase settlement dates in the second and fourth fiscal quarters of each year. The Company’s ESPP is not administered with a look-back option provision and, as a result, there is not a population of outstanding option grants during the employee contribution period. Restricted stock unit awards vest immediately or from two to four years from the date of grant. The Company issues new shares of Class A common stock upon the exercise of stock options. The following table is a summary of the number and weighted average grant date fair values regarding the Company’s unexercisable/unvested awards as of September 30, 2011 and changes during the three months then ended:
|  | Stock Options Shares |  |  | RSU Shares |  |  | Total Shares |  | Weighted-Average |
Unexercisable/unvested awards |  |  |  |  |  |  |  |  |  | Grant Date Fair Values |
|  |  |  |  |  |  |  |  |  | (per share) |
June 30, 2011 |  |  | 182,500 |  |  |  | 200,000 |  |  |  | 382,500 |  |  | $ | 2.53 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Vested |  |  | (5,750 | ) |  |  | - |  |  |  | (5,750 | ) |  |  | 3.12 |
Cancelled/Issued/Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
September 30, 2011 |  |  | 176,750 |  |  |  | 200,000 |  |  |  | 376,750 |  |  | $ | 2.53 |
Financial Statement Effects and Presentation—The following table shows total stock-based compensation expense for the three months ended September 30, 2011 and 2010 included in the consolidated statements of operations:
|  | Quarter Ended |  |  | Quarter Ended |
|  | September 30, |  |  | September 30, |
|  | 2011 |  |  | 2010 |
Stock options |  | $ | 22,575 |  |  | $ | 25,196 |
RSU |  |  | 41,971 |  |  |  | 25,191 |
Total |  | $ | 64,546 |  |  | $ | 50,387 |
The amounts above were included in: |  |  |  |  |  |  |  |
General & administrative |  | $ | 59,841 |  |  | $ | 44,479 |
Cost of sales |  |  | 2,125 |  |  |  | 2,578 |
New product development |  |  | 2,580 |  |  |  | 3,330 |
|  | $ | 64,546 |  |  | $ | 50,387 |

X
- Details
Name: | LPTH_CompensatoryEquityIncentivePlanAndOtherEquityIncentivesAbstract
Namespace Prefix: | lpth
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: 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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 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 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: 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 8: 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 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration