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Stock Based Compensation
 6 Months Ended
Jun. 30, 2012
Stock Based Compensation [Abstract]  
Stock Based Compensation
 (6)           Stock Based Compensation

For the three and six months ended June 30, 2012, we recognized stock-based compensation expense of $108,000 and $222,000. For the three and six months ended June 30, 2011 we recognized stock-based compensation expense of $242,000 and $423,000.

The following table summarizes stock-based compensation for the three and six months ended June 30, 2012 and 2011:
 
   
Three months ended
June 30,
  
Six months ended
June 30,
 
   
2012
  
2011
  
2012
  
2011
 
Research and development
 $33,000  $92,000  $74,000  $179,000 
Selling, general and administrative
  75,000   150,000   148,000   244,000 
Stock-based compensation expense included in operating expense
 $108,000  $242,000  $222,000  $423,000 

For the three and six months ended June 30, 2012 we granted 510,000 and 510,000 stock options, respectively. For the three and six months ended June 30, 2011 we granted 475,000 and 575,000 stock options, respectively.

Our weighted average Black-Scholes fair value assumptions used to value the 2012 and 2011 first six months grants are as follows:

 
 
6/30/12
  
6/30/11
 
Expected life(b)
 
5.5 yrs
  
6.04 yrs
 
Risk free interest rate
  0.6%  2.0%
Expected volatility(a)
  96%  119%
Expected dividend yield
  0.0%  0.0%
 
(a)
Reflects movements in our stock price over the most recent historical period equivalent to the expected life.
(b)
Based on the simplified method.