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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2011
STOCK-BASED COMPENSATION

(5) STOCK-BASED COMPENSATION

The following table shows the stock-based compensation expense for all awards (in thousands, except per share amounts):

   Three Months Ended  Six Months Ended
   June 30,  June 30,
   2011  2010  2011  2010
             
Operating expenses:                    
Research and development  $73   $81   $148   $138 
General and administrative   33    855    197    1,050 
Total stock-based compensation expense  $106   $936   $345   $1,188 
                     
Impact on basic and diluted net loss per common share  $—     $0.02   $0.01   $0.03 

The following table summarizes option activity for the six months ended June 30, 2011:

        Weighted
         Average
     Weighted Average Exercise   Remaining Contractual Term
   Shares  Price   (Years)
                
Outstanding at January 1, 2011   3,217,240   $1.49    5.42 
Granted   —      —        
Exercised   —      —        
Expired and Forfeited   (1,078,355)  $1.25      
Outstanding at June 30, 2011   2,138,885   $1.61    7.15 

The following table summarizes restricted stock award activity for the six months ended June 30, 2011:

     Weighted
      Average
  Shares   Grant Date
Fair Value 
           
Outstanding at January 1, 2011   318,758   $0.85 
Awarded   —      —   
Released   (143,835)  $0.73 
Forfeited   (174,923)  $0.94 
Outstanding at June 30, 2011   —     $0.00 

 

Employee Stock Purchase Plan. We adopted an Employee Stock Purchase Plan (Purchase Plan) in 1997. Qualified employees may elect to have a certain percentage of their salary withheld to purchase shares of our common stock under the Purchase Plan. In June 2011, our stockholders authorized an increase in the number of shares reserved for issuance under the Purchase Plan by 500,000, for a total of 1,000,000 shares reserved at June 30, 2011. The purchase price per share is equal to 85% of the fair market value of the stock on specified dates. Sales under the Purchase Plan during the six months ended June 30, 2011 and 2010 were 49,486 and 25,567 shares at an average price of $0.20 and $0.68, respectively. Shares available for future purchase under the Purchase Plan are 559,672 at June 30, 2011.