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Accounting for Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2012
Accounting for Stock-Based Compensation [Abstract] |
Compensation costs related to stock based awards | The following table summarizes compensation costs related to our stock-based awards (in thousands, except per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Stock-based compensation in the form of employee stock options and restricted stock awards, included in: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 19 |  |  | $ | 20 |  |  | $ | 56 |  |  | $ | 60 |
Selling, general and administrative |  |  | 245 |  |  |  | 184 |  |  |  | 721 |  |  |  | 543 |
Research and development |  |  | 36 |  |  |  | 12 |  |  |  | 96 |  |  |  | 35 |
Total stock-based compensation |  |  | 300 |  |  |  | 216 |  |  |  | 873 |  |  |  | 638 |
Tax effect on stock-based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net effect on net income |  | $ | 300 |  |  | $ | 216 |  |  | $ | 873 |  |  | $ | 638 |
Effect on net income attributable to AXT, Inc. per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.03 | ) |  | $ | (0.02 | )
Diluted |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.03 | ) |  | $ | (0.02 | )
Weighted-average assumptions | There were no stock options granted in the three months ended September 30, 2012 and 2011. There were 104,000 and zero stock options granted with weighted average grant date fair value of $2.84 and none in the nine months ended September 30, 2012 and 2011, respectively. The fair value of our stock options granted to employees for the nine months ended September 30, 2012 was estimated using the following weighted-average assumptions:
|  |  |  |  | Nine Months Ended September 30, 2012 |
|  |  |  |  |  |  |  | 2012 |  |  |
Expected term (in years) |  |  |  |  |  |  |  |  |  |  | 4.0 |  |  |  |  |
Volatility |  |  |  |  |  |  |  |  |  |  | 73.74 | % |  |  |  |
Expected dividend |  |  |  |  |  |  |  |  |  |  | 0.0 | % |  |  |  |
Risk-free interest rate |  |  |  |  |  |  |  |  |  |  | 0.71 | % |  |  |  |
Stock option transactions | The following table summarizes the stock option transactions during the nine months ended September 30, 2012 (in thousands, except per share data):
|  | Shares |  |  | Weighted- average Exercise Price |  |  | Weighted- average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Options outstanding as of January 1, 2012 |  |  | 2,380 |  |  | $ | 3.25 |  |  |  | 6.25 |  |  | $ | 3,456 |
Granted |  |  | 104 |  |  |  | 5.22 |  |  |  |  |  |  |  |  |
Exercised |  |  | (126 | ) |  |  | 2.19 |  |  |  |  |  |  |  |  |
Canceled and expired |  |  | (30 | ) |  |  | 9.69 |  |  |  |  |  |  |  |  |
Options outstanding as of September 30, 2012 |  |  | 2,328 |  |  | $ | 3.31 |  |  |  | 6.05 |  |  | $ | 2,151 |
Options vested and expected to vest as of September 30, 2012 |  |  | 2,292 |  |  | $ | 3.29 |  |  |  | 6.00 |  |  | $ | 2,146 |
Options exercisable as of September 30, 2012 |  |  | 1,501 |  |  | $ | 2.69 |  |  |  | 4.75 |  |  | $ | 1,882 |
Stock options outstanding and exercisable | The options outstanding and exercisable as of September 30, 2012 were in the following exercise price ranges:
|  |  | Options Outstanding as of September 30, 2012 |  |  | Options Exercisable as of September 30, 2012 |
Range of Exercise Price |  |  | Shares |  |  | Weighted-average Exercise Price |  |  | Weighted-average Remaining Contractual Life |  |  | Shares |  |  | Weighted-Average Exercise Price |
$ | 1.18 - $1.38 |  |  |  | 407,001 |  |  | $ | 1.31 |  |  |  | 1.73 |  |  |  | 407,001 |  |  | $ | 1.31 |
$ | 1.40 - $1.40 |  |  |  | 1,094 |  |  | $ | 1.40 |  |  |  | 2.45 |  |  |  | 1,094 |  |  | $ | 1.40 |
$ | 1.59 - $1.59 |  |  |  | 328,460 |  |  | $ | 1.59 |  |  |  | 6.54 |  |  |  | 273,967 |  |  | $ | 1.59 |
$ | 1.88 - $1.91 |  |  |  | 8,000 |  |  | $ | 1.90 |  |  |  | 2.00 |  |  |  | 8,000 |  |  | $ | 1.90 |
$ | 2.04 - $2.04 |  |  |  | 441,775 |  |  | $ | 2.04 |  |  |  | 7.07 |  |  |  | 313,481 |  |  | $ | 2.04 |
$ | 2.19 - $4.09 |  |  |  | 175,510 |  |  | $ | 2.80 |  |  |  | 2.00 |  |  |  | 151,510 |  |  | $ | 2.62 |
$ | 4.79 - $4.79 |  |  |  | 366,500 |  |  | $ | 4.79 |  |  |  | 9.08 |  |  |  | 0 |  |  | $ | 0.00 |
$ | 4.81 - $5.61 |  |  |  | 144,610 |  |  | $ | 5.26 |  |  |  | 7.10 |  |  |  | 64,610 |  |  | $ | 4.84 |
$ | 5.83 - $5.83 |  |  |  | 362,450 |  |  | $ | 5.83 |  |  |  | 7.84 |  |  |  | 200,431 |  |  | $ | 5.83 |
$ | 6.31 - $7.82 |  |  |  | 92,295 |  |  | $ | 6.65 |  |  |  | 5.73 |  |  |  | 81,191 |  |  | $ | 6.48 |
|  |  |  |  | 2,327,695 |  |  | $ | 3.31 |  |  |  | 6.05 |  |  |  | 1,501,285 |  |  | $ | 2.69 |
Restricted stock awards | A summary of activity related to restricted stock awards for the nine months ended September 30, 2012 is presented below:
Stock Awards |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Non-vested as of January 1, 2012 |  |  | 223,127 |  |  | $ | 4.47 |
Granted |  |  | 30,768 |  |  | $ | 3.90 |
Vested |  |  | (77,812 | ) |  | $ | 3.09 |
Non-vested as of September 30, 2012 |  |  | 176,083 |  |  | $ | 4.98 |

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