XML 56 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 14 - Share-Based Payments | 9 Months Ended
--- | ---
Sep. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. SHARE-BASED PAYMENTS (a) Stock options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model, consistent with the guidance on stock compensation. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The assumptions presented in the table below represent the weighted average of the applicable assumption used to value stock options at their grant date. The Company calculates expected volatility based on historical volatility of the Company's common shares. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on historical exercise experience. The Company evaluated historical exercise behavior when determining the expected term assumptions. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company determines the expected dividend yield percentage by dividing the expected annual dividend by the market price of our common shares at the date of grant. During the three months ended September 30, 2012, stock options to purchase 220,000 common shares were granted. During the three months ended September 30, 2011, stock options to purchase 706,000 common shares were granted. During the nine months ended September 30, 2012, stock options to purchase 769,000 common shares were granted. During the nine months ended September 30, 2011, stock options to purchase 706,000 common shares were granted. The stock options granted during the three and nine months ended September 30, 2012 expire on various dates through 2019. Details of stock option transactions for the three months ended September 30, 2012 and September 30, 2011 are as follows:
|  | Three months ended September 30, 2012 |  |  | Three months ended September 30, 2011 |
|  | Number of Shares |  |  | Weighted Average exercise price per share |  |  | Number of Shares |  |  | Weighted Average exercise price per share |
Outstanding, beginning of period |  |  | 8,524,499 |  |  | $ | 0.62 |  |  |  | 8,237,124 |  |  | $ | 0.55 |
Granted |  |  | 220,000 |  |  |  | 1.38 |  |  |  | 706,000 |  |  |  | 0.74 |
Exercised |  |  | (20,187 | ) |  |  | 0.70 |  |  |  | (22,583 | ) |  |  | 0.47 |
Forfeited |  |  | (56,689 | ) |  |  | 0.83 |  |  |  | (24,875 | ) |  |  | 0.75 |
Expired |  |  | (3,000 | ) |  |  | 0.44 |  |  |  | — |  |  |  | — |
Outstanding, end of period |  |  | 8,664,623 |  |  | $ | 0.64 |  |  |  | 8,895,666 |  |  | $ | 0.54 |
Options exercisable, end of period |  |  | 7,160,766 |  |  | $ | 0.57 |  |  |  | 7,155,916 |  |  | $ | 0.54 |
Details of stock option transactions for the nine months ended September 30, 2012 and September 30, 2011 are as follows:
|  | Nine months ended September 30, 2012 |  |  | Nine months ended September 30, 2011 |
|  | Number of Shares |  |  | Weighted Average exercise price per share |  |  | Number of Shares |  |  | Weighted Average exercise price per share |
Outstanding, beginning of period |  |  | 8,746,041 |  |  | $ | 0.57 |  |  |  | 8,272,249 |  |  | $ | 0.56 |
Granted |  |  | 769,000 |  |  |  | 1.36 |  |  |  | 706,000 |  |  |  | 0.74 |
Exercised |  |  | (693,340 | ) |  |  | 0.52 |  |  |  | (29,833 | ) |  |  | 0.47 |
Forfeited |  |  | (154,064 | ) |  |  | 0.80 |  |  |  | (52,750 | ) |  |  | 0.72 |
Expired |  |  | (3,014 | ) |  |  | 0.44 |  |  |  | — |  |  |  | — |
Outstanding, end of period |  |  | 8,664,623 |  |  | $ | 0.64 |  |  |  | 8,895,666 |  |  | $ | 0.54 |
Options exercisable, end of period |  |  | 7,160,766 |  |  | $ | 0.57 |  |  |  | 7,155,916 |  |  | $ | 0.54 |
As of September 30, 2012, the exercise prices, weighted average remaining contractual life and intrinsic values of outstanding options were as follows:
|  |  |  |  |  | Options outstanding |  |  | Options exercisable |
Exercise price |  | Outstanding Number |  |  | Weighted average exercise price per share |  |  | Weighted Average remaining contractual life (years) |  |  | Aggregate intrinsic value |  |  | Number exercisable |  |  | Weighted average exercise price per share |  |  | Aggregate intrinsic value |
$ | 0.31 | - | $ | 0.48 |  |  | 3,133,074 |  |  | $ | 0.38 |  |  |  | 0.9 |  |  | $ | 2,834,818 |  |  |  | 3,133,074 |  |  | $ | 0.38 |  |  | $ | 2,834,818 |
$ | 0.56 | - | $ | 0.75 |  |  | 3,836,549 |  |  | $ | 0.66 |  |  |  | 3.6 |  |  |  | 2,392,655 |  |  |  | 2,868,692 |  |  | $ | 0.64 |  |  |  | 1,841,014 |
$ | 0.80 | - | $ | 1.38 |  |  | 1,695,000 |  |  | $ | 1.08 |  |  |  | 3.6 |  |  |  | 409,700 |  |  |  | 1,159,000 |  |  | $ | 0.95 |  |  |  | 399,350 |
|  |  |  |  |  |  | 8,664,623 |  |  | $ | 0.64 |  |  |  | 2.6 |  |  | $ | 5,637,173 |  |  |  | 7,160,766 |  |  | $ | 0.57 |  |  | $ | 5,075,182 |
Total unrecognized compensation cost relating to unvested stock options at September 30, 2012, prior to the consideration of expected forfeitures, was approximately $693,000 and is expected to be recognized over a weighted average period of 2.6 years. The Company recorded stock-based compensation of $166,032 and $120,685 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded stock-based compensation of $291,239 and $248,058 for the nine months ended September 30, 2012 and 2011, respectively. The Company has not capitalized any stock-based compensation expense as part of the cost of an asset. (b) Restricted stock awards During the three and nine months ended September 30, 2012, no restricted stock awards were granted to any employees of the Company. Restricted stock awards generally vest annually over a four year period. Holders of restricted stock may not sell, assign, transfer, pledge or otherwise dispose of an unvested stock. Unvested shares of restricted stock are held in escrow by the Company until the holder's interest in such shares vests. Holders of restricted stock have full stockholder rights with respect to any shares of Company stock issued to the participant under a stock award, whether or not the holder's interest in those shares is vested. Accordingly, the holder has the right to vote such shares and to receive any regular cash dividends paid on such shares. Total unrecognized compensation cost relating to unvested restricted stock awards at September30, 2012, prior to the consideration of expected forfeitures, was approximately $300 and is expected to be recognized over a weighted average period of 0.5 years. The Company recorded stock-based compensation associated with restricted stock awards of $339 and $202 for the three months ended September 30, 2012 and 2011, respectively. The Company recorded stock-based compensation associated with restricted stock awards of $693 and $559 for the nine months ended September 30, 2012 and 2011, respectively.

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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: 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 Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration