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Stock-based compensation
 6 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based compensation
11.           Stock-Based Compensation

A summary of the fair value of all awards issued under our stock compensation plans included within shareholders' equity is as follows:
 
   
June 30,
  
December 31,
 
   
2011
  
2010
 
        
 Stock options
 $5,105  $4,570 
 Restricted stock units
  314   125 
   $5,419  $4,695 
          

Stock Option Plan

Under our Stock Option Plan (the “Plan”), we may grant options to our directors, officers, employees and consultants.  The maximum number of our common shares that may be reserved for issuance under the Plan, together with those reserved for issuance under the LTIP (as discussed below), is a variable number equal to 10% of the issued and outstanding common shares on a non-diluted basis.  Under the Plan, the exercise price of each option shall not be less than the market price of our common shares on the date preceding the date of grant, and an option's maximum term is 10 years or such other shorter term as stipulated in a stock option agreement between us and the optionee.  Options under the Plan are granted from time to time at the discretion of the Board of Directors (“Board of Directors” or “Board”), with vesting periods and other terms as determined by the Board.
 
A summary of option activity under the Plan as of June 30, 2011 and changes during the six-month period then ended is set forth in the following table:

   
Number of shares
  
Weighted average exercise price
  
Weighted average remaining contractual term
  
Aggregate intrinsic value
 
Outstanding - December 31, 2010
  2,588,661  $3.55   2.90  $463 
                  
Exercised
  (64,742)  2.37         
                  
Outstanding - March 31, 2011
  2,523,919  $3.58   2.38   2,455 
                  
Granted
  891,000   2.87         
Exercised
  (134,742)  2.16         
                  
Outstanding - June 30, 2011
  3,280,177  $3.45   2.85  $733 
                  
Exercisable - June 30, 2011
  2,782,177  $3.56   2.48  $728 

A summary of the fair-value changes included in stock-based compensation within shareholders' equity as of June 30, 2011 is set forth in the following table:

   
Fair value
 
As of December 31, 2010
 $4,570 
      
Exercised
  (78)
Expensed
  28 
      
As of March 31, 2011
 $4,520 
      
Granted
  671 
Exercised
  (146)
Expensed
  60 
      
As of June 30, 2011
 $5,105 

The total number of stock options outstanding at the end of the quarter is 3,280,177 with exercise prices ranging from approximately $1.77 to $7.96 and remaining lives ranging from 0.08 to 4.96 years.  The total number of options outstanding represents 4.61% of our issued and outstanding capital.

A summary of the status of our unvested stock options as of June 30, 2011 is set forth below:

   
Number of shares
  
Weighted average grant-date fair value
 
Unvested - December 31, 2010
  82,500  $1.36 
          
Unvested - March 31, 2010
  82,500  $1.36 
          
Granted
  445,500   1.51 
Vested
  (30,000)  1.17 
          
Unvested - June 30, 2011
  498,000  $1.50 
 
As of June 30, 2011, there was $667 of unrecognized compensation expense related to the unvested portion of options outstanding and $80 of unrecognized compensation expense related to the unvested restricted stock units outstanding.  This expense is expected to be recognized over a weighted-average period of 0.93 years and 0.20 years, respectively.

Long-term Equity Incentive Plan

In May 2010, our shareholders approved the Long-Term Equity Incentive Plan (the “LTIP”), effective March 8, 2010 (the “Effective Date”).  Under the LTIP, we may grant Restricted Stock Units (“RSU awards”) or Restricted Stock Awards (“RSA awards”) to the directors, officers, employees and consultants of Vista.  The maximum number of our common shares that may be reserved for issuance under the LTIP, together with those reserved for issuance under the Plan (as discussed above), is a variable number equal to 10% of our issued and outstanding common shares on a non-diluted basis.  The total number of common shares issuable to our insiders at any time and issued to our insiders within any one-year period under the LTIP, together with any stock options issued under the Plan, shall not exceed 10% of our issued and outstanding common shares on a non-diluted basis.  The total number of common shares issuable to a director under the LTIP shall not exceed the lesser of: (i) 1% of our issued and outstanding common shares; and (ii) an annual award value of $100 per director.

The LTIP is administered by the Board of Directors, which can delegate the administration to the Compensation Committee or to such other officers and employees of Vista as designated by the Board of Directors.  The Board of Directors will determine the persons to whom awards are made; set the size, type, terms and conditions of the awards; fix the prices (if any) to be paid for the award; interpret the LTIP; adopt, amend, rescind and take all other actions it believes are necessary or advisable for the implementation and administration of the LTIP.

Restricted Stock Units

The estimated fair value of each of our RSU awards was determined on the date of grant based on the closing market price of our common shares on the date of grant.

The following table summarizes the RSU awards during the three-month period ended June 30, 2011:

   
Number of units
  
Weighted average grant-date fair value
 
Unvested - December 31, 2010
  175,500  $2.37 
          
Unvested - March 31, 2011
  175,500  $2.37 
          
Forfeited
  (10,000)  2.37 
          
Unvested - June 30, 2011
  165,500  $2.37 

A summary of the amortization of the fair value included in stock-based compensation within shareholders' equity as of June 30, 2011 is set forth in the following table:

   
Fair value
 
As of December 31, 2010
 $125 
      
Expensed
  102 
      
As of March 31, 2011
 $227 
      
Expensed
  104 
Forfeited
  (17)
      
As of June 30, 2011
 $314