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10. Stock Based Compensation

6 Months Ended

Jun. 30, 2013

Common Stock Reserved for Issuance

Aemetis authorized the issuance of 10,600,434 shares under its 2006 and 2007 Plans, which includes both incentive and non-statutory stock options. These options generally expire five years from the date of grant and are exercisable at any time after the date of the grant, subject to vesting.

The following is a summary of options granted under the employee stock plans:

Six Months Ended	Shares Available for Grant			Number of Shares Outstanding			Weighted-Average Exercise Price
Balance as of December 31, 2012		1,613,050			7,524,834		$	0.59
Authorized		1,000,000			—			—
Granted		(2,145,000	)		2,145,000			0.65
Exercised		—			(153,846	)		0.45
Forfeited/expired		466,154			(466,154	)		1.29
Balance as of June 30, 2013		934,204			9,049,834		$	0.57

For the three months ended June 30, 2013 and 2012 the Company recorded option expenses in the amount of $123,748 and 27,148, respectively. Included in the three months ended June 30, 2013 and 2012 option expenses were $1,991 and $7,803, respectively, of outstanding consultant options subject to periodic fair value re-measurement under ASC 505-50-30 Equity Based Payments to Non Employees.

For the six months ended June 30, 2013 and 2012 the Company recorded options expenses in the amount of $243,806 and 65,102, respectively. Included in the six months ended June 30, 2013 and 2012 option expenses were $8,578 and $22,980, respectively, of outstanding consultant options subject to periodic fair value measurement.

The valuation using the Black-Scholes valuation pricing model is based upon the current market value of the Company’s common stock and other current assumptions, including the expected term (contractual term for consultant options). The Company records the expense related to consultant options using the accelerated expense pattern prescribed in ASC 505-50-30.

Valuation and Expense Information. The weighted-average fair value calculations for consultant options are based on the following weighted average assumptions:

	Three and Six months ended June 30
	2013			2012
Dividend-yield		0	%	0		%
Risk-free interest rate		0.18- 0.42	%	1.22-3.66		%
Expected volatility		74.83-142.90	%		58.88-120.90	%
Expected life (years)		0.5-3.0			0.2-4.0
Weighted average fair value per share of common stock	$	0.08 - 0.32		$	0.56

As of June 30, 2013 and 2012, the Company had $15,283 and $ 62,109 respectively, of total unrecognized compensation expenses that the Company will amortize over the remaining term of the option agreements.

Non-Plan Stock Options

In November 2012 the Company issued 977,500 stock options to board members and consultants outside of any Company stock option plan. All of the non-plan options remain outstanding.