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10. Stock Based Compensation

6 Months Ended

Jun. 30, 2014

Common Stock Reserved for Issuance

Aemetis authorized the issuance of 1.2 million shares of common stock under its the Zymetis 2006 Stock Plan and Amended and Restated 2007 Stock Plan (together, the “Company Stock 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, 2013		74			913		$	4.90
Authorized		100			—			—
Granted		(148	)		148			4.20
Exercised		—			(144	)		1.60
Forfeited/expired		65			(65	)		2.69
Balance as of June 30, 2014		91			852		$	5.56

For the three months ended June 30, 2014 and 2013 the Company recorded option expenses in the amount of $159 thousand and $123 thousand for each period. Included in the three months ended June 30, 2014 and 2013 option expenses were $8 thousand and $1 thousand, 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, 2014 and 2013 the Company recorded option expenses in the amount of $290 thousand and $243 thousand for each period. Included in the three months ended June 30, 2014 and 2013 option expenses were $11 thousand and $8 thousand, respectively, of outstanding consultant options subject to periodic fair value re-measurement under ASC 505-50-30 Equity Based Payments to Non Employees.

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 and employee options are based on the following weighted average assumptions:

		As of June 30
		2014		2013
Dividend-yield		0	%	0		%
Risk-free interest rate		0. 44 - 0.74	%	0.18 - 0.42		%
Expected volatility		69.33 - 82.28	%	74.83 - 142.90		%
Expected life (years)		0.8 - 3.0			0.5 - 3.0
Market value of common stock	$	4.20 - $ 9.54		$	3.20

As of June 30, 2014, the Company had $1.0 million and $27 thousand of total unrecognized compensation expense for employees and non-employees that the Company will amortize over the 4.0 weighted remaining term of the option agreements.

Non-Plan Stock Options

In November 2013 the Company issued 98 thousand stock options to board members and consultants outside of the Company Stock Option Plans. As of June 30, 2014, 83 thousand options vested and 14 thousand unvested at remaining contractual term of 3.4 years. All of the non-plan options remain outstanding.