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7. Stock Based Compensation Plan (Tables)
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Schedule of Stock Based Compensation Grants

The following table summarizes all stock based compensation grants as of September 30, 2012:

 

    Stock Options Outstanding     RSA's Outstanding    

Options and RSA's

Exercised

    Available Shares     Total  
2010 ECP     628,497       151,093       903,696       1,702,659       3,385,945  
2005 LTIP     577,343       0       224,164       198,493       1,000,000  
Total     1,205,840       151,093       1,127,860       1,901,152       4,385,945  

 

Schedule of Stock Options

 

The following table summarizes unaudited information about stock option activity during the nine months ended September 30, 2012 and 2011, respectively.

 

    2012     2011  
    Options     Weighted Average Exercise Price     Options     Weighted Average Exercise Price  
Outstanding, beginning of period     1,358,717     $ 2.81       1,223,159     $ 3.74  
Granted     49,500     $ 0.56       340,000     $ 2.83  
Forfeited or expired     (202,377 )     3.16       (132,458 )   $ 6.08  
Exercised         $           $  
Outstanding, end of period     1,205,840     $ 2.66       1,430,701     $ 3.00  
Exercisable, end of period     837,902     $ 2.81       586,935     $ 3.57  

 

Schedule of Fair Value Options

The fair value of options granted during the nine months ended September 30, 2012 and 2011 were estimated assuming the following weighted averages:  

 

  2012   2011
Expected life in years 3.15     4.5  
Volatility 174.2 %   141.1 %
Risk free interest rate 0.30 %   2.15 %
Dividend yield