STOCK OPTIONS

Stock Options.

The following table summarizes stock option activity during the nine months ended September 30, 2015:



	Number of Options		Weighted-Average Exercise Price
Outstanding at January 1, 2015	685,984		$	6.56
Granted	641,560		1.51
Forfeited	(39,469	)	4.88
Expired	(88,361	)	10.60
Outstanding at September 30, 2015	1,199,714		$	3.62
Exercisable at September 30, 2015	325,111		$	6.68

During the nine months ended September 30, 2015, we granted options to purchase 641,560 shares of our common stock at a weighted-average exercise price of $1.51 per share under our 2006 Equity Incentive Plan, as amended (the “Plan”). Options to purchase an aggregate of 237,546 shares of our common stock were granted during the nine months ended September 30, 2014.

As of September 30, 2015, there were 325,111 options exercisable and 981,938 options were vested or expected to vest with an aggregate intrinsic value of zero.

Stock Appreciation Rights (“SARs”)

The following table summarizes SARs activity under the Plan during the nine months ended September 30, 2015:



	Number of SARs	Weighted-Average Exercise Price
Outstanding at January 1, 2015	98,333	$	4.14
Outstanding at September 30, 2015	98,333	$	4.14
Exercisable at September 30, 2015	55,833	$	4.32

All outstanding SARs were issued solely to our executive officers.

As of September 30, 2015, 55,833 shares subject to outstanding SARs were exercisable and 98,333 shares were vested or expected to vest. The weighted-average exercise price of these SARs was $4.14 per share and the aggregate intrinsic value was zero.