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Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity

6.     Stockholders' Equity

 

Stock Options - During the three months ended March 31, 2014, the Company issued options to purchase up to an aggregate of 1,138,697 shares of its common stock to its employees that met certain minimum employment criteria, all with an exercise price of $2.00 per share. The fair value of these options amounted to approximately $886,000 as determined by utilizing the Black-Scholes-Merton option pricing model.

 

Stock Warrants - During the three months ended March 31, 2014, the Company issued 8,443 of its common stock in exchange for warrants to purchase 80,645 shares of the Company which were exercisable at a price of $3.10 per share, dated February 13, 2012 and expiring February 12, 2017.

 

Stock-Based Payments and Compensation - The Company records stock-based payment expense related to options and warrants based on the grant date fair value in accordance with FASB ASC 718. Stock-based compensation includes expense charges for all stock-based awards to employees, directors and consultants. Such awards include option grants, warrant grants, and restricted stock awards. During the three months ended March 31, 2014, the Company had stock compensation expense of approximately $547,000 or $0.01 basic earnings per share ($341,000; $0.02 basic earnings per share for the corresponding three months ended March 31, 2013).

 

During the first three months of 2014, the Company issued an aggregate of 84,025 shares of the Company's common stock to certain of its directors in settlement of approximately $134,000 of board of director fees owed to such directors.

As of March 31, 2014, there was approximately $2,050,000 of total unrecognized compensation costs related to options, warrants and restricted stock granted under the Company's stock option plans that will be recognized over the next 27 months. This amount excludes $536,000 of potential stock based compensation for stock options that vest upon the occurrence of certain events which the Company does not believe are likely.