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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

NOTE 11 — Stock-Based Compensation

 

The Company recognizes stock-based compensation in the financial statements for all share-based awards to employees, including grants of employee stock options, based on their fair values. The Company uses a binomial lattice valuation model to estimate the fair value of stock option grants. The binomial lattice model incorporates calculations for expected volatility, risk-free interest rates, employee exercise patterns and post-vesting employment termination behavior, and these factors affect the estimate of the fair value of the Company's stock option grants. Total stock-based compensation expense for the three and nine months ended September 30, 2012 was $105,657 and $469,117, respectively. Total stock-based compensation expense for the three and nine months ended September 30, 2011 was $188,677 and $548,838, respectively. In the three and nine months ended September 30, 2012, 32,000 and 247,300 stock options were granted, respectively, at weighted average per share fair values estimated at $0.71 and $1.22, respectively.