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Stock incentive plan | 12 Months Ended
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Dec. 31, 2011
Stock incentive plan |
Stock incentive plan |
12. Stock incentive plan In March, 2011, our board of directors approved the 2011 Plan under which 4,000,000 shares of common stock are reserved for issuance. The 2011 Plan became effective on May 3, 2011 upon the completion of our initial public offering. The 2011 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted shares of our common stock, stock units, and performance cash awards. As of January 1 of each year commencing in 2012, the number of shares of common stock reserved for issuance under the 2011 Plan shall automatically be increased by a number equal to the lesser of (a) 4.5% of the total number of shares of common stock then outstanding, (b) 3,000,000 shares of common stock or (c) as determined by our board of directors. As of December 31, 2011, options to purchase 2,279,209 shares of common stock have been granted under the 2011 Plan. No further awards will be made under our 2001 Plan, and it was terminated following the completion of our IPO (Note 1). Options outstanding under the 2001 Plan will continue to be governed by their existing terms. As of December 31, 2011, options to purchase 4,339,820 shares of common stock were outstanding under the 2001 Plan. We recognized stock-based compensation expense as follows during the years ended December 31, 2011, 2010 and 2009:
|  | Years ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Network operations |  | $ | 463 |  | $ | 131 |  | $ | 127 |
Development and technology |  |  | 577 |  |  | 115 |  |  | 84 |
Selling and marketing |  |  | 650 |  |  | 171 |  |  | 114 |
General and administrative |  |  | 1,733 |  |  | 450 |  |  | 415 |
Total stock-based compensation |  | $ | 3,423 |  | $ | 867 |  | $ | 740 |
The 2011 expense above excludes a consultant's expense of $27 which was recorded as Offering Costs of our IPO thereby reducing additional paid in capital. A summary of the stock option activity under the 2001 and 2011 Plans are as follows:
|  | Number of Options (000's) |  | Weighted Average Exercise Price |  | Weighted- Average Remaining Contract Life (years) |  | Aggregate Intrinsic Value |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Outstanding at December 31, 2008 |  |  | 4,343 |  | $ | 1.20 |  |  | 7.7 |  | $ | 814 |
Granted |  |  | 1,063 |  | $ | 1.40 |  |  |  |  |  |  |
Exercised |  |  | (26 | ) | $ | 1.35 |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (99 | ) | $ | 1.40 |  |  |  |  |  |  |
Outstanding at December 31, 2009 |  |  | 5,281 |  | $ | 1.25 |  |  | 7.3 |  | $ | 8,471 |
Granted |  |  | 53 |  | $ | 2.85 |  |  |  |  |  |  |
Exercised |  |  | (2 | ) | $ | 0.90 |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (44 | ) | $ | 1.45 |  |  |  |  |  |  |
Outstanding at December 31, 2010 |  |  | 5,288 |  | $ | 1.25 |  |  | 6.3 |  | $ | 38,279 |
Granted |  |  | 2,381 |  | $ | 13.02 |  |  |  |  |  |  |
Exercised |  |  | (1,015 | ) | $ | 1.01 |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (53 | ) | $ | 6.58 |  |  |  |  |  |  |
Outstanding at December 31, 2011 |  |  | 6,601 |  | $ | 5.50 |  |  | 7.0 |  | $ | 30,996 |
Vested, exercisable and expected to vest at December 31, 2011 |  |  | 6,469 |  | $ | 5.40 |  |  | 6.9 |  | $ | 30,763 |
Exercisable at December 31, 2011 |  |  | 3,587 |  | $ | 1.32 |  |  | 5.3 |  | $ | 26,100 |
The aggregate intrinsic value in the table above represents the difference between the estimated fair value of our common stock at December 31, 2011 and the option exercise price, multiplied by the number of in-the-money options at December 31, 2011. The intrinsic value changes are based on the estimated fair value of our common stock. The total intrinsic value of stock options exercised for the years ended December 31, 2011, 2010 and 2009 was $9,754, $3 and $1, respectively. At December 31, 2011, total remaining stock-based compensation expense for unvested awards is $13,292, which is expected to be recognized over a weighted-average period of 3.3 years. Stock options to purchase 1,015,000, 2,000 and 26,000 shares of our common stock were exercised during the years ended December 31, 2011, 2010 and 2009 for cash proceeds of $1,028, $2 and $36, respectively. The weighted-average grant-date fair value of options granted for the years ended December 31, 2011, 2010 and 2009 was $6.68, $1.80 and $1.75, respectively. We realized $246 of tax benefits for the deductions from stock option exercises during 2011. There was no tax benefit realized for the tax deductions from stock options exercised during 2010 and 2009.

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