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Stock incentive plans | 9 Months Ended
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Sep. 30, 2013
Stock incentive plans |
Stock incentive plans | 11. Stock incentive plans In March 2011, our board of directors approved the 2011 Equity Incentive Plan (“2011 Plan”). The 2011 Plan provides for the grant of incentive and nonstatutory stock options, stock appreciation rights, restricted shares of our common stock, stock units, and performance cash awards. As of January 1 of each year, the number of shares of common stock reserved for issuance under our stock incentive 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 and (c) as determined by our board of directors. As of September 30, 2013, 7,108,013 shares of common stock are reserved for issuance. No further awards will be made under our Amended and Restated 2001 Stock Incentive Plan (“2001 Plan”), and it will be terminated. Options outstanding under the 2001 Plan will continue to be governed by their existing terms. We recognized stock-based compensation expense as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Network operations |  | $ | 241 |  | $ | 117 |  | $ | 638 |  | $ | 227 |
Development and technology |  | 143 |  | (253 | ) | 242 |  | 168 |
Selling and marketing |  | 301 |  | (36 | ) | 759 |  | 366 |
General and administrative |  | 667 |  | 390 |  | 1,560 |  | 1,402 |
Total stock-based compensation |  | $ | 1,352 |  | 218 |  | $ | 3,199 |  | $ | 2,163 |
A summary of the stock option activity is as follows:
|  | Number of Options (000’s) |  | Weighted Average Exercise Price |  | Weighted- Average Remaining Contract Life (years) |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2012 |  | 5,045 |  | $ | 6.50 |  | 6.44 |  | $ | 14,742 |
Granted |  | 951 |  | $ | 6.92 |  |  |  |  |
Exercised |  | (374 | ) | $ | 1.45 |  |  |  |  |
Canceled/forfeited |  | (802 | ) | $ | 10.61 |  |  |  |  |
Outstanding at September 30, 2013 |  | 4,820 |  | $ | 6.30 |  | 6.49 |  | $ | 11,358 |
Vested and expected to vest at September 30, 2013 |  | 4,662 |  | $ | 6.22 |  | 6.41 |  | $ | 11,327 |
Exercisable at September 30, 2013 |  | 2,729 |  | $ | 4.18 |  | 4.80 |  | $ | 10,889 |
The weighted average assumptions used for newly issued stock option grants for the nine months ended September 30, 2013 were an expected term of 6.25 years, an expected volatility of 49.43%, a risk free rate of return of 1.12% and no expected dividends. During the nine months ended September 30, 2013, we issued restricted stock units (“RSU”) to executive and non-executive personnel and members of our board of directors. The executive and non-executive RSUs generally vest over a two year period with 50% of the RSUs vesting when the individual completes 12 months of continuous service and the remaining 50% vesting on a quarterly basis thereafter. The board of directors RSUs generally vest over a one year period for existing members and 25% per year over a four year period for new members. A summary of the RSU activity is as follows:
|  | Number of Shares (000’s) |  | Weighted Average Grant-Date Fair Value |
Nonvested at December 31, 2012 |  | — |  | $ | — |
Granted |  | 799 |  | $ | 6.21 |
Vested |  | — |  | $ | — |
Forfeited |  | (30 | ) | $ | 6.05 |
Nonvested at September 30, 2013 |  | 769 |  | $ | 6.21 |

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