v2.4.0.6
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2012
SHARE-BASED COMPENSATION [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value

 

Year ended December 31   2011   2012
         
Risk-free interest rate (1)   0.11% - 2.66%   0.11% - 2.66%
Expected life (2)   2-5 years   2-5 years
Expected volatility (3)   42.04%- 48.30%   39.97%-42.04%
Dividend yield (4)   Nil   Nil

 

  (1) Risk-free interest rate

 

Risk-free interest rate adopted the yield to maturity of United States government bonds with the same maturity as the respective expected term of the options.

 

  (2) Expected life

 

The expected life was estimated as the average between the vesting term of the options and the original contractual term.

 

  (3) Expected volatility

 

The expected volatility of the underlying ADS during the life of the options was calculated based on the Company's historical stock price volatility over the period from initial public offering through to the grant date.

 

  (4) Dividend yield

 

The dividend yield was expected to be nil based on the Company's historical dividend distribution record and its policy.

 

  (5) Share price

 

The fair value of the ordinary shares on the grant date was the closing price of the Company's stock at each grant date.
Summary of Stock Options Activity
          Weighted     Weighted  
          average     average  
    Number     exercise price     fair value  
    of options     per option     at grant date  
                   
Outstanding at December 31, 2010     6,962,675     $ 1.40     $ 1.22  
Granted on January 25, 2011     27,000     $ 1.40     $ 1.13  
Granted on December 15, 2010 but effective on May 10, 2011 (note)     812,700     $ 1.40     $ 1.12  
Granted on May 10, 2011     274,000     $ 1.40     $ 1.12  
Granted on August 9, 2011     532,100     $ 1.40     $ 0.79  
Granted on November 8, 2011     15,000     $ 1.40     $ 0.91  
Exercised     (479,196 )   $ 1.40     $ 1.22  
Forfeited     (777,280 )   $ 1.40     $ 1.22  
Expired     (10,750 )   $ 1.40     $ 1.22  
Outstanding at December 31, 2011     7,356,249     $ 1.40     $ 1.01  
Exercised     (1,635,252 )   $ 1.40     $ 1.01  
Forfeited     (751,425 )   $ 1.40     $ 1.01  
Expired     (91,475 )   $ 1.40     $ 1.01  
Outstanding at December 31, 2012     4,878,097     $ 1.40     $ 1.01  

 

Note: The stock options were approved by the shareholder and Board of Directors on May 10, 2011.
Summary of Stock Options Outstanding
                            Options exercisable  
    Options outstanding as of December 31, 2011     as of December 31, 2011  
                Weighted                 Weighted        
          Weighted     average                 average        
          average     exercise     Aggregate     Number     exercise     Aggregate  
    Number     contractual     price     intrinsic     of     price     intrinsic  
    of option     period     per option     value     options     per option     value  
                                                         
Ordinary shares     7,356,249       5 years     $ 1.40     $ 8,984       2,195,234     $ 1.40     $ 2,106  

 

                            Options exercisable  
    Options outstanding as of December 31, 2012     as of December 31, 2012  
                Weighted                 Weighted        
          Weighted     average                 average        
          average     exercise     Aggregate     Number     exercise     Aggregate  
    Number     contractual     price     intrinsic     of     price     intrinsic  
    of option     period     per option     value     options     per option     value  
                                                         
Ordinary shares     4,878,097       5 years     $ 1.40     $ 17,957       2,839,857     $ 1.40     $ 2,507  

 
Schedule of RSU Activity
    For the year ended  
    December 31, 2012  
          Weighted  
          average  
    Number     fair value  
    of options     at grant date  
             
Outstanding at December 31, 2010     -     $ -  
Granted on December 15, 2010 but effective on May 10, 2011 (note)     183,000     $ 2.36  
Granted on May 10, 2011     12,000     $ 2.36  
Granted on August 9, 2011     48,000     $ 1.98  
Forfeited     (9,000 )   $ 2.36  
Outstanding at December 31, 2011     234,000     $ 2.28  
Granted on January 17, 2012     100,000     $ 1.87  
Granted on May 8, 2012     313,250     $ 1.69  
Exercised     (31,500 )   $ 2.28  
Forfeited     (34,100 )   $ 2.28  
Outstanding at December 31, 2012     581,650     $ 1.93  

 

Note: The RSU were approved by the shareholder and Board of Directors on May 10, 2011.