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Stock Options and Restricted Stock Awards
0207 - Disclosure - Stock Options and Restricted Stock Awards
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<!-- Begin Block Tagged Note 7 - id:StockOptionsAndRestrictedStockAwardsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. STOCK OPTIONS AND RESTRICTED STOCK AWARDS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the stock option activity from January 1, 2010 through June 30,
2010:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
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<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Stock</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Exercise</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Life</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Options</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Price</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">8,091,652</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.56</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">33,500</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8.01</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(86,746</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3.33</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Canceled/expired/forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(414,880</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18.11</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at June 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">7,623,526</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.14</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,392,541</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vested or expected to vest at June 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">5,953,974</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">13.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.14</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,649,575</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable at June 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">5,014,169</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14.39</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.14</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,222,330</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate unearned compensation cost of unvested options outstanding as of June 30, 2010
was $12.1 million and will be amortized over a weighted average period of 2.1 years. The total
intrinsic value of options exercised during the three and six months ended June 30, 2010 was $0.3
million and $0.4 million, respectively. The intrinsic value is calculated as the difference between
the market value of the Company’s common stock and the exercise price of options.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the six month period ending June 30, 2010, the Company awarded 410,787 shares of restricted
stock to officers, directors and employees and had total outstanding restricted stock awards of
1,750,064 as of June 30, 2010. The restricted stock vests over four years and the weighted average
grant date fair value was $7.38 at June 30, 2010. At June 30, 2010, approximately 1,367,000 shares
are expected to vest. Unearned compensation related to restricted stock that is expected to vest
approximated $7.8 million at June 30, 2010. Options and restricted stock expected to vest are
determined by applying the pre-vesting forfeiture rate assumptions to total outstanding options and
restricted stock.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock-based compensation expense was $5.1 million and $12.2 million and $5.6 million and $10.9
million for the three and six months ended June 30, 2010 and 2009, respectively, and includes
compensation expense related to restricted stock, stock options, employee purchases under the stock
purchase plan, and Company retirement plan contributions settled or to be settled in common stock.
The Company did not capitalize any stock compensation costs during any of the periods presented.
The following table presents stock-based compensation expense included in the condensed
consolidated statements of operations (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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<td width="5%"> </td>
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<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Six Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt; font-weight: bold" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">June 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">June 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">June 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">June 30,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt; font-weight: bold" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost of Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,954</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,201</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,190</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,050</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Research and Development
</div></td>
<td> </td>
<td> </td>
<td align="right">343</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">492</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">814</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">967</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Sales and Marketing
</div></td>
<td> </td>
<td> </td>
<td align="right">185</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">445</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">811</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">958</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">General and Administrative
</div></td>
<td> </td>
<td> </td>
<td align="right">2,663</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,460</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,923</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,145</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,598</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,194</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,898</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
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</div>
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<div style="font-family: 'Times New Roman',Times,serif">
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