Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value of Warrants

The fair value of the warrants at September 30, 2014 and December 31, 2013, consisted of the following (in thousands):

	September 30,		December 31,
	2014		2013
2009 Warrants	$	0	$	8,542
2010 Warrants		3,931		11,848
Total warrant liability	$	3,931	$	20,390

Fair Value Assumptions of Warrants

The fair value of the Company’s warrants was based on option valuation models and using the following assumptions at September 30, 2014 and December 31, 2013:

		December 31,
		2013
2009 Warrants:
Expected term (in years)		0.65
Estimated volatility		45%
Risk-free interest rate		0.10%
Expected dividend yield		0%
	September 30,	December 31,
	2014	2013
2010 Warrants:
Expected term (in years)	1.11	1.86
Estimated volatility	47%	41%
Risk-free interest rate	0.13%	0.38%
Expected dividend yield	0%	0%