Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

     Our share-based incentive plans permit us to grant restricted stock units, restricted stock, incentive or non-qualified stock options, and certain other instruments to employees, directors, consultants and advisors of the Company. The exercise price of options granted under the plan must be at least equal to the fair value of our common stock on the date of grant. All options granted vest at a rate determined by the Nominating and Compensation Committee of our Board of Directors and are exercisable for varying periods, not to exceed ten years. Shares issued under the plans upon option exercise or stock unit conversion are generally issued from authorized, but previously unissued shares.

     On April 11, 2013, the Company implemented a one-for-ten reverse stock split of its common stock. As a result of the reverse stock split, each ten (10) outstanding shares of pre-split common stock, stock options and other equity awards were automatically combined into one (1) share of post-split common stock. Fractional shares received cash. The financial statements for all prior periods have been retroactively adjusted to reflect this reverse stock split.

     As of March 31, 2013, 532,610 shares of common stock were available for grant under our current plan. We are authorized to issue up to 1,133,637 plan equivalent shares of common stock in relation to stock options or restricted shares outstanding or available for grant under the plans.

Stock Options

The number and weighted average exercise price of stock options outstanding are as follows:

			Weighted
	Shares Under Stock		Average Price
	Options		Per Share
OUTSTANDING AT DECEMBER 31, 2012	640,454		$	18.70
Granted at market price	-			-
Exercised	-			-
Expired, forfeited, cancelled or repurchased	(39,427	)		17.38
OUTSTANDING AT MARCH 31, 2013	601,027		$	18.80

The following table summarizes information about stock options outstanding at March 31, 2013:

Options Outstanding									Options Exercisable
											Weighted
						Weighted		Weighted Average			Average
Range of					Options	Average		Remaining	Options		Exercise Price
Exercise Price					Outstanding	Exercise Price		Contractual Life	Exercisable		Per Share
$	6.60	-	$	6.60	451,923	$	6.60	5.34	451,923	$	6.60
$	14.10	-	$	14.10	5,000		14.10	8.33	5,000		14.10
$	16.20	-	$	28.90	51,512		28.83	3.63	51,512		28.83
$	31.90	-	$	68.80	67,523		64.69	1.58	67,523		64.69
$	80.30	-	$	96.70	22,569		94.29	2.63	22,569		94.29
$	105.10	-	$	105.10	2,500		105.10	2.34	2,500		105.10
					601,027	$	18.80		601,027	$	18.80

     A total of 601,027 stock options with a weighted average exercise price of $18.80 were outstanding and fully vested at March 31, 2013. There were no stock options granted during the three months ended March 31, 2013 or 2012.

     The total intrinsic value of options exercised (i.e., the difference between the market price on the exercise date and the price paid by the employee to exercise the options) during the three months ended March 31, 2013 and 2012 was $0 and $36,000, respectively. The total amount of cash received in 2013 and 2012 by the Company from the exercise of these options was $0 and $63,000, respectively. As of March 31, 2013 there was no aggregrate intrinisic value of stock options that were fully vested.The remaining weighted average contractual term for options exercisable is approximately 4.91 years. As of March 31, 2013, all stock options have vested and all related compensation costs has been recognized.

     Non-cash compensation cost related to stock and stock options and restricted stock recognized during the three months ended March 31, 2013 and 2012 was $384,000 and $312,000, respectively.

Restricted Stock

     We may grant common stock and restricted common stock units to employees. These awards are recorded at their fair value on the date of grant and compensation cost is recorded using graded vesting over the expected term. The weighted average grant date fair value of common stock and restricted stock units granted during the three months ended March 31, 2013 and 2012 was $4.00 (total grant date fair value of $350,000) and $9.60 (total grant date fair value of $350,000), respectively. As of March 31, 2013 all restricted stock units had vested. The total fair value of restricted stock units vested during the quarters ended March 31, 2013 and 2012 was $350,000 and relate to independent director shares in lieu of cash. The following summary reflects restricted stock unit activity and related information.

			Weighted-Average
			Grant Date Fair
	Shares / Units		Value
NONVESTED AT DECEMBER, 31, 2012	-		$	-
Granted	87,500			4.00
Vested or Exercised	(87,500	)		4.00
Expired or forfeited	-			-
NONVESTED AT MARCH 31, 2013	-		$	-