Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation [Abstract]

Stock-Based Compensation

8. 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. Certain stock options and restricted stock units vest in accordance with the achievement of specific company objectives. 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.

As of December 31, 2013,  560,997 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:

	Shares Under Stock Options	Weighted Average Price Per Share
OUTSTANDING AT DECEMBER 31, 2012	640,454	$	18.70
Granted at market price	-		-
Exercised	-		-
Expired, forfeited, cancelled or repurchased	(67,814)		15.58
OUTSTANDING AT DECEMBER 31, 2013	572,640	$	19.08

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

Options Outstanding									Options Exercisable
Range of Exercise Price					Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Options Exercisable	Weighted Average Exercise Price Per Share
$	6.60	-	$	6.60	429,423	$	6.60	4.61	429,423	$	6.60
$	14.10	-	$	14.10	5,000		14.10	7.58	5,000		14.10
$	28.90	-	$	28.90	50,625		28.90	2.94	50,625		28.90
$	31.90	-	$	68.80	62,523		66.66	0.90	62,523		66.66
$	80.30	-	$	96.70	22,569		94.29	1.88	22,569		94.29
$	105.10	-	$	105.10	2,500		105.10	1.59	2,500		105.10
					572,640	$	19.08		572,640	$	19.08

A total of 572,640 stock options with a weighted average exercise price of $19.08 were outstanding and fully vested at December 31, 2013. A total of 640,454 and 361,570 stock options with a weighted average exercise price of $18.70 and $6.70 were outstanding at December 31, 2012 and 2011, respectively, which had not vested.

There were no stock options granted for the years ended December 31, 2013 and 2012. During 2011, 5,000 shares were granted.

Non-cash compensation cost related to stock and stock options and restricted stock recognized during the years ended December 31, 2013, 2012 and 2011 was $475,000,  $508,000 and $562,000, respectively.

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 years ended December 31, 2013, 2012  and 2011 was $0,  $36,000 and $76,000, respectively. The total amount of cash received in 2013, 2012 and 2011 by the Company from the exercise of these options was $0,$63,000, and $35,000 respectively. As of December 31, 2013 there was no aggregate intrinsic value of stock options that were fully vested. The remaining weighted average contractual term for options exercisable is approximately 4.2 years. As of December 31, 2013, all stock options have vested and all related compensation costs has been recognized.

Restricted Stock

We also grant common stock and restricted common stock units to employees and directors. These awards are recorded at their fair values 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 years ended December 31, 2013, 2012, and 2011 was $4.00 per share (total grant date fair value of $350,000)  $9.60 per share (total grant date fair value of $350,000), and $21.80 per share (total grant date fair value of $429,000), respectively. As of December 31, 2013, all restricted stock units had vested. The total fair value of restricted stock units vested during December 31, 2013, 2012  and 2011 was $350,000,  $378,000 and $499,000, respectively. The following summary reflects restricted stock unit activity and related information.

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