STOCK OPTIONS AND RESTRICTED STOCK (Tables)

3 Months Ended

Jun. 30, 2012

Stock Options And Restricted Stock Tables

Share based compensation options

	Stock Option Plans
	2003 Plan			2008 Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		1,600,000			10,000,000
Net restricted stock issued net of cancellations		(161,250	)		(2,208,406	)
Stock options granted		(1,544,491	)		(2,275,000	)
Add back options cancelled before exercise		678,491			375,000
Options cancelled by plan vote		—			—
Remaining shares available for future grants		572,750			5,891,594

							Not Pursuant to a Plan
Total granted	1,544,491			2,275,000			3,100,000
Less:  Restricted stock cancelled		—			—			—
Options cancelled		(678,491	)		(375,000	)		(1,383,334	)
Options exercised		(352,000	)		(130,000	)		(666,666	)
Net shares outstanding before restricted stock		514,000			1,770,000			1,050,000
Net restricted stock issued net of cancellations		161,250			2,208,406			284,844
Outstanding shares at March 31, 2012		675,250			3,978,406			1,334,844

Assumption used for stock option granted

The assumptions used principally for stock options granted to employees and members of the Company’s Board of Directors in the six months ended June 30, 2012 and 2011 were as follows:

	2012	2011
Risk-free interest rate	0.94% — 2.05%	2.43% — 3.47%
Expected dividend yield	—	—
Expected term	6.5 years	6.0— 6.5 years
Forfeiture rate (excluding fully vested stock options)	15%	0% — 15%
Expected volatility	131% — 137%	140% — 142%

A summary of stock option activity as of and for thesix months endedJune 30, 2012 is as follows:

Stock Options	Shares	Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2012	3,395,103	$        1.68
Granted	430,000	1.84
Exercised	(233,666)	0.96
Forfeited or expired	(257,437)	4.58
Outstanding at June 30, 2012	3,334,000	$        1.53	7.3 years	$ 1,866,200
Exercisable at June 30,2012	2,112,830	$        0.91	6.1 years	$ 1,861,033

Share based compensation restricted stock

A summary of the Company’s nonvested restricted stock activity as of and for the six months ended June 30, 2012, is as follows:

Restricted Stock	Shares			Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2012		1,819,594		$	1.72
Granted this period		703,656			1.95
Grants made in prior periods, now becoming restricted		220,000			0.92
Vested		(110,000	)		2.24
Forfeited		—			—
Nonvested at June 30, 2012		2,633,250		$	1.78