Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5. STOCK-BASED COMPENSATION

The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. This determination is affected by the Company’s stock price as well as assumptions regarding expected volatility, risk-free interest rate, and expected dividends. The weighted-average grant date fair value per share of stock option awards granted during the three months ended March 31, 2014 and 2013 was $0.41 and $0.58, respectively, using the Black-Scholes model with the weighted-average assumptions presented below. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The value of each restricted stock unit is equal to the closing price per share of the Company’s Common Stock on the date of grant. The weighted-average grant date fair value per share of employee restricted stock units granted during the three months ended March 31, 2014 and 2013 was $2.23 and $1.69, respectively. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods.

	For the Three Months Ended March 31,
	2014		2013
Expected option lives		3.0 years		3.5 years
Expected volatility		35.93%		42.55%
Risk-free interest rate		0.82%		0.53%
Expected dividend yield		4.32%		0.00%

As of March 31, 2014, there remained 1,733,458 shares available for future awards under the Company’s 2007 Performance Incentive Plan (the “2007 Plan”). In connection with awards under both the 2007 Plan and awards issued outside of the Plan, the Company recorded approximately $447 thousand and $814 thousand (inclusive of $393 thousand included in restructuring and other charges in 2013) of noncash stock-based compensation for the three month periods ended March 31, 2014 and 2013, respectively. As of March 31, 2014, there was approximately $4.7 million of unrecognized stock-based compensation expense remaining to be recognized over a weighted-average period of 3.2 years.

A summary of the activity of the 2007 Plan, and awards issued outside of the Plan pertaining to stock option grants is as follows:

	Shares Underlying Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value ($000)		Weighted Average Remaining Contractual Life (In Years)
Awards outstanding at December 31, 2013		4,435,536		$	1.89
Options granted		45,958		$	2.27
Options exercised		(63,164	)	$	1.88
Options cancelled		(1,722	)	$	1.90
Options expired		(20,391	)	$	3.30
Awards outstanding at March 31, 2014		4,396,217		$	1.88	$	3,320		4.49
Awards vested and expected to vest at March 31, 2014		4,041,994		$	1.88	$	3,068		4.48
Awards exercisable at March 31, 2014		1,450,586		$	1.87	$	1,169		4.29

A summary of the activity of the 2007 Plan pertaining to grants of restricted stock units is as follows:

	Shares Underlying Awards			Aggregate Intrinsic Value ($000)		Weighted Average Remaining Contractual Life (In Years)
Awards outstanding at December 31, 2013		1,478,447
Restricted stock units granted		470,853
Restricted stock units settled by delivery of common stock upon vesting		(262,091	)
Restricted stock units cancelled		—
Awards outstanding at March 31, 2014		1,687,209		$	4,420		3.43
Awards vested and expected to vest at March 31, 2014		1,623,084		$	4,252		3.30

A summary of the status of the Company’s unvested share-based payment awards as of March 31, 2014 and changes in the three month period then ended, is as follows:

Unvested Awards	Number of Shares			Weighted Average Grant Date Fair Value
Shares underlying awards unvested at December 31, 2013		4,711,899		$	1.03
Shares underlying options granted		45,958		$	0.41
Shares underlying restricted stock units granted		470,853		$	2.23
Shares underlying options vested		(332,057	)	$	0.55
Shares underlying restricted stock units vested		(262,091	)	$	1.78
Shares underlying options cancelled		(1,722	)	$	0.54
Shares underlying restricted stock units cancelled		—		$	—
Shares underlying awards unvested at March 31, 2014		4,632,840		$	1.14

For the three months ended March 31, 2014 and 2013, the total fair value of share-based awards vested was approximately $793 thousand and $1.2 million, respectively. For the three months ended March 31, 2014 and 2013, the total intrinsic value of options exercised was approximately $50 thousand and $0, respectively (no options were exercised in the three months ended March 31, 2013). For the three months ended March 31, 2014 and 2013, the total intrinsic value of restricted stock units that vested was approximately $611 thousand and $902 thousand, respectively. For the three months ended March 31, 2014 and 2013, approximately 46 thousand and 410 thousand stock options, respectively, were granted to employees of the Company, and 63 thousand and 0 options, respectively, were exercised yielding $119 thousand and $0, respectively, of cash proceeds to the Company. Additionally, for the three months ended March 31, 2014 and 2013, approximately 471 thousand and 338 thousand restricted stock units, respectively, were granted to employees of the Company, and approximately 262 thousand and 514 thousand shares, respectively, were issued under restricted stock unit grants.