Note 4 - Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note Disclosure [Text Block]

4. Stockholders’ Equity

The Company has granted options to purchase shares of common stock and shares of restricted stock. The following is a summary of option award activity during the three months ended March 31, 2013:

	Quarter Ended March 31, 2013
	Total Stock Options Outstanding			Weighted Average Exercise Price per Share		Nonvested Stock Options			Weighted Average Grant Date Fair Value per Share
December 31, 2012		5,016,916		$	4.54		404,500		$	2.30
Granted		60,000			1.58		60,000			1.14
Vested		-			-		(88,000	)		3.26
Exercised		-			-		-			-
Forfeited, Canceled		(110,163	)		1.68		(100,000	)		0.87
March 31, 2013		4,966,753		$	4.57		276,500		$	2.26

The following is a summary of outstanding stock options as of March 31, 2013:

	As of March 31, 2013
	Stock Options Outstanding		Vested Stock Options
Quantity		4,966,753		4,690,253
Weighted-average exercise price	$	4.57	$	4.65
Weighted Average Remaining Contractual Term (in Years)		7.07		6.97
Intrinsic value	$	370,896	$	330,671

For the three months ended March 31, 2013 and 2012, the Company granted 60,000 and 274,500 stock options, respectively, with a weighted-average grant date fair value of $1.14 and $3.22, respectively. For the three months ended March 31, 2013 and 2012, the total fair value of options vested was $286,809 and $441,266, respectively. The total intrinsic value of options exercised for the three months ended March 31, 2013 and 2012 was $0 and $1,500, respectively.

As of March 31, 2013, total compensation cost not yet recognized related to nonvested stock options was $287,886.  The Company expects to recognize this cost over a weighted average period of 1.66 years.