Share-Based Payments

3 Months Ended

Mar. 31, 2013

Share-Based Payments

Share-Based Payments

10. Share-Based Payments

The Company has adopted the Supernus Pharmaceuticals, Inc. 2012 Equity Incentive Plan (the 2012 Plan), which is stockholder-approved, and provides for the grant of stock options and certain other awards, including stock appreciation rights (“SAR”), restricted and unrestricted stock, stock units, performance awards, cash awards and other awards that are convertible into or otherwise based on the Company’s common stock, to the Company’s key employees, directors, and consultants and advisors.  The 2012 Plan is administered by the Company’s Board of Directors and provides for the issuance of up to 2,500,000 shares of the Company’s Common Stock. Option awards are granted with an exercise price equal to the estimated fair value of the Company’s Common Stock at the grant date; those option awards generally vest in four annual installments, starting on the first anniversary of the date of grant and have ten-year contractual terms. The 2012 Plan provides for the issuance of Common Stock of the Company upon the exercise of stock options. Stock-based compensation recognized related to the grant of employee and non-employee stock options, and non-vested stock was as follows, in thousands:

	Three Months ended March 31,
	2013		2012
	(unaudited)
Research and development	$	114	$	15
Selling, general and administrative	223		37
Total	$	337	$	52

The following table summarizes stock option and SAR activity:

					Weighted-
			Weighted-		Average
	Number of		Average		Remaining
	Options		Exercise Price		Contractual Term
Outstanding, December 31, 2012	569,911		$	5.72	7.88
Granted (unaudited)	899,332		$	7.89
Exercised (unaudited)	(33,365	)	$	0.62
Forfeited or expired (unaudited)	(7,718	)	$	6.88
Outstanding, March 31, 2013	1,428,160		$	7.20	9.00
As of December 31, 2012
Vested and expected to vest	564,083		$	5.72	7.87
Exercisable	200,312		$	2.11	5.73
As of March 31, 2013
Vested and expected to vest	1,377,755		$	7.18	8.99
Exercisable	170,339		$	2.44	5.98