Stock incentive plan

12 Months Ended

Dec. 31, 2012

Stock incentive plan

Stock incentive plan

14. Stock incentive plan

2000 Stock Incentive Plan

Options granted under the 2000 Stock Incentive Plan were all non-qualified stock options. As of December 31, 2012 and December 31, 2011, options to purchase 50,000 shares and 70,000 shares, respectively, were outstanding and no shares were available for future grant under the 2000 Stock Incentive Plan.

2006 Equity Incentive Plan

As of December 31, 2012 and December 31, 2011, 9,494,355 shares were reserved for issuance under the Plan. As of December 31, 2012 and December 31, 2011, 915,000 restricted shares have been issued (see Note 2 (Summary of significant accounting policies—long-term incentive restricted stock agreement assumptions and vesting requirements)) and no options have been issued below fair value. As of December 31, 2012 and December 31, 2011, zero shares and 2,325,866 shares, respectively, of common stock were available for future issuance under the Plan.

2012 Equity Incentive Plan

The Company’s 2012 Equity Incentive Plan, which authorizes the issuance of an aggregate of 5,000,000 shares plus (i) any shares available for issuance under the 2006 Equity Incentive Plan, which was terminated upon the effective date of the 2012 Plan, and (ii) any shares subject to outstanding options under the 2000 Stock Incentive Plan and the 2006 Equity Incentive Plan which are forfeited, cancel or which expire. The number of shares of common stock reserved for issuance under the 2012 Plan will increase automatically on the first day of January of each of 2013 through 2016 by an amount equal to 4% of the number of shares of common stock outstanding on the preceding December 31, unless the Board elects to authorize a lesser number of shares in any given year.  As of December 31, 2012 6,656,328 shares were reserved for issuance under the Plan.

A summary of stock option activity for the year ended December 31, 2012 is as follows:

	Number of options		Weighted-average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of December 31, 2011	7,776,948		$	2.27	5.48	$	1,752,732
Options granted	1,550,000
Options exercised	(488,513	)
Options cancelled	(708,961	)
Options forfeited	(77,001	)
Outstanding as of December 31, 2012	8,052,473		$	2.34	5.46	9,221,448
Options exercisable as of December 31, 2012	6,363,090		2.30		5.27	7,529,114
Vested and expected to vest as of December 31, 2012	8,003,616		2.34		5.97	9,173,064

The following table provides additional information pertaining to the Company’s stock options:

	Year ended December 31,
	2012		2011		2010
Weighted-average grant date fair value for options granted during the period	$	1.20	$	0.70	$	0.74
Total fair value of options vested during the period	1,126,087		549,802		537,199
Total intrinsic value of options exercised during the period	360,371		348,153		12,583

The exercise prices range from $1.20 to $4.00 for stock options outstanding and exercisable as of December 31, 2012.

The aggregate intrinsic value of stock options outstanding, vested and unvested expected to vest, and exercisable, represent the total pre-tax intrinsic value, based on the closing price of $3.48 of PLPM as reported on NASDAQ on December 31, 2012 and $2.27 and $1.35 of PPTR as reported on AIM on December 31, 2011, and 2010, respectively.

Refer to Note 2 (Summary of significant accounting policies—Long-term incentive restricted stock agreement assumptions and vesting requirements) for further details regarding the restricted stock shares as of December 31, 2012.

2012 Employee Stock Purchase Plan

The Company’s 2012 Employee Stock Purchase Plan, which authorizes the issuance of an aggregate of 800,000 shares of common stock. The number of shares of common stock reserved for issuance under the 2012 Employee Stock Purchase Plan will increase automatically on the first day of January of each of 2013 through 2019 by an amount equal to 1% of the number of shares of common stock outstanding on the preceding December 31, unless the Board elects to authorize a lesser number of shares in any given year.  As of December 31, 2012 no shares are issued or outstanding under the 2012 Employee Stock Purchase Plan.

Under the Company’s 2012 Employee Stock Purchase Plan, eligible employees will be able to acquire shares of our common stock by accumulating funds through payroll deductions. The purchase price for shares of our common stock purchased under our 2012 Employee Stock Purchase Plan will be 85% of the lesser of the fair market value of our common stock on (1) the first trading day of the applicable offering period and (2) the last trading day of each purchase period in the applicable offering period.  The 2012 Employee Stock Purchase Plan will terminate on the tenth anniversary of the first purchase date, unless it is terminated earlier by our Board of Directors or as a result of the issuance of all of the shares of our common stock reserved for issuance under our 2012 Employee Stock Purchase Plan.