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Stock-based Compensation
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
Stock-based Compensation

During the three months ended March 31, 2014, 555 options were vested and 555 options were exercised. There were no options granted for the three months ended March 31, 2014. Total options outstanding at March 31, 2014 were 51,118, of which 2,757 options were unvested. During the three months ended March 31, 2013, 1,266 options were vested. There were no options exercised for the three months ended March 31, 2013. During the quarter ended March 31, 2013, 1,666 options were granted. The weighted average fair value of the options granted was $7.56 and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: dividend yield of 0.00%; expected volatility of 101.70%: risk-free interest rate of 1.00%; and expected life of seven years.

As of March 31, 2014, there are 211,159 restricted shares outstanding, of which 47,376 shares of restricted stock are vested and 163,783 shares are nonvested. As of December 31, 2013, there were 211,159 restricted shares outstanding, of which 34,316 shares of restricted stock were vested and 176,843 shares were nonvested. There were no shares of restricted stock issued during the three months ended March 31, 2014 or 2013.

The compensation expense related to options and restricted shares was $114,530 for the three month period ended March 31, 2014 and $128,490 for the three month period ended March 31, 2013. As of March 31, 2014 and December 31, 2013, there was $430,336 and $544,896, respectively, of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under all of the Company's stock benefit plans. This cost is expected to be recognized over an average vesting period of 1.1 years.

Effective May 28, 2013, the Company executed a one-for-three reverse stock split. All outstanding options and restricted shares and earnings per share calculations have been adjusted for the effect of this reverse stock split.