Employee Benefit Plans

3 Months Ended

Mar. 31, 2012

Employee Benefit Plans [Abstract]

Employee Benefit Plans

12. Employee Benefit Plans

Stock Options

The Company has two stock incentive plans: the 2003 Stock Incentive Plan, or the 2003 Plan, and the 2006 Stock Incentive Plan, or the 2006 Plan. There were 705,226 shares of common stock reserved for issuance under these plans at March 31, 2012. As of March 31, 2012, 98,201 shares of common stock, representing option grants still outstanding, were reserved under the 2003 Plan. No further grants are allowed under the 2003 Plan. As of March 31, 2012, 607,025 shares of common stock were reserved under the 2006 Plan representing 568,455 outstanding stock options, 1,010 shares of restricted stock outstanding and 37,560 shares available for grant. A summary of stock option activity under both plans for the three months ended March 31, 2012 is as follows:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		707,281		$	4.15
Granted		3,500		$	4.26
Canceled		(13,000	)	$	12.61
Exercised		(31,125	)	$	2.50
Outstanding at March 31, 2012		666,656		$	4.06

A summary of common stock options outstanding and common stock options exercisable as of March 31, 2012 is as follows:

	Options Outstanding					Options Exercisable
Range of Exercise Prices	Options		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Number of Shares Exercisable		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
$2.00 – $  2.40		43,255	3.44 Years	$	119,482		33,394	3.36 Years	$	91,969
$2.41 – $  3.15		308,600	6.01 Years		563,230		59,942	5.54 Years		115,599
$3.16 – $  4.91		215,100	4.08 Years		319,576		133,746	3.65 Years		194,907
$4.92 – $13.40		99,701	1.87 Years		—		95,795	1.77 Years		—
		666,656	4.60 Years	$	1,002,288		322,877	3.42 Years	$	402,475

The aggregate intrinsic value of options exercised during the three months ended March 31, 2012 was approximately $62,000. At March 31, 2012, the weighted average exercise price of common stock options outstanding and exercisable was $4.06 and $5.13, respectively.

Restricted Stock

A summary of restricted stock activity for the three months ended March 31, 2012 is as follows:

	Shares			Weighted Average Grant Price
Outstanding at December 31, 2011		1,856		$	7.28
Granted		2,061		$	4.25
Canceled		—		$	—
Vested		(2,907	)	$	5.49
Outstanding at March 31, 2012		1,010		$	6.25

401(k) Plan

The Company’s 401(k) savings plan covers the majority of the Company’s eligible employees. Employees of the Company may participate in the 401(k) Plan after reaching the age of 21. The Company may make discretionary matching contributions as determined from time to time. Employee contributions vest immediately, while Company matching contributions begin to vest after one year of service and continue to vest at 20% per year over the next five years. To date, the Company has not made any discretionary contributions to the 401(k) Plan.