Stock-Based Compensation

12 Months Ended

Dec. 31, 2011

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

9. Stock-Based Compensation

The following table summarizes the stock-based compensation expense incurred by the Company (in thousands):

	Years Ended December 31,
(In thousands)	2011		2010
Stock options	$	1,159	$	1,396
Restricted stock		334		39
Total	$	1,493	$	1,435

2007 Equity Incentive Compensation Plan

Immediately prior to the Company’s initial public offering, the Company adopted the 2007 Equity Incentive Compensation Plan (“2007 Plan”). The 2007 Plan provides for the grant of options intended to qualify as incentive stock options, non-qualified stock options, stock appreciation rights or restricted stock awards and any other equity-based or equity-related awards. The 2007 Plan is administered by the Compensation Committee of the Board of Directors. Subject to adjustment for changes in capitalization, the aggregate number of shares that may be delivered pursuant to awards under the 2007 Plan was originally 3,000,000; however in March 2011 the Board of Directors approved an adjustment to such aggregate number of shares to account for the Rights Offering and related increase in the number of authorized shares of common stock of the Company, as described in Note 7 – Stockholders’ Equity.  As a result of this adjustment, the aggregate number of shares that may be delivered pursuant to awards under the 2007 Plan is 7,100,000.  The term of the 2007 Plan is ten years, expiring in June 2017.

Stock Options — Except as otherwise directed by the Compensation Committee, the exercise price for options cannot be less than the fair market value of our common stock on the grant date. Other than the stock options issued to Directors, the options will generally vest and become exercisable with respect to 30%, 30% and 40% of the shares of our common stock subject to such options on each of the first three anniversaries of the grant date. Compensation expense related to these options is expensed on a straight line basis over the three year vesting period. Options issued to Directors generally vest and become exercisable on the first anniversary of the grant date. All stock options have a five year term from the date of grant.

During the year ended December 31, 2011 the Company did not issue any stock options under the 2007 Plan. During the year ended December 31, 2010, the Company issued 768,932 stock options under the 2007 Plan to certain of our employees and non-employee Directors with a per share exercise price equal to the market price of the stock on the date of grant. The determination of the fair value of the stock option awards, using the Black-Scholes model, incorporated the assumptions in the following table for stock options granted during the year ended December 31, 2010. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant over the expected term. Expected volatility is based on the weighted average historical volatility of our common stock.

The weighted average variables used in calculating fair value in the year ended December 31, 2010 is as follows:

Expected stock price volatility		151.3	%
Expected life (in years)		3.2
Risk-free interest rate		2.3	%
Expected dividend yield		0.0	%
Weighted average grant date fair value	$	2.27

A summary of stock option activity under the 2007 Plan as of December 31, 2011, and the changes during the year ended December 31, 2011 is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value
Options outstanding, January 1, 2011		1,825,305		$	3.22
Granted		—			—
Exercised		—			—
Forfeited		(353,187	)		3.25
Options outstanding, December 31, 2011		1,472,118		$	3.22		2.8	$	0.00
Options exercisable, December 31, 2011		811,264		$	3.43		2.7	$	0.00

A summary of the status of our unvested stock options as of December 31, 2011, and the changes during the year ended December 31, 2011 is as follows:

	Shares			Weighted Average Grant Date Fair Value
Unvested, January 1, 2011		1,401,641		$	2.47
Granted		—			—
Vested		(507,833	)		2.43
Forfeited		(232,954	)		2.49
Unvested, December 31, 2011		660,854		$	2.49

As of December 31, 2011, there was $1,021,697 of unrecognized compensation expense related to the unvested portion of stock options outstanding. This expense is expected to be recognized over 1.3 years.

Restricted Stock — During the year ended December 31, 2011, the Company granted 1,921,000 shares under the 2007 Plan to certain of our employees and our non-employee Directors. During the year ended December 31, 2010, the Company granted 15,000 shares under the 2007 Plan to our non-employee Directors.

A summary of restricted stock activity under the 2007 Plan as of December 31, 2011, and the changes during the year ended December 31, 2011 is as follows:

	Shares			Weighted Average Grant Date Fair Value per Award		Aggregate Intrinsic Value
Restricted stock outstanding, January 1, 2011		16,415		$	2.44
Granted		1,921,000			0.75
Vested		(15,680	)		2.06
Cancelled or expired		(42,735	)		0.97
Restricted stock outstanding, December 31, 2011		1,879,000		$	0.75	$	1,277,720

As of December 31, 2011, there was $1,080,817 of unrecognized compensation expense related to the unvested portion of restricted stock outstanding. This expense is expected to be recognized over 4.0 years.

After considering the stock option and restricted stock awards issued and outstanding, the Company had 3,649,798 shares of common stock available for future grant under our 2007 Plan at December 31, 2011.