9. Stock-Based Compensation

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Stock options	$	—	$	219	$	90	$	710
Restricted stock		141		150		451		409
Total	$	141	$	369	$	541	$	1,119

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 is currently 355,000. 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 service 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 three and nine months ended September 30, 2013 and 2012, the Company did not issue any stock options under the 2007 Plan.

A summary of stock option activity under the 2007 Plan as of September 30, 2013, and the changes during the nine months ended September 30, 2013 is as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value
Options outstanding, January 1, 2013		71,237	$	61.72
Granted		—		—
Exercised		—		—
Forfeited		(5,756)		93.30
Options outstanding, September 30, 2013		65,481	$	58.94		1.3	$	0.00

Options exercisable, September 30, 2013		65,481	$	58.94		1.3	$	0.00

A summary of the status of our unvested stock options as of September 30, 2013, and the changes during the nine months ended September 30, 2013 is as follows:

	Shares		Weighted Average Grant Date Fair Value
Unvested, January 1, 2013		10,074	$	46.01
Granted		—		—
Vested		(10,074)		46.01
Forfeited		—		—
Unvested, September 30, 2013		—	$	—

Restricted Stock — Other than restricted stock issued to Directors, the restricted stock issued will generally vest in equal increments of 25% on each of the first four anniversaries of the grant date. Compensation expense related to restricted stock issued is expensed on a straight line basis over the four year vesting period. Restricted stock issued to Directors generally vests on the first anniversary of the grant date with compensation expense being expensed on a straight line basis over the one year vesting period. During the three and nine months ended September 30, 2013, the Company did not issue any restricted stock shares under the 2007 Plan. During the three and nine months ended September 30, 2012, the Company granted 0 and 78,850 restricted stock shares, respectively, under the 2007 Plan to certain of our employees and our non-employee Directors.

A summary of restricted stock activity under the 2007 Plan as of September 30, 2013, and the changes during the nine months ended September 30, 2013 is as follows:

	Shares		Weighted Average Grant Date Fair Value per Award		Aggregate Intrinsic Value
Restricted stock outstanding, January 1, 2013		143,026	$	13.82
Granted		—		—
Vested		(41,798)		14.40
Cancelled or expired		—		—
Restricted stock outstanding, September 30, 2013		101,228	$	13.58	$	369,482

As of September 30, 2013, there was $1,064,000 of unrecognized compensation expense related to the unvested portion of restricted stock outstanding. This expense is expected to be recognized over 2.5 years.

After considering the stock option and restricted stock awards issued and outstanding, the Company had 113,365 shares of common stock available for future grant under our 2007 Plan at September 30, 2013.