Stockholders' Equity

3 Months Ended

Mar. 31, 2012

Stockholders' Equity [Abstract]

Stockholders' Equity

7. STOCKHOLDERS' EQUITY

Common Stock

As of March 31, 2012 the Company had reserved 2,091,079 shares of common stock for issuance upon the exercise of outstanding common stock options. Also, 2,243,279 shares of the Company's common stock were reserved for future grants of stock options (or other similar equity instruments) under the Company's 2007 Stock Incentive Plan (the "2007 Plan") as of March 31, 2012. In addition, 281,561 shares of the Company's common stock were reserved for future exercise of outstanding warrants as of March 31, 2012.

Warrants

For the three months ended March 31, 2012, no common stock warrants were exercised. At March 31, 2012 and December 31, 2011, there were 281,561 common stock warrants outstanding.

Treasury Stock

On August 4, 2011, the Company authorized a stock repurchase program to purchase up to $25.0 million of its common stock over a period of two years. The stock repurchase program authorizes the Company to repurchase its shares of common stock in the open market at times and prices considered appropriate by the Company depending upon prevailing market conditions and other corporate considerations. The treasury shares are accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. The Company did not repurchase any shares during the three months ended March 31, 2012.