STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

Common Stock

As of June 30, 2013, the Company had reserved 1,900,005 shares of common stock for issuance upon the exercise of outstanding common stock options. Also, 2,377,639 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 June 30, 2013. In addition, 267,826 shares of the Company’s common stock were reserved for future exercise of outstanding warrants as of June 30, 2013.

Warrants

For the three and six months ended June 30, 2013, no common stock warrants were exercised. At June 30, 2013 and December 31, 2012, there were 267,826 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 and six months ended June 30, 2013.