STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

Common Stock

As of September 30, 2013, the Company had reserved 1,924,381 shares of common stock for issuance upon the exercise of outstanding common stock options. Also, 2,334,782 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 September 30, 2013. In addition, 267,826 shares of the Company’s common stock were reserved for future exercise of outstanding warrants as of September 30, 2013.

Warrants

For the nine months ended September 30, 2013, no common stock warrants were exercised. At September 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 authorized 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. During the nine months ended, the Company did not repurchase any shares and the plan expired.