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Stock Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Summary of Activity of Stock Incentive and Equity Plans

The following table summarizes the activity of the stock incentive and equity plans:

 

     Shares
available
for grant		     Number of
options
outstanding		     Weighted-
average
option
exercise price		      Number of
restricted
stock shares
issued		     Number of
restricted
stock units
outstanding		  

Outstanding at January 1, 2012

      2,259,999        2,093,108      $ 13.45         42,587        —     

Granted

      (106,395 )      89,050        9.72         17,345        —     

Exercised

      —          (17,885 )      4.01         —          —     

Canceled/forfeited

      47,000        (47,163 )      15.13         —          —     
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at December 31, 2012

   2,200,604      2,117,110      13.32      59,932      —     

Granted

   (216,913 )    97,265      8.43      73,707      45,941   

Exercised

   —        (27,930 )    5.02      —        —     

Canceled/forfeited

   256,412      (260,375 )    18.31      —        —     
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at December 31, 2013

   2,240,103      1,926,070      12.46      133,639      45,941   

Granted

   (706,056 )    574,950      5.04      27,925      103,181   

Exercised/issued

   —        (47,654 )    5.37      —        (10,525 ) 

Canceled/forfeited

   238,482      (215,080 )    16.72      (20,911 )    (3,866 ) 
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at December 31, 2014

   1,772,529      2,238,286    $ 10.31      140,653      134,731   
Intrinsic Value Calculated Based on Grant Date Fair Value

The following table sets forth option grants made during 2014, 2013 and 2012 with intrinsic value calculated based on grant date fair value.

 

Date of Grant

    Number of
options
granted		      Exercise
price		      Intrinsic
value
per share		  

January 2012

      8,500       $ 9.39         —     

April-May 2012

      36,750       $ 9.45 - $10.43         —     

July 2012

      7,000       $ 10.20         —     

September - October 2012

      36,800       $ 9.41 - $9.58         —     

January - July 2013

      82,815       $ 6.60 - $7.97         —     

October 2013

      14,450       $ 12.11         —     

January – July 2014

      39,300       $ 7.69 - $11.29         —     

September 2014

      300,000       $ 4.30 - $5.20         —     

October – December 2014

      235,650       $ 4.25 - $4.41         — 
Exercise Prices of Outstanding Options

At December 31, 2014, the exercise prices of outstanding options were as follows:

 

Exercise Price

    Number of
options
outstanding		      Average
remaining
contractual life
(years)		      Number of
options
exercisable		  

$0.78 - $4.94

      806,655         6.24         498,005   

$5.12 - $9.95

      585,369         6.38         328,790   

$10.02 - $14.00

      311,442         5.19         259,891   

$15.00 - $18.80

      45,427         3.62         43,927   

$19.21 - $22.92

      368,738         5.06         363,910   

$24.95 - $32.67

      120,655         5.63         115,030   
  

 

 

        

 

 

  
  2,238,286      5.85      1,609,553   
  

 

 

        

 

 

  

Summary of Non-vested Options

The following table summarizes the activity of non-vested options as follows:

 

     Non-vested
options		      Weighted-
Average Option
Exercise
price		  

Non-vested at January 1, 2012

      1,313,177       $ 13.58   

Granted

      89,050         9.72   

Vested

      (540,050 )       14.77   

Cancelled

      (41,175 )       15.38   
  

 

 

     

 

 

  

Non-vested at December 31, 2012

   821,002      15.24   

Granted

   97,265      8.43   

Vested

   (380,413 )    12.50   

Cancelled

   (211,288 )    18.55   
  

 

 

     

 

 

  

Non-vested at December 31, 2013

   326,566      13.57   

Granted

   574,950      5.04   

Vested

   (169,361 )    14.84   

Cancelled

   (103,422 )    12.74   
  

 

 

     

 

 

  

Non-vested at December 31, 2014

   628,733    $ 5.93   
  

 

 

     

 

 

  

Schedule for Estimated Fair Value at Date of Option Grant Using Black Scholes Option Pricing Model

For the years ended December 31, 2014, 2013 and 2012, the assumptions used for the estimated fair value at the date of option grant using the Black-Scholes option-pricing model were as follows:

 

     2014   2013   2012

Weighted average fair value per share of option

    $5.04   $8.49   $9.72

Expected term

    5.3 years   5.3 years   5.3 years

Risk free interest rate

    1.66% - 1.83%   0.76% - 1.42%   0.62% - 1.04%

Volatility

    77%   77%   52%

Dividend yield

    None   None   None

Forfeiture rate

    25.56%   19.18%   16.59%
Restricted Stock [Member]  
Analysis of Restricted Stock Issued

An analysis of restricted stock issued is as follows:

 

Non-vested restricted stock as of January 1, 2013

      4,336   

Granted

      73,707   

Vested

      (24,329 ) 
  

 

 

  

Non-vested restricted stock as of December 31, 2013

      53,714   

Granted

      27,925   

Vested

      (48,521 ) 

Cancelled

      (20,911 ) 
  

 

 

  

Non-vested restricted stock as of December 31, 2014

      12,207   
  

 

 

  
Restricted Stock Units [Member]  
Analysis of Restricted Stock Issued

A summary of the Company’s restricted stock units (“RSUs”) is as follows:

 

     RSUs
outstanding		      Weighted average price at
time of grant		      Aggregate intrinsic
value		  

Non-vested restricted stock units as of January 1, 2013

      —         $ —       

Granted

      45,941         8.60      
  

 

 

     

 

 

     

Non-vested restricted stock units as of December 31, 2013

   45,941      8.60   

Granted

   103,181      4.43   

Vested

   (10,525 )    8.60   

Cancelled

   (3,866 )    8.60   
  

 

 

     

 

 

     

 

 

  

Non-vested at December 31, 2014

   134,731    $ 5.41    $ 616,000