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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2013
STOCK-BASED COMPENSATION  
Schedule of assumptions used to estimate the fair values of the stock options granted

 

 

 

 

Three Months
Ended

 

 

 

September 30,
2013

 

Risk-free interest rate

 

2.50

%

Expected volatility

 

58.9

%

Expected life (in years)

 

7.41

 

Forfeiture rate

 

—

 

Dividend yield

 

—

 

Weighted-average estimated fair value of options granted during the period

 

$

1.40

 
Schedule of stock options activity

 

 

 

 

Options Outstanding

 

 

 

Number
of
Shares

 

Weighted–
Average
Exercise
Price

 

Weighted–
Average
Remaining
Contractual
Term
(in years)

 

Weighted–
Average
Grant–Date
Fair Value

 

Aggregate
Intrinsic
Value(1)

 

Balance at December 31, 2012

 

3,929,910

 

$

9.03

 

7.75

 

$

3.84

 

$

(26,723

)

Options granted

 

50,000

 

$

2.27

 

7.41

 

$

1.40

 

$

(2

)

Exercised

 

—

 

$

—

 

—

 

$

—

 

$

—

 

Canceled/forfeited

 

(208,605

)

$

5.43

 

—

 

$

2.85

 

$

—

 

Balance at September 30, 2013

 

3,771,305

 

$

9.13

 

6.96

 

$

3.87

 

$

(26,022

)

Vested and exercisable as of September 30, 2013

 

2,665,008

 

$

11.42

 

6.13

 

$

4.62

 

$

(24,491

)

Vested and exercisable as of September 30, 2013 and expected to vest thereafter

 

3,771,305

 

$

9.13

 

6.96

 

$

3.87

 

$

(26,022

)

 

 

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $2.23 of the Company’s common stock on September 30, 2013.
Summary of restricted common stock activity

 

 

 

 

Unvested
Restricted Shares

 

 

 

Number of
Shares

 

Weighted–
Average
Grant–Date
Fair Value

 

Unvested at December 31, 2012

 

128,060

 

$

7.46

 

Granted

 

169,237

 

$

2.64

 

Vested

 

(154,672

)

$

4.01

 

Canceled

 

—

 

$

—

 

Unvested at September 30, 2013

 

142,625

 

$

5.49

 

Expected to vest after September 30, 2013

 

142,625

 

$

5.49

 
Schedule of stock-based compensation expense

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Cost of sales

 

$

—

 

$

—

 

$

—

 

$

1

 

Selling, general and administrative expense

 

$

552

 

$

697

 

$

1,658

 

$

3,657

 

Research and development expense

 

$

11

 

$

7

 

$

19

 

$

24

 

Total option exercise recognized tax benefit

 

—

 

—

 

—

 

—