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Share-Based Compensation
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
Our board of directors (the “Board”) adopted the 2009 Equity Incentive Plan (as amended to date, the “Plan”) effective September 3, 2009.  The Plan is intended to further align the interests of the Company and its stockholders with its employees, including its officers, non-employee directors, consultants and advisors by providing incentives for such persons to exert maximum efforts for the success of the Company.  The Plan allows for the issuance of up to 5,600,000 shares of the Company’s common stock.  In addition, there were 206,000 options issued outside of the Plan to consultants.
The types of awards that may be granted under the Plan include options (both nonqualified stock options and incentive stock options), stock appreciation rights, stock awards, stock units, and other share-based awards.  The term of each award is determined by the Board at the time each award is granted, provided that the terms of options may not exceed ten years.  Vesting schedules for the stock options vary, but generally vest 25% per year, over four years .  The Plan had 3,530,553 options available for grant as of December 31, 2014.
Total stock-based compensation expense recognized using the straight-line attribution method in the consolidated statement of operations for the years ended December 31 is as follows:
($ in thousands)
2014
 
2013
 
2012
Stock option compensation expense for employees and directors
$
1,236

 
$
1,045

 
$
1,200

Equity awards for nonemployees issued for services
3

 
105

 
24

Total stock-based compensation expense
$
1,239

 
$
1,150

 
$
1,224


During the years ended December 31, 2014, 2013 and 2012, the weighted average fair market value using the Black-Scholes option-pricing model of the options granted was $2.64, $2.79 and $5.00, respectively.
The fair market value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for the years ended December 31:
 
2014
 
2013
 
2012
Expected life
5 years, 11 months

 
5 years, 7 months

 
5 years, 8 months

Interest rate
1.9
%
 
1.6
%
 
1.6
%
Dividend yield
—

 
—

 
—

Volatility
70
%
 
71
%
 
64
%
 
Number of shares
 
Weighted-
average 
exercise 
price
 
Weighted-
average
 remaining 
contractual term
 (in years)
 
Aggregate 
intrinsic 
value
Outstanding at December 31, 2011
544,340

 
$
19.25

 
7 years, 6 months
 
$
—

Granted
38,000

 
$
8.02

 
 
 
 

Forfeited
(20,315
)
 
$
15.48

 
 
 
 

Outstanding at December 31, 2012
562,025

 
$
18.56

 
7 years
 
$
—

Granted
1,532,000

 
$
4.15

 
 
 
 

Forfeited
(25,305
)
 
$
14.71

 
 
 
 

Outstanding at December 31, 2013
2,068,720

 
$
7.93

 
8 years, 5 months
 
$
544

Granted
348,000

 
$
4.19

 
 
 
 

Expired
(51,637
)
 
$
21.61

 
 
 
 
Forfeited
(278,633
)
 
$
4.45

 
 
 
 

Outstanding at December 31, 2014
2,086,450

 
$
7.43

 
7 years, 2 months
 
$
—

Exercisable at December 31, 2014
1,100,250

 
$
10.63

 
7 years, 2 months
 
$
—

 
The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $1.2 million, $1.2 million, and $1.3 million, respectively.  There were no exercises of vested stock options during the years ended 2014, 2013 and 2012.  As of December 31, 2014, there was $2.1 million of total unrecognized compensation cost, related to nonvested stock options which vest over time.  That cost is expected to be recognized over a weighted-average period of 3.8 years.  As of December 31, 2014, there were 986,200 nonvested stock options, with a weighted average exercise price of $3.86 and an average intrinsic value of $0. As of December 31, 2014, there was no unrecognized compensation cost related to performance-based nonvested consultant options.