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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
SUBSEQUENT EVENTS

NOTE 20 — SUBSEQUENT EVENTS

Incentive Plan activity

On January 1, 2013, certain restricted common stock awards granted to nonexecutive employees vested. Under the terms of the Incentive Plan, the Company repurchased 98,969 shares (the “Treasury Shares”) of the vesting restricted common stock at the vesting date fair value price of $0.41 per share. Proceeds from the sale of the Treasury Shares were used by the nonexecutive employees to satisfy statutory income tax withholding payments.

On January 2, 2013, each independent member of the Board was granted 182,927 shares of the Company’s restricted common stock, or 731,708 shares in the aggregate, as part of the Director Compensation Program. Shares for these grants were issued from the Treasury Shares and 632,739 newly issued shares from the Incentive Plan reserve. Shares issued under the Incentive Plan have no impact on the anti-dilution and pricing protection provisions of the Warrants. These restricted shares vest on January 1, 2014, subject to immediate vesting in the event of a change in control. On the grant date, the aggregate fair value of these shares of restricted common stock was $0.3 million.