XML 42 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock Options and Warrants (Tables)
 12 Months Ended
Dec. 31, 2013
Stock Options [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Significant Ranges of Outstanding Stock Options and Warrants
The following table summarizes significant ranges of outstanding stock options under the two plans at December 31, 2013:
 
 
Range of
Exercise Prices
  
 
 
Number of Options
  
Weighted Average
RemainingContractual Life
(years)
  
 
Weighted Average
Exercise Price
  
Number of
Options
Exercisable
  
 
Weighted Average
Contractual Life
  
 
Weighted Average
Exercise Price
 
$1.83 — 2.50   5,130,056   9.45  $2.21   2,102,373   9.45  $2.14 
$2.51 — 3.50   194,482   6.93   2.79   151,625   6.93   2.69 
$3.51 — 8.00   692,701   5.69   6.67   660,368   5.69   6.75 
$8.01 — 32.55   378,497   3.13   8.86   378,497   3.13   8.86 
                           
     6,395,736   8.59  $3.11   3,292,863   8.59  $3.86 
Stock Options [Member] | Employees [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair Value Assumptions of Stock Options
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions:
 
  
2013
  
2012
  
2011
 
Risk-free interest rate
  0.91% - 2.79%  0.83% - 1.78%  1.23%
Expected volatility
  85% - 89%  0% - 82%  89%
Expected lives (years)
  6 - 10   6 - 10   6 - 10 
Expected dividend yield
  0.00%  0.00%  0.00%
Unvested Stock Options Activity
A summary of the activity for unvested employee stock options as of December 31, and changes during the year is presented below:
 
 
 
 
 
 
Stock Options
  
Weighted Average Grant Date Fair Value per Share
 
 
 
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
Nonvested at January 1,
  1,322,389   693,504   453,645  $1.57  $2.81  $5.25 
Granted
  3,323,176   1,541,002   499,286   1.82   1.44   1.75 
Vested
  (1,450,404)  (849,113)  (255,855)  2.46   3.69   4.90 
Pre-vested forfeitures or expired
  (92,288)  (63,004)  (3,572)  2.15   2.97   6.93 
Nonvested at December 31,
  3,102,873   1,322,389   693,504  $1.66  $1.57  $2.81 
Stock Options [Member] | Non-employees [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair Value Assumptions of Stock Options
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions:
 
   
2013
  
2012
  
2011
 
Risk-free interest rate
  2.05%  —   2.77%
Expected volatility
  84.8%  —   70%
Expected lives (years)
  10   —   10 
Expected dividend yield
  0%  —   0%
Stock Options and Warrants Activity
At December 31, 2013, there was no unrecognized compensation expense related to unvested non-employee stock options. Presented below is the Company’s non-employee stock option activity:
 
 
 
 
Stock Options
  
Weighted Average Exercise Price
 
 
 
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
Outstanding — beginning of year
  142,143   143,572   142,143  $6.20  $6.17  $6.30 
Granted
  25,000   —   1,429   2.79   —   2.94 
Exercised
  —   (1,429)  —   —   2.94   — 
Forfeited
  —   —   —   —   —   — 
Expired
  —   —   —   —   —   — 
Outstanding — end of year
  167,143   142,143   143,572   5.69   6.20   6.17 
Exercisable at end of year
  167,143   133,215   125,714  $5.69  $6.10  $5.95 
Weighted average fair value of stock options granted during the year:
 $1.98  $—  $2.94             
Unvested Stock Options Activity
A summary of the activity for nonvested, non-employee stock options as of December 31, and changes during the years are presented below:
 
 
 
 
 
 
Stock Options
  
Weighted Average
Grant Date Fair
Value per Share
 
 
 
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
Nonvested at January 1,
  8,929   17,857   41,066  $19.95  $19.95  $13.86 
Granted
  25,000   —   1,429   1.98   —   0.81 
Vested
  (33,929)  (8,928)  (24,638)  6.71   19.95   8.61 
Pre-vested forfeitures
  —   —   —   —   —   — 
Nonvested at December 31,
  0   8,929   17,857   —  $19.95  $19.95 
Stock Options [Member] | Employees and Directors [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Options and Warrants Activity
Presented below is the Company’s stock option activity for employees and directors:
 
  
Stock Options
  
Weighted Average Exercise Price
 
  
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
Outstanding — beginning of year
  3,240,850   1,763,923   1,268,209  $4.08  $6.01  $7.49 
Granted
  3,323,176   1,541,002   499,286   2.43   1.86   2.38 
Exercised
  (476)  (1,071)  —   1.93   2.80   — 
Forfeited
  (127,812)  (63,004)  (3,572)  3.09   3.89   6.93 
Expired
  (207,145)  —   —   9.59   —   — 
Outstanding — end of year
  6,228,593   3,240,850   1,763,923   3.11   4.08   6.01 
Exercisable at end of year
  3,125,720   1,918,461   1,070,419  $3.86  $3.69  $7.49 
Weighted average fair value of stock options granted during the year:
 $1.82  $1.44  $1.75             
Warrants [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Options and Warrants Activity
A summary of the Company’s warrant activity and related information for the years ended December 31 are shown below.
 
  
Warrants
  
Weighted Average
Exercise Price
 
  
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
Outstanding — beginning of year
  7,518,113   7,397,415   1,294,639  $5.09  $5.32  $10.29 
Granted
  816,667   285,716   6,440,000   2.80   2.06   4.48 
Exercised
  (8,572)  (5,714)  —   4.48   1.89   5.32 
Forfeited
  —   (28,571)  —   —   1.89   — 
Expired
  (1,599)  (130,733)  (337,224)  14.99   11.90   8.68 
Outstanding — end of year
  8,324,609   7,518,113   7,397,415   4.86   5.09   5.32 
Exercisable at end of year
  7,924,609   7,452,396   7,396,701  $4.98  $5.11  $5.31 
Weighted average fair value of warrants granted during the year:
 $1.31  $1.22  $2.42             
Significant Ranges of Outstanding Stock Options and Warrants
The following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2013:
 
 
  
Warrants Outstanding
  
 
  
 
 
 
 
 
Range of Exercise Prices
  
 
 
Number of
Shares
  
Weighted
Average
Remaining
Contractual Life
(years)
  
 
Weighted
Average
Exercise Price
  
Warrants
Number of
Shares
Exercisable
  
 
Exercisable
Weighted Average
Exercise Price
 
$1.82 — 2.50   860,003   3.26  $2.29   460,003  $2.11 
$2.51 — 5.50   6,805,285   2.57   4.43   6,805,285   4.43 
$5.51 — 11.50   23,172   0.04   6.12   23,172   6.12 
$11.51 — 24.50   636,149   0.82   12.89   636,149   12.89 
     8,324,609   2.50  $4.86   7,924,609  $4.98