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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
 
At June 30, 2013, 4,552,252 shares reserved under the stock-based compensation plans were available for future grants.

During the six months ended June 30, 2013, the Company granted 292,561 additional shares of restricted stock with a weighted-average grant date fair value of $5.81 per share, which vest between 2014 and 2016. During the same period, the Company also granted 5,507 stock options with a weighted-average grant date fair value of approximately $6.80 per option. These stock options vest in 2016. During the six months ended June 30, 2012, the Company granted 54,421 additional shares of restricted stock with a weighted-average grant date fair value of $5.70 per share, which vest during 2014 and 2015. During the same period, the Company also granted 19,412 stock options with a weighted-average grant date fair value of approximately $4.25 per option. These stock options vest in 2014. The Company used the Black-Scholes option-pricing model with the following weighted-average assumptions to value options granted in 2013 and 2012: 
 
2013
 
2012
Dividend yield
—
%
 
—
%
Expected volatility
77.2
%
 
85.0
%
Risk-free interest rate
1.1
%
 
1.4
%
Expected option lives
6.0 years

 
6.0 years


 
The dividend yield was based on historical dividend information. The Company has not paid dividends since the third quarter of 2008 resulting in the dividend yield of 0.0%. The expected volatility was based on the historical volatility of the Company’s common stock price. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant for periods corresponding with the expected lives of the options granted. The expected option lives represent the period of time that options are expected to be outstanding giving consideration to vesting schedules and historical exercise and forfeiture patterns.
 
The Black-Scholes option-pricing model was developed for use in estimating the fair value of publicly-traded options that have no vesting restrictions and are fully transferable.  The Black-Scholes model is affected by subjective assumptions including historical volatility of the Company’s common stock price.  Because the Company has relatively low average trading volume in its common stock, its estimated volatility may be higher than publicly-traded companies with greater trading volumes. 
 
The following table presents the activity related to stock options for the six months ended June 30, 2013 and 2012:
 
Options
 
Weighted-
average
exercise
price
 
Weighted-
average
remaining
contractual
term (years)
 
Aggregate
intrinsic
value (000)
Options outstanding at January 1, 2013
139,446

 
$
53.39

 
6.2
 
$
79.4

Granted
5,507

 
6.80

 
9.7
 
—

Canceled / forfeited
(8,090
)
 
110.67

 
N/A
 
N/A

Expired
(10,806
)
 
90.72

 
N/A
 
N/A

Options outstanding at June 30, 2013
126,057

 
$
44.78

 
6.5
 
$
40.9

Options exercisable at June 30, 2013
88,151

 
$
61.43

 
5.4
 
$
27.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding at January 1, 2012
144,370

 
$
68.90

 
5.9
 
$
—

Granted
19,412

 
4.25

 
1.9
 
27.8

Canceled / forfeited
(17,699
)
 
69.11

 
N/A
 
N/A

Expired
(8,110
)
 
68.97

 
N/A
 
N/A

Options outstanding at June 30, 2012
137,973

 
$
59.77

 
6.3
 
$
27.8

Options exercisable at June 30, 2012
56,711

 
$
137.74

 
3.6
 
$
—


 
Stock-based compensation expense related to stock options for the six months ended June 30, 2013 and 2012 was approximately $52 thousand and $91 thousand, respectively. As of June 30, 2013, there was approximately $0.1 million unrecognized compensation cost related to nonvested stock options which will be recognized over the remaining vesting periods of the underlying stock options.

The following table presents the activity related to nonvested restricted stock for the six months ended June 30, 2013:
 
 
Number of
shares
 
Weighted-
average grant
date fair value
per share
Nonvested as of January 1, 2013
157,191

 
$
14.11

Granted
292,561

 
5.81

Vested
(80,902
)
 
5.98

Canceled / forfeited
(4,167
)
 
7.12

Nonvested as of June 30, 2013
364,683

 
$
9.34


 
Nonvested restricted stock is generally scheduled to vest over a three year period. The unearned compensation on restricted stock is being amortized to expense on a straight-line basis over the applicable vesting periods. As of June 30, 2013, unrecognized compensation cost related to nonvested restricted stock totaled approximately $1.9 million, which is expected to be recognized over the next three years. Total expense recognized by the Company for nonvested restricted stock for the six months ended June 30, 2013 and 2012 was $0.4 million and $0.5 million, respectively, and is being amortized to expense on a straight-line basis over the applicable vesting periods. There was no unrecognized compensation cost related to restricted stock units (“RSUs”) at June 30, 2013 and December 31, 2012, as all RSUs were fully-vested at the date of the grant.