Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2013

Stockholders' Equity [Abstract]

Assumptions in computing option fair Value

The following are assumptions made in computing the February 2013 option fair value:

Average risk-free interest rate	0.89	%
Dividend yield	0	%
Expected term	5 years
Average expected volatility	78.40	%

The following are assumptions made in computing the May 2013 option fair value:

Average risk-free interest rate	0.84	%
Dividend yield	0	%
Expected term	5 years
Average expected volatility	78.79	%

Stock-based compensation expense

The share-based compensation expense for the three months ended June 30, 2013 and 2012 is as follows:

Common stock awards

Issue Date	Total Shares  Awarded		Average Issuance  Price		6/30/13		6/30/12
December 2010		136,500	$	3.00	$	11,625	$	79,125
May 2011		420,000		2.68		60,300		254,600
December 2011		12,000		2.68		2,680		2,680
April 2012		60,000		2.30		11,500		23,000
August 2012		30,000		1.75		4,375		—
February 2013		42,000		2.50		8,750		—
					$	99,230	$	359,405

Stock option awards

Issue Date	Total Options  Awarded		Average Issuance  Price		6/30/13		6/30/12
December 2010		368,000	$	3.00	$	30,282	$	164,245
May 2011		378,000		2.68		37,083		131,947
December 2011		36,000		2.68		5,176		5,175
April 2012		804,000		2.30		86,460		117,480
August 2012		60,000		2.30		6,600		—
February 2013		346,000		2.50		45,231		—
May 2013		100,000		3.00		15,738		—
					$	226,570	$	418,847
Total share based expense					$	325,800	$	778,252

The stock-based compensation expense for the six months ended June 30, 2013 and 2012 is as follows:

Common stock awards

Issue Date	Total Shares  Awarded		Average Issuance  Price		6/30/13		6/30/12
December 2010		136,500	$	3.00	$	23,251	$	104,250
May 2011		420,000		2.68		120,600		348,400
December 2011		12,000		2.68		5,360		5,360
April 2012		60,000		2.30		23,000		23,000
August 2012		30,000		1.75		8,750		—
February 2013		42,000		2.50		17,500		—
					$	198,461	$	481,010

Stock option awards

Issue Date	Total Options  Awarded		Average Issuance  Price		6/30/13		6/30/12
December 2010		368,000	$	3.00	$	60,565	$	221,368
May 2011		378,000		2.68		74,166		186,278
December 2011		36,000		2.68		10,351		10,349
April 2012		804,000		2.30		172,920		117,480
August 2012		60,000		2.30		13,200		—
February 2013		346,000		2.50		90,462		—
May 2013		100,000		3.00		15,738		—
					$	437,402	$	535,475
Total share based expense					$	635,863	$	1,016,485