Quarterly report pursuant to Section 13 or 15(d)

Stock Plans (Tables)

v2.4.0.8
Stock Plans (Tables)
9 Months Ended
Sep. 30, 2014
Stock Plans [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
The following table summarizes the stock-based compensation expense recorded for awards under the stock option plans for the three and nine month periods ended September 30, 2014 and 2013:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
(in thousands, except per share amounts)
 
2014
 
2013
 
2014
 
2013
 
Research and development
 
$
33
 
$
11
 
$
206
 
$
367
 
General and administrative
 
 
38
 
 
10
 
 
251
 
 
289
 
Total stock-based compensation expenses
 
$
71
 
$
21
 
$
457
 
$
656
 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the three and nine month periods ended September 30, 2014 and 2013:
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2014
 
 
2013
 
2014
 
2013
 
Weighted-average risk-free interest rate
 
 
1.7
%
 
0.9
%
 
 
2.0
%
 
 
0.9
%
Expected dividend payments
 
 
 
 
 
 
 
 
 
 
 
Expected holding period (years) 1
 
 
4.21
 
 
3.8
 
 
 
6.5
 
 
 
4.0
 
Weighted-average volatility factor 2
 
 
1.66
 
 
1.05
 
 
 
1.66
 
 
 
1.48
 
Estimated forfeiture rates 3
 
 
31
%
 
32
%
 
 
31
%
 
 
32
%
 
 
(1)
Expected holding periods are based on the simplified method provided in Staff Accounting Bulletin No. 107 for “plain vanilla options.”
 
(2)
Weighted average volatility is based on the historical volatility of our common stock.
 
(3)
Estimated forfeiture rates are based on historical data.
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes option activity for the nine month period ended September 30, 2014:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
Average
 
 
 
 
 
 
Average
Remaining
 
Aggregate
 
 
 
 
Exercise
Option
 
Intrinsic
 
(in thousands, except per share amounts)
 
 
Options
 
Price
Term
 
Value
 
Outstanding at January 1, 2014
 
 
6,732
 
$
1.31
 
 
5.75
 
$
 
Granted
 
 
275
 
 
0.66
 
 
 
 
 
 
 
Exercised
 
 
 
 
 
 
 
 
 
 
 
Expired or cancelled
 
 
(410)
 
 
2.12
 
 
 
 
 
 
 
Forfeited
 
 
(27)
 
 
1.66
 
 
 
 
 
 
 
Outstanding at September 30, 2014
 
 
6,570
 
$
1.23
 
 
5.36
 
$
 
Exercisable at September 30, 2014
 
 
6,495
 
$
1.24
 
 
5.31
 
$
 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
The following table summarizes restricted stock activity for the nine month period ended September 30, 2014:
 
 
 
 
Weighted
 
 
Weighted
 
 
 
 
 
 
Average
 
 
Average
 
Aggregate
 
 
Restricted
 
Exercise
 
 
Remaining
 
Intrinsic
 
(in thousands, except per share amounts)
 
 
Stock
 
Price
 
 
Term
 
Value
 
Outstanding at January 1, 2014
 
 
 
$
 
 
 
$
 
Granted
 
 
617
 
 
 
 
 
 
 
 
 
Released
 
 
(259)
 
 
 
 
 
 
 
 
 
Expired or cancelled
 
 
 
 
 
 
 
 
 
 
 
Forfeited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at September 30, 2014
 
 
358
 
$
 
 
9.37
 
$
199
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2014
 
 
 
$
 
 
 
$