Quarterly report pursuant to Section 13 or 15(d)

Stock Plans (Tables)

v2.4.0.8
Stock Plans (Tables)
3 Months Ended
Mar. 31, 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 month periods ended March 31, 2014 and 2013:
 
 
 
Three Months Ended
March 31,
 
(in thousands, except per share amounts)
 
2014
 
2013
 
Research and development
 
$
145
 
$
304
 
General and administrative
 
 
181
 
 
201
 
 
 
 
 
 
 
 
 
Total stock-based compensation expenses
 
$
326
 
$
505
 
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 month period ended March 31, 2014 and 2013:
 
 
 
Three Months Ended
March 31,
 
 
 
2014
 
 
2013
 
Weighted-average risk-free interest rate
 
 
2.0
%
 
 
0.64
%
Expected dividend payments
 
 
 
 
 
 
Expected holding period (years)1
 
 
6.5
 
 
 
4.4
 
Weighted-average volatility factor2
 
 
1.66
 
 
 
1.83
 
Estimated forfeiture rates for options granted to management3
 
 
31
%
 
 
23
%
Estimated forfeiture rates for options granted to non-management3
 
 
31
%
 
 
41
%
 
_______________________________________________
(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 three month period ended March 31, 2014:
 
(in thousands, except per share amounts)
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Option
Term
 
Aggregate
Intrinsic
Value
 
Outstanding at January 1, 2014
 
 
6,732
 
$
1.31
 
 
5.75
 
$
 
Granted
 
 
275
 
 
0.66
 
 
 
 
 
 
 
Exercised
 
 
 
 
 
 
 
 
 
 
 
Expired or cancelled
 
 
(60)
 
 
3.69
 
 
 
 
 
 
 
Forfeited
 
 
(2)
 
 
4.06
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
6,945
 
$
1.27
 
 
5.57
 
$
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at March 31, 2014
 
 
6,869
 
$
1.27
 
 
5.52
 
$
2
 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
The following table summarizes restricted stock activity for the three month period ended March 31, 2014:
 
(in thousands, except per share amounts)
 
Restricted Stock
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Term
 
Aggregate
Intrinsic
Value
 
Outstanding at January 1, 2014
 
 
 
$
 
 
 
$
 
Granted
 
 
617
 
 
 
 
 
 
 
 
 
Released
 
 
(259)
 
 
 
 
 
 
 
 
 
Expired or cancelled
 
 
 
 
 
 
 
 
 
 
 
Forfeited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
358
 
$
 
 
9.87
 
$
207
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at March 31, 2014
 
 
 
$
 
 
 
$