Quarterly report pursuant to Section 13 or 15(d)

Stock Plans (Tables)

v2.4.0.6
Stock Plans (Tables)
9 Months Ended
Sep. 30, 2012
Stock Plans [Abstract]  
Summary of stock-based compensation expense recorded for awards under the stock option plans

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, 2012 and 2011:

 

                                 
     Three Months Ended
September 30,
    Nine months Ended
September 30,
 

(in thousands, except per share amounts)

  2012     2011     2012     2011  

Research and development

  $ 148     $ 70     $ 878     $ 229  

General and administrative

    217       169       1,355       579  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total stock-based compensation expenses

  $ 365     $ 239     $ 2,233     $ 808  
   

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of assumptions used to estimate the stock-based compensation expense

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, 2012 and 2011:

 

                                 
    Three Months Ended
September 30,
    Nine months Ended
September 30,
 
    2012     2011     2012     2011  

Weighted-average risk-free interest rate

    0.9     2.3     0.9     2.3

Expected dividend payments

    —         —         —         —    

Expected holding period (years) 1

    5.1       5.4       5.1       5.4  

Weighted-average volatility factor 2

    1.74       1.71       1.74       1.71  

Estimated forfeiture rates for options granted to management 3

    23     23     23     23

Estimated forfeiture rates for options granted to non-management 3

    41     41     41     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.
Summary of option activity

The following table summarizes option activity for the nine month period ended September 30, 2012:

 

                                 

(in thousands, except per share amounts)

  Options     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Option
Term
    Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

    5,414     $ 1.61       6.53     $ 802  

Granted

    1,718       1.14                  

Exercised

    —         —                    

Expired or cancelled

    (290     5.54                  

Forfeited

    —         —                    
   

 

 

   

 

 

                 

Outstanding at September 30, 2012

    6,842     $ 1.33       6.09     $ 559  
   

 

 

   

 

 

   

 

 

   

 

 

 

Exercisable at September 30, 2012

    5,800     $ 1.35       6.65     $ 498  
   

 

 

   

 

 

   

 

 

   

 

 

 
Summary of restricted stock activity

The following table summarizes restricted stock activity for the nine month period ended September 30, 2012:

 

                                 

(in thousands, except per share amounts)

  Shares     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
    Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

    181     $ —         9.3     $ 206  

Awarded

    —         —                    

Exercised or released

    (181     —                    

Cancelled

    —         —                    
   

 

 

   

 

 

   

 

 

   

 

 

 

Outstanding at September 30, 2012

    —       $ —         —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Vested at September 30, 2012

    —       $ —         —       $ —