|
Shareholders' Equity
|
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2011
|
|||
| Shareholders' Equity |
Repurchase Program
In
March 2007, the Company’s board of directors authorized the
repurchase of up to 2,500,000 shares of the Company’s
common stock from time to time on the open market or in privately
negotiated transactions, depending on market conditions. The
repurchase program is funded using approximately 15% of the
Company’s EBITDA, as adjusted. As of June 30, 2011, 1,599,156
shares had been repurchased for $2,450 under the program, including
475,886 and 585,962 shares repurchased in the three and six months
ended June 30, 2011, respectively.
Stock Compensation Plans
On
March 2, 2011, the Company granted to employees and directors
options to purchase an aggregate of 3,300,000 shares of the
Company’s common stock at an exercise price of $1.28 per
share. The options, which expire on March 2, 2021, vest in four
equal annual installments beginning on the first anniversary of the
grant date. The Company valued the options at $3,131 (fair value of
$.95 per option) using the Black-Scholes option pricing
model.
In
April 2011, the Company granted to employees and consultants ten
year options to purchase an aggregate of 455,000 shares of the
Company’s common stock at exercise prices ranging from $1.10
to $1.28 per share and vesting periods ranging from two to four
years. The Company valued the options at $364 (weighted average
fair value of $.80 per option) using the Black Scholes option
pricing model.
As
of June 30, 2011, there was $6,001 of unrecognized compensation
cost for stock-based compensation, of which $3,121 related to the
2011 grants described above. This cost is expected to be recognized
over the vesting periods of the options, which on a
weighted-average basis are approximately 1.49 years for all grants
and approximately 3.49 years for the 2011 grants.
The
total intrinsic value of options exercised during the six months
ended June 30, 2011 was $48.
|