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Shareholders' Equity
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9 Months Ended | ||
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Sep. 30, 2011
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| 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. As of
September 30, 2011, 1,943,500 shares had been repurchased for
$2,975 under the program, including 344,344 and 930,306 shares
repurchased in the three and nine months ended September 30, 2011,
respectively. In October 2011, our board approved an amendment to
the repurchase program to purchase up to an additional 5,000,000
shares.
Stock Compensation Plans
On
March 2, 2011, the Company granted to employees and directors
ten-year 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 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.
In
September 2011, the Company granted to a new director ten-year
options to purchase 20,000 shares of common stock at an exercise
price of $1.73 per share. The option vests on September
19, 2012. The Company valued the options at $23 (fair
value of $1.16 per option) using the Black-Scholes option pricing
model.
As
of September 30, 2011, there was $4,640 of unrecognized
compensation cost for stock-based compensation, of which $2,311
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 1.39 years for all
grants and approximately 3.28 years for the 2011
grants.
The
total intrinsic value of options exercised during the three and
nine months ended September 30, 2011 was $122 and $170,
respectively.
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