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Shareholders' Equity
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3 Months Ended | |||
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Mar. 31, 2012
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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. In October 2011, the board approved an amendment to the repurchase program to permit the purchase of up to an additional 5,000,000 shares. Since inception through March 31, 2012, 2,249,292 shares have been repurchased for $3,604 under the program.
Stock Compensation Plans
On January 31, 2012, the Company granted to employees and directors options to purchase an aggregate of 3,630,000 shares of the Company’s common stock at an exercise price of $2.80 per share. The options, which expire on January 31, 2022, vest in four equal annual installments beginning on the first anniversary of the grant date. The Company valued the options at $4,345 using the Black-Scholes option pricing model.
As of March 31, 2012, there was $16,750 of unrecognized compensation cost for stock-based compensation, of which $4,024 related to the 2012 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 1.90 years for all grants and approximately 3.75 years for the 2012 grants.
The total intrinsic value of options exercised during the three months ended March 31, 2012 and 2011 was $1,572 and $36, respectively. |