Quarterly report pursuant to sections 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 3 Months Ended
Mar. 31, 2013
Equity [Abstract]  
Shareholders' Equity
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, 2013, 3,086,363 shares of common stock have been repurchased for $4,810 under the program.

Stock Compensation Plans

Options granted during the three months ended March 31, 2013 were as follows:

Grant Date
 
Expire Date
Shares
Exercise Price
Fair Value(1)
January 28, 2013
(2)(3) 
January 28, 2023
25,000
$
1.40

$
23

January 28, 2013
(2) 
January 28, 2023
2,235,000
$
1.40

$
1,585

February 20, 2013
(2) 
February 20, 2023
10,000
$
1.40

$
7

(1)
Fair value is calculated using the Black-Scholes option pricing model.
(2)
Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.
(3)
Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date.

Options to purchase 100,000 shares of common stock were forfeited during the three months ended March 31, 2013.

As of March 31, 2013, there was $12,193 of unrecognized compensation cost for stock-based compensation, of which $1,497 related to the 2013 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 2.6 years for all grants and approximately 3.7 years for the 2013 grants.

Options were exercised to purchase 4,500 shares of the Company’s common stock during the three months ended March 31, 2013, for which the intrinsic value on date of exercise was $4.

Warrants

Warrants were exercised to purchase 260,000 shares of the Company's common stock during the three months ended March 31, 2013, for which the intrinsic value on date of exercise was $169.