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STOCK OPTION PLANS (Tables)
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12 Months Ended |
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Dec. 31, 2012
|
| Summary of Stock Option Activity |
The following
table summarizes activity of the stock option plans for the years
ended December 31, 2012 and 2011:
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Shares
Available
for Future Grant
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Number
of
Shares
Outstanding
Under Option
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Weighted
Average
Exercise
Price
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Balance, January 1,
2011
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423,618 |
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|
670,355 |
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|
$ |
4.60 |
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|
Options granted at
market
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|
(224,250 |
) |
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|
224,250 |
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|
2.32 |
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Options
exercised
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|
|
— |
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|
|
— |
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|
|
— |
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Options forfeited or
expired
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|
154,585 |
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|
(157,585 |
) |
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|
2.95 |
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Balance, December 31,
2011
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353,953 |
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|
737,020 |
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$ |
4.26 |
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Options granted at
market
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|
(54,250 |
) |
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|
54,250 |
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|
0.54 |
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Options
exercised
|
|
|
— |
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|
|
— |
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|
— |
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Options forfeited or
expired
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81,467 |
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(84,467 |
) |
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|
1.83 |
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Balance, December 31,
2012
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381,170 |
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|
706,803 |
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$ |
4.27 |
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| Summary of Non-Vested Shares |
A summary of
the non-vested shares as of December 31, 2012 and changes
during the year ending December 31, 2012 is presented
below:
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Non-vested
Shares
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|
Shares |
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Weighted-
Average
Grant-Date
Fair Value |
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Non-vested at January 1,
2012
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83,463 |
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$ |
2.28 |
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Granted
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54,250 |
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|
0.39 |
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Vested
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(63,109 |
) |
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|
2.50 |
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Forfeited
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(69,002 |
) |
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|
0.69 |
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Non-vested at December 31,
2012
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5,602 |
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$ |
0.99 |
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| Summary of Non-Vested Shares Activity |
A summary of
the non-vested shares that vested, some being contingent upon
achievement of certain performance criteria, under the 2003 Plan as
of December 31, 2012 and changes during the year then ended is
presented below. These shares were also reflected in the summary
above.
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Performance
Based Non-vested Shares
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|
Shares |
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|
Weighted-Average
Grant-Date
Fair
Value
|
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Non-vested at January 1,
2012
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28,980 |
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$ |
2.57 |
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Granted
|
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— |
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— |
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Vested
|
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|
(28,980 |
) |
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2.57 |
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Forfeited
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— |
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— |
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Non-vested at December 31,
2012
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— |
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$ |
— |
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Performance Based Stock Options
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|
| Summary of Stock Option Activity |
A summary of
activity of options that vest contingent upon achievement of
certain performance criteria under the 2003 Plan as of
December 31, 2012 and changes during the year then ended is
presented below. These shares were also included in the summary of
activity of stock option plans for the year ended December 31,
2012 above.
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Performance
Based Shares
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Shares |
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Weighted
Average
Exercise Price
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Weighted
Average
Remaining
Contractual Term
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Aggregate
Intrinsic
Value
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Outstanding at
January 1, 2011
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132,260 |
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$ |
4.14 |
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|
6.18 |
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|
$ |
— |
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Granted
|
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|
130,000 |
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|
2.15 |
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Options
exercised
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— |
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— |
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Forfeited or
expired
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(101,020 |
) |
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2.15 |
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Outstanding at
December 31, 2011
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161,240 |
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$ |
3.79 |
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|
6.74 |
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$ |
— |
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Granted
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— |
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— |
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Options
exercised
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— |
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— |
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Forfeited or
expired
|
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— |
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— |
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Outstanding at
December 31, 2012
|
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|
161,240 |
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|
$ |
3.79 |
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|
4.91 |
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|
$ |
— |
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Exercisable at
December 31, 2012
|
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|
161,240 |
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|
$ |
3.79 |
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|
4.91 |
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|
$ |
— |
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