| Summary Of Option Activity Under Stock Option Plans |
The following
table summarizes option activity:
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Shares |
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Weighted
Average
Exercise Price
Per
Share
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Weighted Average
Remaining
Contractual Term
(Years) |
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Aggregate Intrinsic
Value(1) |
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Options outstanding,
January 1, 2010
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3,650,000 |
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$ |
4.50 |
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Granted at fair market
value
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434,000 |
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$ |
1.77 |
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Granted at above fair
market value
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1,657,000 |
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$ |
2.00 |
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Exercised
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(225,000 |
) |
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$ |
0.89 |
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Forfeited, cancelled, or
expired
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(1,386,000 |
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$ |
3.91 |
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Options outstanding,
December 31, 2010
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4,130,000 |
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$ |
3.60 |
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Granted at fair market
value
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1,151,000 |
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$ |
4.11 |
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Granted at above fair
market value
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— |
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$ |
— |
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Exercised
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(657,000 |
) |
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$ |
2.08 |
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Forfeited, cancelled, or
expired
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(766,000 |
) |
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$ |
4.92 |
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Options outstanding,
December 31, 2011
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3,858,000 |
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$ |
3.75 |
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Granted at fair market
value
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614,000 |
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$ |
1.80 |
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Granted at above fair
market value
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568,000 |
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$ |
0.95 |
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Exercised
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(214,000 |
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$ |
2.12 |
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Forfeited, cancelled, or
expired
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(966,000 |
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$ |
3.63 |
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Options outstanding,
December 31, 2012
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3,860,000 |
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$ |
3.48 |
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3.96 |
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$ |
199,000 |
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Options exercisable,
December 31, 2012
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2,314,000 |
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$ |
4.02 |
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3.86 |
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$ |
195,000 |
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Vested options
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Vested options expired
during the twelve months ended December 31, 2012
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208,000 |
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$ |
4.84 |
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$ |
— |
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| (1) |
The intrinsic value
calculation does not include negative values. This can occur when
the fair market value on the reporting date is less than the
exercise price of a grant. |
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| Additional Information of Option Activity |
The following
table summarizes additional information for those options that are
outstanding and exercisable as of December 31,
2012:
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Options
Outstanding |
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Exercisable |
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Range of Exercise Prices
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Number
of
Shares
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Weighted
Average
Exercise Price |
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Weighted
Average
Remaining
Life (Years) |
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Number
of
Shares
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Weighted
Average
Exercise Price |
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$ 0.72 —
$1.99
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456,000 |
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$ |
1.43 |
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5.50 |
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379,000 |
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$ |
1.35 |
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$ 2.00 —
$2.99
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2,175,000 |
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$ |
2.28 |
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3.91 |
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917,000 |
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$ |
2.08 |
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$ 3.00 —
$3.99
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159,000 |
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$ |
3.20 |
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3.50 |
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75,000 |
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$ |
3.20 |
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$ 4.00 —
$4.99
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268,000 |
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$ |
4.25 |
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4.50 |
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232,000 |
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$ |
4.15 |
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$ 5.00 —
$5.99
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373,000 |
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$ |
5.44 |
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4.22 |
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288,000 |
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$ |
5.45 |
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$ 6.00 —
$9.99
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225,000 |
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$ |
7.49 |
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3.12 |
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219,000 |
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$ |
7.53 |
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$ 10.00 —
$13.99
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150,000 |
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$ |
11.34 |
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1.31 |
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150,000 |
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$ |
11.34 |
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$ 14.00 —
$18.99
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54,000 |
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$ |
14.14 |
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1.43 |
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54,000 |
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$ |
14.14 |
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Total
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3,860,000 |
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$ |
3.48 |
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3.96 |
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2,314,000 |
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$ |
4.02 |
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| Cash Proceeds, Along With Fair Value Disclosures Related to Grants, Exercises, and Vesting Options |
Cash proceeds,
along with fair value disclosures related to grants, exercises, and
vesting options, are as follows for the years ended
December 31 (in thousands, except per share
amounts):
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Twelve Months
Ended
December 31,
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2012 |
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2011 |
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2010 |
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Proceeds from stock options
exercised
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$ |
455 |
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$ |
1,244 |
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$ |
199 |
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Tax benefit related to
stock options exercised(1)
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N/A |
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N/A |
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N/A |
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Intrinsic value of stock
options exercised(2)
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$ |
91 |
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$ |
1,328 |
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$ |
111 |
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Weighted-average fair value
of options granted
|
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$ |
1.39 |
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$ |
2.97 |
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$ |
1.09 |
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Total fair value of shares
vested during the year
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$ |
1,737 |
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$ |
1,259 |
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$ |
713 |
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| (1) |
Excess tax benefits
received related to stock option exercises are presented as
financing cash inflows. Currently the Company does not receive a
tax benefit related to the exercise of stock options due to its net
operating losses. |
| (2) |
The intrinsic value of
stock options exercised is the amount by which the market price of
the stock on the date of exercise exceeded the market price of the
stock on the date of grant. |
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