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v2.4.0.6
CAPITAL STOCK
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
CAPITAL STOCK

CAPITAL STOCK

 

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions for options granted in the three and nine months ended September 30, 2011 and 2012.

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2011   2012   2011   2012
                       
Risk-free interest rate   0.85%   0.35%    0.99%   0.37% 
Expected lives   3.2 years    2.8 years   3.0 years    2.8 years
Expected volatility   75%    55%   82%    64%
Expected dividend yield   0%    4.44%   0%    3.39%
                           

 

A summary of the Company's stock option plans, excluding options to purchase fractional shares resulting from the Company's December 2010 1-for-10 reverse stock split is as follows:

 

 

Year Ended

December 31, 2011

Nine Months Ended

September 30, 2012

 

 

 

 

 

Options

 

Weighted

Average

Exercise

Price

 

 

 

 

 

Options

 

Weighted

Average

Exercise

Price

Outstanding at beginning of period   1,341,876   $ 11.003     1,448,675    $ 10.425   
  Granted at market   187,750   $ 6.962     39,950    $ 11.938   
  Cancelled   (73,871 ) $ 12.684     (115,339  $ 11.334   
  Exercised   (7,080 ) $ 4.564      (214,720 ) $ 5.952   
Outstanding at end of period   1,448,675   $ 10.425      1,158,566   $ 11.216   
Exercisable at end of period   1,175,731   $ 11.427      952,454   $ 12.224   

 

The estimated fair value of stock options granted during the nine months ended September 30, 2012 and 2011 was computed to be approximately $167 thousand and $298 thousand, respectively. The amount is amortized ratably over the vesting period of the options. The per share weighted average estimated fair value of options granted during the nine months ended September 30, 2012 and 2011 was computed to be approximately $4.19 and $3.69, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2012 and 2011 was approximately $1.1 million and $2 thousand, respectively. The cash proceeds from options exercised during the nine months ended September 30, 2012 and 2011 were approximately $243 thousand and $16 thousand, respectively.

 

The following table summarizes information about stock options outstanding and exercisable at September 30, 2012, excluding outstanding options to purchase an aggregate of 105.8 fractional shares resulting from the Company's December 2010 1-for-10 reverse stock split with a weighted average remaining contractual life of 2.12 years, a weighted average exercise price of $13.67 and exercise prices ranging from $4.40 to $31.50. The Company intends to issue whole shares only from option exercises.

 

  Options Outstanding Options Exercisable  
Exercise Prices Number of
Options
Outstanding
at
September 30,
2012
Weighted
Average
Remaining
Contractual
Life in Years
Weighted
Average
Exercise
Price
Number of
Options
Exercisable
at
September 30,
2012
Weighted
Average
Exercise
Price
 
$  2.70 - $  6.66   234,173      6.90    $ 4.806      164,913    $ 4.803   
$  6.76 - $  8.60   221,442      7.47    $ 7.222      103,301    $ 7.576   
$  8.61 - $12.40   233,618      3.73    $ 9.708      214,907    $ 9.616   
$12.41 - $16.50   239,761      3.08    $ 14.050      239,761    $ 14.050   
$16.51 - $31.50   229,572      3.21    $ 20.182      229,572    $ 20.182   
$  2.70 - $31.50   1,158,566      4.85    $ 11.216      952,454    $ 12.224   
                                     

 

As of September 30, 2012, there was approximately $616 thousand of total unrecognized compensation cost related to outstanding stock options. That cost is expected to be recognized over a weighted average period of 1.6 years, with approximately $90 thousand to be recognized in the three months ending December 31, 2012 and all the cost to be recognized as of September 2016, assuming all options vest according to the vesting schedules in place at September 30, 2012. As of September 30, 2012, the aggregate intrinsic value of outstanding options was approximately $1.4 million and the aggregate intrinsic value of exercisable options was approximately $872 thousand.