Note 9 - Stock-Based Compensation
|3 Months Ended|
Mar. 31, 2012
|Disclosure of Compensation Related Costs, Share-based Payments [Text Block]||
9. Stock-Based Compensation
We maintained the 2002 Equity Incentive Plan (the "Plan") for employees, outside directors and consultants until April 30, 2012, at which point future awards could no longer be granted under the Plan. At March 31, 2012, 250,847 options were outstanding under the Plan with exercise prices ranging from $0.04 to $4.80 per share. The requisite service periods for the options to vest vary from six months to four years and the options expire ten years from the date of grant. At March 31, 2012, 36,713 shares remained available for grant under the Plan, including forfeitures.
During the three months ended March 31, 2012 and 2011, no options were granted.
Compensation expense associated with stock options and restricted stock grants for the three months ended March 31, 2012 and 2011 was $182,000 and $164,000, respectively.
The weighted average remaining contractual life of the options outstanding under the Plan at March 31, 2012 was 3.44 years and for those outstanding options that were exercisable at March 31, 2012 was 3.07 years.
As of March 31, 2012, compensation costs related to non-vested awards under the Plan totaled $1.2 million for non-vested restricted shares and $0.1 million for non-vested options, which are expected to be recognized over a weighted average period of 2.2 years.
The compensation costs of restricted stock awards under the Plan were determined based on the fair value of our common stock on the date of grant and expensed over each award's respective vesting period. Restricted stock vesting periods vary from immediate to four years from the date of grant. During the three months ended March 31, 2012, no restricted shares were granted.
Below is a summary of restricted stock grant and vesting activity:
Due to the passage of The American Jobs Creation Act and the subsequent IRS Section 409A rules, stock options that were issued at a strike price less than market value at the date of grant will now be considered deferred compensation by the IRS and the individual who was granted the options will incur adverse tax consequences, including, but not limited to excise taxes, unless the individual designated a specific future exercise date of the unvested stock options at December 31, 2004 and made this election before December 31, 2005. As a result of the compliance with The American Job Creation Act, a summary of these designated future exercise dates is as follows:
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://www.xbrl.org/2003/role/presentationRef