Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v2.4.0.8
Common Stock (Tables)
 6 Months Ended
Jun. 30, 2013
Common Stock [Abstract]  
Summary of stock options activity

Stock option transactions and the number of stock options outstanding are summarized below:

 

                 
    Number
of
Optioned
Common
Shares
# 		    Weighted
Average
Exercise
Price
$ 		 

Balance, December 31, 2012

     804,781       11.34  

Option grants

     209,282       11.81  

Option expirations

     (3,061 )      4.11  

Option exercises

     (3,475 )      3.00  

Option forfeitures

     (7,300 )      12.23  
   

 

 

    

 

 

  

Balance, June 30, 2013

     1,000,227       11.48  
Summary of fair value option award

The fair value of each stock award is estimated on the grant date using the Black-Scholes option-pricing model based on the weighted-average assumptions noted in the following table:

 

                 
    Six months ended
June 30,		  
    2013     2012  
     

Risk-free interest rates

     1.16 %      0.97 % 
     

Expected dividend yield

     0 %      0 % 
     

Expected life

     5.8 years       6.0 years  
     

Expected volatility

     87.17 %      95.82 % 
Summary of share-based compensation expense for stock options and restricted stock

The results for the periods set forth below included share-based compensation expense for stock options and restricted stock units in the following expense categories of the consolidated statements of loss (in thousands):

 

                                 
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  

(In thousands)

   2013     2012     2013     2012  
    $     $     $     $  

Research and development

     415       293       727       428  

General and administrative

     440       416       876       601  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Total share-based compensation

     855       709       1,603       1,029  
Summary of restricted stock unit award activity

The following table summarizes our restricted stock unit award activity during the six months ended June 30, 2013:

 

                 
    2013  
    Stock
Awards
#		     Weighted-
Average
Grant
Date Fair
Value
$ 		 

Outstanding January 1

     172,035       13.01  

Granted

     238,895       11.89  

Vested

     (23,899 )      12.82  

Forfeited or expired

     (2,849 )      12.54  
   

 

 

    

 

 

  

Outstanding June 30

     384,182       12.33  
Summary of fair value of warrants issued

The following assumptions were used to value the warrants on the following balance sheet dates:

 

                 
    Six Months Ended
June 30,		  
    2013     2012  
     

Risk-free interest rates

     0.45 %      0.46 % 
     

Expected dividend yield

     0 %      0 % 
     

Expected life

     2.3 years       3.3 years  
     

Expected volatility

     44 %      67 %