Annual report pursuant to Section 13 and 15(d)

Compensation and Other Benefit Plans (Tables)

v2.4.0.8
Compensation and Other Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Other Benefit Plans [Abstract]  
Stock option activity
A summary of the status of the Company’s stock option plans as of December 31, 2013, 2012, and 2011, and changes during the years ended on those dates is presented below:

   
2013
   
2012
   
2011
 
Options:
 
Shares
   
Price*
   
Shares
   
Price*
   
Shares
   
Price*
 
Outstanding at beginning of year
    6,788,383     $ 8.99       5,053,435     $ 12.55       2,331,450     $ 25.36  
                                                 
Granted
    1,168,203     $ 3.13       2,351,445     $ 2.59       2,920,166     $ 2.81  
Exercised
    (589,355 )   $ 2.26       (90,252 )   $ 1.68       -     $ -  
Forfeited, expired or cancelled
    (151,190 )   $ 17.46       (526,245 )   $ 15.84       (198,181 )   $ 35.56  
                                                 
Outstanding at end of year
    7,216,041     $ 8.42       6,788,383     $ 8.99       5,053,435     $ 12.55  
                                                 
Exercisable at end of year
    4,814,926     $ 11.14       4,276,834     $ 12.42       3,366,807     $ 16.33  

*
Weighted-average exercise price

Unvested RSU activity
Unvested RSU activity for the year ended December 31, 2013 is summarized below:
 
   
Number of
Shares
   
Weighted-
Average Grant-
Date Fair Value
 
Unvested balance at December 31, 2012
    1,459,853     $ 2.75  
Granted
    958,385     $ 2.96  
Vested
    (637,034 )   $ 2.57  
Forfeited
    (43,167 )   $ 2.08  
Unvested balance at December 31, 2013
    1,738,037     $ 2.73  
 
Weighted average assumptions
The fair value of stock option awards was estimated using the Black-Scholes model with the following weighted average assumptions for the years ended December 31, 2013, 2012, and 2011:

   
Year Ended December 31,
 
   
2013
   
2012
   
2011
 
Dividend yield
    0 %     0 %     0 %
Expected volatility
    92 %     92 %     88 %
Risk-free interest rate
    0.89 %     0.82 %     1.48 %
Expected term
 
5.6 years
   
5.6 years
   
5.4 years
 

Stock-based compensation expense
The following table shows total stock-based compensation expense included in the consolidated statements of comprehensive loss for the years ended December 31, 2013, 2012, and 2011 (in thousands):

   
Year Ended December 31,
 
   
2013
   
2012
   
2011
 
Research and development
  $ 2,358     $ 2,391     $ 3,672  
Selling, general and administrative
    2,741       1,893       4,087  
Total stock-based compensation expense
  $ 5,099     $ 4,284     $ 7,759