ACHN » Topics » 9. Stock-Based Compensation

This excerpt taken from the ACHN 10-Q filed May 15, 2009.

8. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors are eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 637 shares available to be granted under the 2006 Plan as of March 31, 2009.

A summary of the status of the Company’s stock option activity for the three months ended March 31, 2009 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise

Price

Outstanding at January 1, 2009

   2,596     $ 4.45

Granted

   125       0.92

Exercised

   —         —  

Cancelled/Forfeited

   (8 )     4.85
            

Outstanding at March 31, 2009

   2,713     $ 4.29
            

Options exercisable at March 31, 2009

   1,230     $ 5.09
            

Weighted-average fair value of options granted during the period

     $ 0.63

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Three Months Ended  
     March 31, 2009     March 31, 2008  

Expected term of option

   6.1 years     6.1 years  

Expected volatility

   79 %   64 %

Risk free interest rate

   1.97 %   2.67 %

Expected dividend yield

   0 %   0 %

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended March 31, 2009 and 2008 was $473 and $533, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance on its deferred tax assets.

As of March 31, 2009, the intrinsic value of the options outstanding was $479, of which $19 related to vested options and $460 related to unvested options. The intrinsic value of stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date.

As of March 31, 2009, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $3,382, net of estimated forfeitures, and the weighted average period over which this amount is expected to be recognized is 1.24 years.

This excerpt taken from the ACHN 10-Q filed Oct 29, 2008.

9. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors are eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 747 shares available to be granted under the 2006 Plan as of September 30, 2008.

A summary of the status of the Company’s stock option activity for the nine months ended September 30, 2008 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise
Price

Outstanding at January 1, 2008

   1,857     $ 5.97

Granted

   93       2.95

Exercised

   (13 )     1.72

Cancelled/Forfeited

   (71 )     6.20
            

Outstanding at September 30, 2008

   1,866     $ 5.84
            

Options exercisable at September 30, 2008

   1,035     $ 4.79
            

Weighted-average fair value of options granted during the period

     $ 1.82

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Nine Months Ended  
     September 30, 2008     September 30, 2007  

Expected term of option

   6.1 years     6.1 years  

Expected volatility

   64 %   70 %

Risk free interest rate

   2.67 – 3.48 %   4.31 – 4.94 %

Expected dividend yield

   0 %   0 %

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended September 30, 2008 and 2007 was $588 and $470, respectively. Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the nine months ended September 30, 2008 and 2007 was $1,646 and $1,245, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance on its deferred tax assets.

As of September 30, 2008, the intrinsic value of the options outstanding was $2, of which all related to vested options. The intrinsic value of stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date.

 

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As of September 30, 2008, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $3,790, net of estimated forfeitures, and the weighted average period over which this amount is expected to be recognized is 1.34 years.

This excerpt taken from the ACHN 10-Q filed Aug 14, 2008.

8. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors are eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 789 shares available to be granted under the 2006 Plan as of June 30, 2008.

 

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A summary of the status of the Company’s stock option activity for the six months ended June 30, 2008 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise
Price

Outstanding at January 1, 2008

   1,857     $ 5.97

Granted

   16       4.41

Exercised

   (7 )     1.82

Cancelled/Forfeited

   (32 )     6.78
            

Outstanding at June 30, 2008

   1,834     $ 5.96
            

Options exercisable at June 30, 2008

   925     $ 4.69
            

Weighted-average fair value of options granted during the period

     $ 2.65

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Six Months Ended  
     June 30, 2008     June 30, 2007  

Expected term of option

   6.1 years     6.1 years  

Expected volatility

   64 %   70 %

Risk free interest rate

   2.67 – 3.48 %   4.51 – 4.94 %

Expected dividend yield

   0 %   0 %

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended June 30, 2008 and 2007 was $525 and $400, respectively. Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the six months ended June 30, 2008 and 2007 was $1,058 and $807, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance.

As of June 30, 2008, the intrinsic value of the options outstanding was $316, of which $300 related to vested options and $16 related to unvested options. The intrinsic value of stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date.

As of June 30, 2008, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $4,276, net of estimated forfeitures, and the weighted average period over which this amount is expected to be recognized is 1.44 years.

The Company also occasionally grants stock option awards to consultants. Such grants are accounted for pursuant to Emerging Issue Task Force (“EITF”) No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services. Accordingly, the Company recognizes compensation expense equal to the fair value of such awards and amortizes such expense over the performance period. Total expense for the three months ended June 30, 2008 and 2007 was $4 and $1, respectively and total expense for the six months ended June 30, 2008 and 2007 was $13 and $4, respectively.

This excerpt taken from the ACHN 10-Q filed May 7, 2008.

8. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors are

 

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eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 784 shares available to be granted under the 2006 Plan as of March 31, 2008.

A summary of the status of the Company’s stock option activity for the three months ended March 31, 2008 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise
Price

Outstanding at January 1, 2008

   1,857     $ 5.97

Granted

   15       4.43

Exercised

   (3 )     2.00

Cancelled/Forfeited

   (23 )     6.30
            

Outstanding at March 31, 2008

   1,846     $ 5.96
            

Options exercisable at March 31, 2008

   897     $ 4.43
            

Weighted-average fair value of options granted during the period

     $ 2.82

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Three Months Ended
     March 31,
2008
   March 31,
2007

Expected term of option

   6.1 years    6.1 years

Expected volatility

   64%    70%

Risk free interest rate

   2.67%    4.51%

Expected dividend yield

   0%    0%

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended March 31, 2008 and 2007 was $533 and $372, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance.

As of March 31, 2008, the intrinsic value of the options outstanding was $1,499, of which $1,325 related to vested options and $174 related to unvested options. The intrinsic value of stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date.

As of March 31, 2008, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $4,756, net of estimated forfeitures, and the weighted average period over which this amount is expected to be recognized is 1.55 years.

The Company also occasionally grants stock option awards to consultants. Such grants are accounted for pursuant to Emerging Issue Task Force (“EITF”) No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services, and, accordingly, the Company recognizes compensation expense equal to the fair value of such awards and amortizes such expense over the performance period. Total expense for the three months ended March 31, 2008 and 2007 was $9 and $3, respectively.

2006 Employee Stock Purchase Plan

The Company established an Employee Stock Purchase Plan effective December 1, 2006 (the “2006 ESPP”). A total of 250 shares of common stock are available for issuance under the 2006 ESPP. Eligible employees can purchase common stock pursuant to payroll deductions at a price equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six-month offering period.

 

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The Company measures the fair value of issuances under the employee stock purchase plan using the Black-Scholes option pricing model at the end of each reporting period. The compensation cost for the 2006 ESPP consists of the 15% of the grant date stock price discount and the fair value of the option. The Black-Scholes model requires the use of assumptions that determine the fair value of the stock-based awards. The assumptions used to value issuances under the 2006 ESPP are as follows:

 

     For the Three Months Ended
March 31, 2008

Expected term of option

   6 months

Expected volatility

       99%

Risk free interest rate

   1.36%

Expected dividend yield

         0%

For the three months ended March 31, 2008 and 2007, the Company did not issue shares associated with the 2006 ESPP. For the three months ended March 31, 2008 and 2007, the Company recorded compensation expense of $24 and $36, respectively. As of March 31, 2008, 215 shares remained available for future issuance under the 2006 ESPP.

This excerpt taken from the ACHN 10-Q filed Nov 2, 2007.

8. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors, are eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 646 shares available to be granted under our 2006 Plan as of September 30, 2007.

A summary of the status of the Company’s stock option activity for the nine months ended September 30, 2007 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise
Price

Outstanding at January 1, 2007

   1,208     $ 6.53

Granted

   172       6.37

Exercised

   (59 )     1.73

Cancelled/Forfeited

   (62 )     10.84
            

Outstanding at September 30, 2007

   1,259     $ 6.52
            

Options exercisable at September 30, 2007

   775     $ 2.96
            

Weighted-average fair value of options granted during the period

     $ 4.23

 

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The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Nine Months Ended
     September 30,
2007
  September 30,
2006

Expected term of option

   6.1 years   5 years

Expected volatility

   70%   70%

Risk free interest rate

   4.31 – 4.94%   4.30%

Expected dividend yield

   0%   0%

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended September 30, 2007 and 2006 was $470 and $158, respectively. Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the nine months ended September 30, 2007 and 2006 was $1,245 and $481, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance.

As of September 30, 2007, the intrinsic value of the options outstanding was $3,070, of which $2,221 related to vested options and $849 related to unvested options. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of our common stock as of the reporting date.

As of September 30, 2007, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $4,349, net of estimated forfeitures, and the weighted average period over which it is expected to be recognized is 1.58 years.

The Company also occasionally grants stock option awards to consultants. Such grants are accounted for pursuant to Emerging Issue Task Force (“EITF”) No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services, and, accordingly, the Company recognizes compensation expense equal to the fair value of such awards and amortizes such expense over the performance period. Total expense for the three months ended September 30, 2007 and 2006 was $(2) and $2, respectively and total expense for the nine months ended September 30, 2007 and 2006 was $2 and $43, respectively.

2006 Employee Stock Purchase Plan

The Company established an Employee Stock Purchase Plan effective December 1, 2006 (the “2006 ESPP”). A total of 250 shares of common stock are available for issuance under the 2006 ESPP. Eligible employees can purchase common stock pursuant to payroll deductions at a price equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six-month offering period.

The Company measures the fair value of issuances under the employee stock purchase plan using the Black-Scholes option pricing model at the end of each reporting period. The compensation cost for the 2006 ESPP consists of the discount (15% of the grant date stock price) and the fair value of the option features. The Black-Scholes model requires the use of assumptions that determine the fair value of the stock-based awards. The assumptions used to value issuances under the 2006 ESPP are as follows:

 

     For the Nine Months Ended
     September 30, 2007

Expected term of option

   6 months

Expected volatility

   46% – 70%

Risk free interest rate

   4.31 – 4.94%

Expected dividend yield

   0%

 

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For the nine months ended September 30, 2007, the Company issued 20 shares associated with the 2006 ESPP. The Company recorded compensation expense of $15 for the three months ended September 30, 2007 and $47 for the nine months ended September 30, 2007. There was no compensation expense related to the 2006 ESPP for the three or nine months ended September 30, 2006 as the 2006 ESPP was not established until December 1, 2006. As of September 30, 2007, 230 shares remained available for future issuance under the 2006 ESPP.

This excerpt taken from the ACHN 10-Q filed Aug 8, 2007.

8. Stock-Based Compensation

The Company’s 2006 Stock Incentive Plan, or the 2006 Plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors, are eligible to receive awards under the 2006 Plan; however, incentive stock options may only be granted to employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 751 shares available to be granted under our 2006 Plan as of June 30, 2007.

 

11


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A summary of the status of the Company’s stock option activity for the six months ended June 30, 2007 is presented in the table and narrative below:

 

     Options     Weighted
Average
Exercise
Price

Outstanding at January 1, 2007

   1,208     $ 6.53

Granted

   67       6.40

Exercised

   (33 )     1.97

Cancelled/Forfeited

   (62 )     10.84
            

Outstanding at June 30, 2007

   1,180     $ 6.42
            

Options exercisable at June 30, 2007

   785     $ 2.83
            

Weighted-average fair value of options granted during the period

     $ 4.27

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Six Months Ended  
     June 30, 2007     June 30, 2006  

Expected term of option

   6.1 years     5 years  

Expected volatility

   70 %   70 %

Risk free interest rate

   4.51 – 4.94 %   4.30 %

Expected dividend yield

   0 %   0 %

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended June 30, 2007 and 2006 was $400 and $162, respectively. Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the six months ended June 30, 2007 and 2006 was $807 and $323, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance.

As of June 30, 2007, the intrinsic value of the options outstanding was $2,777, of which $1,956 related to vested options and $821 related to unvested options. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of our common stock as of the reporting date.

As of June 30, 2007, the total compensation cost related to unvested options not yet recognized in the financial statements is approximately $4,266, net of estimated forfeitures, and the weighted average period over which it is expected to be recognized is 1.67 years.

The Company also occasionally grants stock option awards to consultants. Such grants are accounted for pursuant to Emerging Issue Task Force (“EITF”) No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services, and, accordingly, the Company recognizes compensation expense equal to the fair value of such awards and amortizes such expense over the performance period. Total expense for the three months ended June 30, 2007 and 2006 was $1 and $6, respectively and total expense for the six months ended June 30, 2007 and 2006 was $4 and $41, respectively.

 

12


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2006 Employee Stock Purchase Plan

The Company established an Employee Stock Purchase Plan effective December 1, 2006 (the “2006 ESPP”). A total of 250 shares of common stock are available for issuance under the 2006 ESPP. Eligible employees can purchase common stock pursuant to payroll deductions at a price equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six-month offering period.

The Company measures the fair value of issuances under the employee stock purchase plan using the Black-Scholes option pricing model at the end of each reporting period. The compensation cost for the 2006 ESPP consists of the discount (15% of the grant date stock price) and the fair value of the option features. The Black-Scholes model requires the use of assumptions that determine the fair value of the stock-based awards. The assumptions used to value issuances under the 2006 ESPP are similar to those used to value stock options except that the expected term is six months.

For the six months ended June 30, 2007, the Company issued 20 shares associated with the 2006 ESPP. The Company recorded compensation expense of ($3) for the three months ended June 30, 2007 and $33 for the six months ended June 30, 2007. There was no compensation expense related to the Plan for the three or six months ended June 30, 2006 as the Plan was not established until December 1, 2006. As of June 30, 2007, 230 shares remained available for future issuance under the 2006 ESPP.

This excerpt taken from the ACHN 10-Q filed May 9, 2007.

7. Stock-Based Compensation

The Company’s 2006 stock incentive plan, or the 2006 plan, is administered by the Company’s Board of Directors and provides for the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s officers, employees, consultants, advisors and directors, and those of any subsidiaries, are eligible to receive awards under the 2006 plan; however, incentive stock options may only be granted to our employees. Options granted are exercisable for a period determined by the Company, but in no event longer than ten years from the date of the grant. Options generally vest ratably over four years. There were 772 shares available to be granted under our 2006 Stock Incentive Plan as of March 31, 2007.

A summary of the status of the Company’s stock option activity for the three months ended March 31, 2007 is presented in the table and narrative below:

 

     Options   

Weighted

Average

Exercise

Price

Outstanding at January 1, 2007

   1,208    $ 6.53

Granted

   4      19.00
           

Outstanding at March 31

   1,212    $ 6.58
           

Options exercisable at March 31

   822    $ 2.74
           

Weighted-average fair value of options granted during the period

      $ 12.62

 

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Effective January 1, 2006, the Company adopted SFAS 123R, Share-Based Payment, which requires measurement and recognition of compensation expense for all stock-based awards made to employees and directors, including employee stock options and employee stock purchases under our 2006 Employee Stock Purchase Plan based on estimated fair values.

The Company utilizes the Black-Scholes option pricing model for determining the estimated fair value for stock-based awards. The Black-Scholes model requires the use of assumptions which determine the fair value of the stock-based awards. The assumptions used to value options granted are as follows:

 

     For the Three Months Ended
     March 31, 2007   March 31, 2006

Expected term of option

   6.1 years   5 years

Expected volatility

   70%   70%

Risk free interest rate

   4.51%   4.30%

Expected dividend yield

   0%   0%

Total compensation expense recorded in the accompanying statements of operations associated with option grants made to employees for the three months ended March 31, 2007 and 2006 was $372 and $161, respectively. The Company recorded no tax benefit related to these options since the Company currently maintains a full valuation allowance.

As of March 31, 2007, the intrinsic value of the options of the options outstanding was $2,806, of which $1,865 related to vested options and $941 related to unvested options. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of our common stock as of the reporting date.

As of March 31, 2007, the total compensation cost related to nonvested options not yet recognized in the financial statements is approximately $4,728, net of estimated forfeitures, and the weighted average period over which it is expected to be recognized is 1.77 years.

The Company also occasionally grants stock option awards to consultants. Such grants are accounted for pursuant to EITF Issue No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services, and, accordingly, the Company recognizes compensation expense equal to the fair value of such awards and amortizes such expense over the performance period. Total expense for the three months ended March 31, 2007 and 2006 was $3 and $35, respectively.

2006 Employee Stock Purchase Plan

The Company established an Employee Stock Purchase Plan effective December 1, 2006 (the “2006 ESPP Plan”). A total of 250 shares of common stock are available for issuance under the 2006 ESPP Plan. Eligible employees can purchase common stock pursuant to payroll deductions at a price equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six-month offering period.

The Company measures the fair value of issuances under the employee stock purchase plan using the Black-Scholes option pricing model at the end of each reporting period. The compensation cost for the 2006 ESPP Plan consists of the discount (15% of the grant date stock price) and the fair value of the option features. The Black-Scholes model requires the use of assumptions that determine the fair value of the stock-based awards. The assumptions used to value issuances under the 2006 ESPP Plan are similar to those used to value stock options except that the expected term is six months.

 

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For the three months ended March 31, 2007, the Company did not issue any shares associated with the 2006 ESPP Plan. However, the Company recorded compensation expense of $36 for the three months ended March 31, 2007. As of March 31, 2007, all 250 shares remained available for future issuance under the 2006 ESPP Plan.

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