SEC Info - Biolase, Inc - ‘10-Q’ for 6/30/13

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Biolase, Inc – ‘10-Q’ for 6/30/13 – ‘XML.R8’

On: Friday, 8/9/13, at 5:16pm ET · For: 6/30/13 · Accession #: 1564590-13-300 · File #: 0-19627

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/09/13  Biolase, Inc                      10-Q        6/30/13  111:10M                                    ActiveDisclosure/FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    512K 
 2: EX-10       Ex-10.1                                             HTML     73K 
 3: EX-10       Ex-10.2                                             HTML     67K 
 4: EX-10       Ex-10.3                                             HTML     36K 
 5: EX-31       Ex-31.1                                             HTML     37K 
 6: EX-31       Ex-31.2                                             HTML     37K 
 7: EX-32       Ex-32.1                                             HTML     31K 
 8: EX-32       Ex-32.2                                             HTML     31K 
108: R1          Document and Entity Information                     HTML     51K  
64: R2          Consolidated Balance Sheets                         HTML    146K 
60: R3          Consolidated Balance Sheets (Parenthetical)         HTML     58K 
18: R4          Consolidated Statements Of Operations And           HTML    116K 
                Comprehensive Loss                                               
63: R5          Consolidated Statements Of Cash Flows               HTML    145K 
40: R6          Basis of Presentation                               HTML     54K 
89: R7          Recent Accounting Pronouncements                    HTML     40K 
42: R8          Stock-Based Awards and Per Share Information        HTML    220K 
47: R9          Inventory                                           HTML     46K 
19: R10         Property, Plant, and Equipment                      HTML     62K 
44: R11         Intangible Assets and Goodwill                      HTML    104K 
88: R12         Accrued Liabilities and Deferred Revenue            HTML    119K 
82: R13         Lines Of Credit and Other Borrowings                HTML     55K 
61: R14         Commitments and Contingencies                       HTML     45K 
101: R15         Segment Information                                 HTML     65K  
86: R16         Concentrations                                      HTML     38K 
17: R17         Income Taxes                                        HTML     49K 
22: R18         Subsequent Events                                   HTML     38K 
100: R19         Accounting Policies (Policies)                      HTML    112K  
105: R20         Stock-Based Awards and Per Share Information        HTML    200K  
                (Tables)                                                         
110: R21         Inventory (Tables)                                  HTML     43K  
103: R22         Property, Plant, and Equipment (Tables)             HTML     59K  
74: R23         Intangible Assets and Goodwill (Tables)             HTML     96K 
20: R24         Accrued Liabilities and Deferred Revenue (Tables)   HTML    124K 
39: R25         Segment Information (Tables)                        HTML     56K 
29: R26         Basis of Presentation - Additional Information      HTML     54K 
                (Detail)                                                         
28: R27         Classification of Compensation Expense Associated   HTML     39K 
                with Share-Based Payments (Detail)                               
49: R28         Assumptions Used in Estimating Fair Value of Stock  HTML     42K 
                Options Granted (Detail)                                         
73: R29         Summary of Option Activity (Detail)                 HTML     82K 
84: R30         Cash Proceeds Along with Fair Value Disclosures     HTML     49K 
                Related to grants Exercises and Vesting Options                  
                (Detail)                                                         
34: R31         Stock Based Awards and Per Share Information -      HTML    109K 
                Additional Information (Detail)                                  
50: R32         Components of Inventory (Detail)                    HTML     42K 
95: R33         Inventory - Additional Information (Detail)         HTML     35K 
31: R34         Summary of Property, Plant, and Equipment (Detail)  HTML     46K 
79: R35         Property, Plant, and Equipment - Additional         HTML     32K 
                Information (Detail)                                             
80: R36         Intangible Assets Related to Accumulated            HTML     62K 
                Amortization and Goodwill (Detail)                               
53: R37         Intangible Assets and Goodwill - Additional         HTML     34K 
                Information (Detail)                                             
27: R38         Components of Accrued Liabilities (Detail)          HTML     53K 
76: R39         Changes In Initial Product Warranty Accrual and     HTML     48K 
                Expenses Under Initial and Extended Warranties                   
                (Detail)                                                         
33: R40         Summary of Deferred Revenue (Detail)                HTML     47K 
48: R41         Lines of Credit and Other Borrowings - Additional   HTML     97K 
                Information (Detail)                                             
85: R42         Commitments and Contingencies - Additional          HTML     48K 
                Information (Detail)                                             
36: R43         Summary of Net Revenue by Geographic Location       HTML     35K 
                (Detail)                                                         
75: R44         Segment Information - Additional Information        HTML     40K 
                (Detail)                                                         
59: R45         Concentrations - Additional Information (Detail)    HTML     48K 
30: R46         Income Taxes - Additional Information (Detail)      HTML     69K 
91: R47         Subsequent Events - Additional Information          HTML     45K 
                (Detail)                                                         
58: XML         IDEA XML File -- Filing Summary                      XML    113K 
111: XML.R1      Document and Entity Information                      XML    138K  
46: XML.R2      Consolidated Balance Sheets                          XML    354K 
72: XML.R3      Consolidated Balance Sheets (Parenthetical)          XML    139K 
57: XML.R4      Consolidated Statements Of Operations And            XML    423K 
                Comprehensive Loss                                               
54: XML.R5      Consolidated Statements Of Cash Flows                XML    391K 
16: XML.R6      Basis of Presentation                                XML     61K 
66: XML.R7      Recent Accounting Pronouncements                     XML     49K 
15: XML.R8      Stock-Based Awards and Per Share Information         XML    237K 
35: XML.R9      Inventory                                            XML     57K 
52: XML.R10     Property, Plant, and Equipment                       XML     73K 
43: XML.R11     Intangible Assets and Goodwill                       XML    117K 
37: XML.R12     Accrued Liabilities and Deferred Revenue             XML    134K 
92: XML.R13     Lines Of Credit and Other Borrowings                 XML     65K 
45: XML.R14     Commitments and Contingencies                        XML     52K 
104: XML.R15     Segment Information                                  XML     74K  
69: XML.R16     Concentrations                                       XML     49K 
67: XML.R17     Income Taxes                                         XML     57K 
71: XML.R18     Subsequent Events                                    XML     49K 
32: XML.R19     Accounting Policies (Policies)                       XML    159K 
62: XML.R20     Stock-Based Awards and Per Share Information         XML    232K 
                (Tables)                                                         
83: XML.R21     Inventory (Tables)                                   XML     54K 
87: XML.R22     Property, Plant, and Equipment (Tables)              XML     71K 
94: XML.R23     Intangible Assets and Goodwill (Tables)              XML    110K 
51: XML.R24     Accrued Liabilities and Deferred Revenue (Tables)    XML    148K 
26: XML.R25     Segment Information (Tables)                         XML     68K 
98: XML.R26     Basis of Presentation - Additional Information       XML    193K 
                (Detail)                                                         
70: XML.R27     Classification of Compensation Expense Associated    XML    281K 
                with Share-Based Payments (Detail)                               
99: XML.R28     Assumptions Used in Estimating Fair Value of Stock   XML    124K 
                Options Granted (Detail)                                         
21: XML.R29     Summary of Option Activity (Detail)                  XML    189K 
81: XML.R30     Cash Proceeds Along with Fair Value Disclosures      XML    142K 
                Related to grants Exercises and Vesting Options                  
                (Detail)                                                         
78: XML.R31     Stock Based Awards and Per Share Information -       XML   1.17M 
                Additional Information (Detail)                                  
25: XML.R32     Components of Inventory (Detail)                     XML     85K 
102: XML.R33     Inventory - Additional Information (Detail)          XML     60K  
23: XML.R34     Summary of Property, Plant, and Equipment (Detail)   XML    291K 
106: XML.R35     Property, Plant, and Equipment - Additional          XML     76K  
                Information (Detail)                                             
96: XML.R36     Intangible Assets Related to Accumulated             XML    438K 
                Amortization and Goodwill (Detail)                               
90: XML.R37     Intangible Assets and Goodwill - Additional          XML     78K 
                Information (Detail)                                             
93: XML.R38     Components of Accrued Liabilities (Detail)           XML    114K 
56: XML.R39     Changes In Initial Product Warranty Accrual and      XML    145K 
                Expenses Under Initial and Extended Warranties                   
                (Detail)                                                         
41: XML.R40     Summary of Deferred Revenue (Detail)                 XML    110K 
109: XML.R41     Lines of Credit and Other Borrowings - Additional    XML   1.15M  
                Information (Detail)                                             
77: XML.R42     Commitments and Contingencies - Additional           XML     84K 
                Information (Detail)                                             
97: XML.R43     Summary of Net Revenue by Geographic Location        XML    179K 
                (Detail)                                                         
24: XML.R44     Segment Information - Additional Information         XML    146K 
                (Detail)                                                         
68: XML.R45     Concentrations - Additional Information (Detail)     XML    411K 
38: XML.R46     Income Taxes - Additional Information (Detail)       XML    344K 
65: XML.R47     Subsequent Events - Additional Information           XML    228K 
                (Detail)                                                         
55: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   1.17M 
 9: EX-101.INS  XBRL Instance -- biol-20130630                       XML   1.51M 
11: EX-101.CAL  XBRL Calculations -- biol-20130630_cal               XML    140K 
12: EX-101.DEF  XBRL Definitions -- biol-20130630_def                XML    711K 
13: EX-101.LAB  XBRL Labels -- biol-20130630_lab                     XML    989K 
14: EX-101.PRE  XBRL Presentations -- biol-20130630_pre              XML    799K 
10: EX-101.SCH  XBRL Schema -- biol-20130630                         XSD    168K 
107: ZIP         XBRL Zipped Folder -- 0001564590-13-000300-xbrl      Zip    128K

‘XML.R8’ — Stock-Based Awards and Per Share Information

This Financial Report is an XBRL XML File.

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<div> NOTE 3—STOCK-BASED AWARDS AND PER SHARE INFORMATION Stock-Based Compensation The Company currently has one stock-based compensation plan, the 2002 Stock Incentive Plan (the “2002 Plan”) which will expire on May 5, 2019. Eligible persons under the 2002 Plan include certain officers and employees of the Company, and directors of the Company, as well as consultants. Under the 2002 Plan, 7,750,000 shares of common stock have been authorized for issuance. As of June 30, 2013, 2,836,000 shares of common stock have been issued pursuant to options that were exercised, 4,322,000 shares of common stock have been reserved for options that are outstanding, and 592,000 shares of common stock remain available for future grant. Compensation cost related to stock options recognized in operating results totaled approximately $380,000 and $340,000 for the three months ended June 30, 2013 and 2012, respectively; and $748,000 and $923,000 for the six months ended June 30, 2013 and 2012, respectively. The net impact to earnings for those periods was $(0.01) and $(0.01) per basic and diluted share, and $(0.02) and $(0.03) per basic and diluted share, respectively. At June 30, 2013, the Company had approximately $2.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements granted under the 2002 Plan. The Company expects that cost to be recognized over a weighted-average period of 1.5 years. The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands): <div style="text-align: left;"> <table cellspacing="0" cellpadding="0" style="display: block; text-align: left; border: 0"> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="8" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Three Months Ended June 30, </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="8" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Six Months Ended June 30, </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Cost of revenue </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 74</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 58</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 154</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 116</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Sales and marketing </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 150</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 120</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 289</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 241</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> General and administrative </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 119</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 125</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 234</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 483</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Engineering and development </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 37</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 37</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 71</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 83</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 380</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 340</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 748</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:2.25pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 923</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> </table> </div> The stock option fair values were estimated using the Black-Scholes option-pricing model with the following assumptions: <div style="text-align: left;"> <table cellspacing="0" cellpadding="0" style="display: block; text-align: left; border: 0"> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="11" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Three Months Ended June 30, </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="11" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Six Months Ended June 30, </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="5" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Expected term </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> 3.6 years </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> 3.70 years </td> <td colspan="3" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> 3.65 years </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> 3.80 years </td> <td colspan="3" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Volatility </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 75</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left">%</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 103</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left" colspan="2">%</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 85</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left">%</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 103</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left" colspan="2">%</td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Annual dividend per share </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.00</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.00</td> <td colspan="3" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.00</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.00</td> <td colspan="3" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Risk-free interest rate </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.98</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left">%</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.87</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left" colspan="2">%</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.88</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left">%</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 0.88</td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:left" colspan="2">%</td> </tr> </table> </div> A summary of option activity under the Company’s stock option plan for the six months ended June 30, 2013 is as follows: <div style="text-align: left;"> <table cellspacing="0" cellpadding="0" style="display: block; text-align: left; border: 0"> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Shares </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Weighted average exercise price </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Weighted average remaining contractual term (years) </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Aggregate intrinsic value(1) </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Options outstanding at December 31, 2012 </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3,860,000</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3.48</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Plus: Options granted </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 1,157,000</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 4.00</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Less: Options exercised </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> (338,000 </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> ) </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 2.07</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Options forfeited, canceled, or expired </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> (357,000 </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> ) </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3.67</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Options outstanding at June 30, 2013 </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 4,322,000</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3.60</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 4.02</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3,519,000</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Options exercisable at June 30, 2013 </td> <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 2,281,000</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3.84</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 3.49</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 2,214,000</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Vested options expired during the quarter ended June 30, 2013 </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:double; border-top-width:1.5pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:double; border-top-width:1.5pt; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 104,000</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 7.05</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td colspan="30" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td colspan="30" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> (1) The intrinsic value calculation does not include negative values. This can occur when the fair market value on the reporting date is less than the exercise price of the grant. </td> </tr> </table> </div> On June 6, 2013, the Board of Directors (the “Board”) granted stock options to purchase 350,000 shares of common stock to Alexander K. Arrow in connection with his appointment to President and Chief Operating Officer. These stock options were granted at an exercise price of $4.00 per share, vest and become exercisable in equal quarterly amounts over a four-year period beginning on June 5, 2013, and expire on June 5, 2020. Cash proceeds along with fair value disclosures related to grants, exercises, and vesting options are provided in the following table (in thousands, except per share amounts): <div style="text-align: left;"> <table cellspacing="0" cellpadding="0" style="display: block; text-align: left; border: 0"> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="9" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Three Months Ended June 30, </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="13" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> Six Months Ended June 30, </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2013 </th> <th colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="3" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> <th colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:1pt; padding-left:0.7pt; padding-right:0.7pt; vertical-align:bottom"> 2012 </th> <th style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </th> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Proceeds from stock options exercised </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 621</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 145</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 697</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 422</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Tax benefit related to stock options exercised (1) </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> N/A </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom" colspan="2"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> N/A </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> N/A </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="4" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> N/A </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Intrinsic value of stock options exercised (2) </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 830</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 80</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 853</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 91</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Weighted-average fair value of options granted during period </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 4.27</td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 1.78</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 4.00</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 1.82</td> <td colspan="2" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> Total fair value of shares vested during the period </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 404</td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 473</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 718</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> <td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right">$</td><td style="background-color:#c6d9f1; padding-top:0.7pt; vertical-align:bottom; text-align:right"></td><td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right" colspan="2"></td> <td style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom; text-align:right"> 1,029</td> <td colspan="2" style="background-color:#c6d9f1; padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td colspan="29" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td colspan="29" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> (1) Excess tax benefits received related to stock option exercises are presented as financing cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses. </td> </tr> <tr> <td colspan="29" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> </td> </tr> <tr> <td colspan="29" style="padding-right:0.7pt; padding-top:0.7pt; vertical-align:bottom"> (2) The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant. </td> </tr> </table> </div> Warrants On April 26, 2013, the Company issued a warrant to Sun Dental Laboratories, LLC (“Sun Dental Labs”) to purchase up to 500,000 shares of the Company’s common stock, at a price per share of $5.90 (the “Sun Dental Warrant”). The Sun Dental Warrant is performance-based and will vest at a rate of 1,000 shares per each 3Shape A/S (“3Shape”) Trios intraoral scanner (“Trios IOS”) that Sun Dental Labs assists in selling in conjunction with the agreement. For the purposes of the Sun Dental Warrant, a sale is defined as a Trios IOS that has been installed at the customer's place of business and is fully operational, where the customer has been trained, and the Trios IOS has been paid for in full by the customer. Any unvested warrant shares will expire on April 24, 2014. Vested warrant shares may be exercised with a cash payment, or, in lieu of a cash payment, Sun Dental Labs may convert the vested warrant shares into a net number of whole common shares. The Company recorded stock-based compensation expense of approximately $1,000 related to the Sun Dental Warrant during the three months ended June 30, 2013. On April 18, 2013, the Company issued a warrant to purchase up to 60,000 shares of the Company’s common stock to an investor relations firm, at a price per share of $5.10 (the “IR Warrant”). The IR Warrant vests and becomes exercisable only if the Company’s common stock closing price on NASDAQ reaches or exceeds $7.50. The IR Warrant expires April 17, 2018. As of June 30, 2013, no stock-based compensation has been recognized for the IR Warrant. The Company will reassess whether achievement of the contingent exercise provisions are probable on a quarterly basis and recognize stock-based compensation when it is probable that the market performance requirements will be achieved. On March 23, 2013, the Company issued two tranches of warrants to purchase up to 100,000 shares of the Company’s common stock to a consultant, at a price per share of $4.50 (the “CMR Warrant”). The first tranche of 50,000 warrant shares vests and becomes exercisable only if the Company’s common stock closing price on NASDAQ reaches or exceeds $7.50. The second tranche of 50,000 warrant shares vests and becomes exercisable only if the Company’s common stock closing price on NASDAQ reaches or exceeds $10.00. The CMR Warrant expires March 22, 2018. As of June 30, 2013, no stock-based compensation has been recognized for the CMR Warrant. The Company will reassess whether achievement of the contingent exercise provision is probable on a quarterly basis and recognize stock-based compensation when it is probable that the market performance requirements will be achieved. The warrant issued in connection with the lines of credit with Comerica Bank was exercised during the six months ended June 30, 2013. See Note 8 – Lines of Credit and Other Borrowings for further discussion. Subsequent to June 30, 2013, the Company issued a performance-based warrant associated with a strategic agreement; see Note 13 – Subsequent Events for further discussion. Net Loss Per Share – Basic and Diluted Basic net loss per share is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. In computing diluted net loss per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. Outstanding stock options and warrants to purchase 5,046,000 shares were not included in the computation of diluted loss per share for the three and six months ended June 30, 2013 as a result of their anti-dilutive effect. For the same 2012 periods, anti-dilutive outstanding stock options and warrants to purchase 4,637,000 shares were not included in the computation of diluted loss per share. Stock Dividends The Company intends to pay a 2% annual stock dividend, in quarterly installments, for the year ending December 31, 2013. Stock dividends are discussed quarterly by the Board and management. The actual declaration of future stock dividends and the establishment of the record and payment dates are subject to final determination by the Board after its review of the Company’s financial performance, the expected results of future operations, availability of shares, and other factors that the Board may deem relevant. The Company’s dividend policy may be changed at any time by the Board, and there is no assurance, with respect to the amount or frequency, that any stock dividend will be declared in the future. The Board declared one-half percent stock dividends during each of the first two quarters of 2013. The stock dividend declared during the quarter ended June 30, 2013 was payable June 28, 2013 to shareholders of record on June 14, 2013 and the stock dividend declared during the quarter ended March 31, 2013 was payable March 29, 2013 to shareholders of record on March 15, 2013. All stock information presented, other than that related to stock options and warrants, has been adjusted to reflect the effects of stock dividends. </div>

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Filing Submission 0001564590-13-000300 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Biolase, Inc – ‘10-Q’ for 6/30/13 – ‘XML.R8’

On: Friday, 8/9/13, at 5:16pm ET · For: 6/30/13 · Accession #: 1564590-13-300 · File #: 0-19627

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Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R8’ — Stock-Based Awards and Per Share Information

This Financial Report is an XBRL XML File.

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents