Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

v2.4.0.6
Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of computation of basic and diluted net income (loss) per share
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
 
 
 
(Restated)
 
 
 
(Restated)
Net income (loss) from continuing operations
$
(194
)
 
$
(4,178
)
 
$
(5,260
)
 
$
5,026

Net income from discontinued operations

 

 
3,670

 
3

Net income (loss)
(194
)
 
(4,178
)
 
(1,590
)
 
5,029

Shares used to compute basic and diluted income (loss) per share
19,917,676

 
19,673,160

 
19,791,793

 
19,648,947

Dilutive potential common shares:
 
 
 
 
 
 
 
Restricted stock

 

 

 
37,406

Shares used to compute diluted income (loss) per share
19,917,676

 
19,673,160

 
19,791,793

 
19,686,353

Basic and diluted per share amounts:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.01
)
 
$
(0.21
)
 
$
(0.27
)
 
$
0.26

Income from discontinued operations

 

 
0.19

 

Net income (loss)
$
(0.01
)
 
$
(0.21
)
 
$
(0.08
)
 
$
0.26

Schedule for accounting for share-based compensation
The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
Share-based compensation expense as a component of:
 
 
 
 
 
 
 
Research and development expenses
$
263

 
$
300

 
$
1,211

 
$
808

General and administrative expenses
750

 
650

 
1,905

 
1,838

 
$
1,013

 
$
950

 
$
3,116

 
$
2,646

Summary of fair-value options awarded to employees and directors
The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
Risk-free interest rate
0.8%
 
1.7%
 
1.0%
 
2.5%
Dividend yield
 
 
 
Expected volatility
69%
 
68%
 
69%
 
69%
Expected term
6.2 years
 
6.1 years
 
6.3 years
 
6.1 years
Forfeiture rate
8.2%
 
8.8%
 
8.0%-11.2%
 
8.8%-14.1%
Summary of investment categories
The following table summarizes the various investment categories at September 30, 2012 and December 31, 2011 (in thousands):

 
Cost
 
Gross unrealized
gains
 
Gross unrealized
losses
 
Estimated
fair value
September 30, 2012
 
 
 
 
 
 
 
Certificates of deposit
$

 
$

 
$

 
$

Certificates of deposit - restricted
1,341

 

 

 
1,341

 
$
1,341

 
$

 
$

 
$
1,341

December 31, 2011
 
 
 
 
 
 
 
Certificates of deposit
$
10,000

 
$

 
$

 
$
10,000

Certificates of deposit - restricted
1,341

 

 

 
1,341

 
$
11,341

 
$

 
$

 
$
11,341

Summary of other current assets
Other current assets consist of the following (in thousands):

 
September 30,
 
December 31,
 
2012
 
2011
Prepaid expenses
$
889

 
$
905

Advanced manufacturing payments
2

 
312

Other receivables
124

 
127

 
$
1,015

 
$
1,344

Summary of property and equipment
Property and equipment is stated at cost and consists of the following (in thousands):

 
September 30,
 
December 31,
 
2012
 
2011
Lab and office equipment
$
4,503

 
$
4,110

Leasehold improvements

 
62

Computer equipment and software
1,150

 
1,054

 
5,653

 
5,226

Less accumulated depreciation and amortization
(4,800
)
 
(4,771
)
 
$
853

 
$
455

Summary of goodwill and other identifiable intangible assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):

 
September 30,
 
December 31,
 
2012
 
2011
 
 
 
(Restated)
Acquired in-process research and development
$
13,036

 
$
13,036

Complete technology
15,227

 
15,227

Trade name
2,642

 
2,642

Customer relationships
29,600

 
29,600

Goodwill
12,238

 
12,238

 
72,743

 
72,743

Accumulated amortization
(3,925
)
 
(2,179
)
 
$
68,818

 
$
70,564

Summary of accrued liabilities
Accrued liabilities consist of the following (in thousands):

 
September 30,
 
December 31,
 
2012
 
2011
Compensation
$
1,157

 
$
1,806

Professional fees
485

 
355

Other
3,739

 
2,893

 
$
5,381

 
$
5,054

Summary of other long-term liabilities
Other long-term liabilities consist of the following (in thousands):

 
September 30,
 
December 31,
 
2012
 
2011
Deposits
$
284

 
$
388

Other
119

 

 
$
403

 
$
388