| Capital Stock, Stock Plans, and Warrants |
4. | Capital Stock, Stock Plans, and Warrants |
During the nine months ended September 30, 2011, we issued 105,616 shares of our Common Stock under our 2003 Outside Directors Stock Plan to our outside directors as compensation for serving on our Board of Directors. We pay each of our outside directors $6,500 in fees quarterly for serving as a member of our Board of Directors. The Audit Committee Chairman receives an additional quarterly fee of $5,500 due to the position's additional responsibility. In addition, effective August 24, 2011, our Research and Development Committee Chairman (a newly formed Committee) will receive an additional quarterly fee of $1,000 due to the additional time commitment to the position. Each board member is also paid $1,000 for each board meeting attendance as well as $500 for each telephonic conference call. As a member of the Board of Directors, each director elects to receive either 65% or 100% of the director's fee in shares of our Common Stock based on 75% of the fair market value of our Common Stock determined on the business day immediately preceding the date that the quarterly fee is due. The balance of each director's fee, if any, is payable in cash.
The summary of the Company's total Plans as of September 30, 2011 as compared to September 30, 2010, and changes during the periods then ended are presented as follows. The Company's Plans consist of the 1993 Non-Qualified Stock Option plan, the 2004 and 2010 Stock Option Plans, and the 1992 and 2003 Outside Director Plans:
| | | Shares | | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Term | | | | Aggregate Intrinsic Value | | Options outstanding Janury 1, 2011 | | | 2,755,525 | | | $ | 2.09 | | | | | | | | | Granted | | | 390,000 | | | | 1.53 | | | | | | | | | Exercised | | ─ | | | ─ | | | | | | $ | ─ | | Forfeited | | | (303,692 | ) | | | 1.84 | | | | | | | | | Options outstanding End of Period (2) | | | 2,841,833 | | | | 2.04 | | | | 3.4 | | | $ | ─ | | Options Exercisable at September 30, 2011 (1) | | | 2,365,166 | | | $ | 2.13 | | | | 2.9 | | | $ | ─ | | Options Vested and expected to be vested at September 30, 2011 | | | 2,841,833 | | | $ | 2.04 | | | | 3.4 | | | $ | ─ | |
| | | Shares | | | Weighted Average Exercise Price | | | Weighted Average Remaining Contractual Term | | | Aggregate Intrinsic Value | | Options outstanding Janury 1, 2010 | | | 3,109,525 | | | $ | 2.05 | | | | | | | | Granted | | | 72,000 | | | | 1.68 | | | | | | | | Exercised | | | (350,000 | ) | | | 1.70 | | | | | | $ | 223,000 | | Forfeited | | | (60,000 | ) | | | 2.11 | | | | | | | | | Options outstanding End of Period (1) | | | 2,771,525 | | | | 2.09 | | | | 3.5 | | | $ | 36,900 | | Options Exercisable at September 30, 2010 (1) | | | 2,301,025 | | | $ | 2.10 | | | | 3.3 | | | $ | 16,900 | | Options Vested and expected to be vested at September 30, 2010 | | | 2,752,634 | | | $ | 2.09 | | | | 3.5 | | | $ | 36,900 | |
(1) | Options with exercise prices ranging from $1.42 to $2.98 |
(2) | Options with exercise prices ranging from $1.41 to $2.98 |
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