13. Convertible Preferred Stock

At December 31, 2011, each share of the convertible preferred stock was convertible at the option of the holder into common stock of the Company based on a defined conversion ratio, adjustable for certain standard anti-dilution adjustments. Upon the Company's firm commitment underwritten public offering of shares of common stock with a per share offering price equal to or greater than the greater of $4.40 or 250% of the conversion price then in effect for the Series C convertible preferred stock, which results in aggregate gross proceeds to the Company of at least $50 million, then all outstanding shares of convertible preferred stock automatically convert to shares of common stock, with dividends of approximately $4.3 million on the Series B convertible preferred stock to be declared and paid in cash.

	Convertible Preferred Stock

	Carrying Value		Shares Outstanding		Liquidation Preference		Conversion Price
Series B	$	14,046		3,874	$	4.40	$	2.85
Series C		24,459		14,424	$	1.89	$	1.89
Series D		28,267		8,086	$	3.50	$	3.50
Series E		64,531		14,991	$	4.50	$	4.50
Series F		59,973		11,776	$	5.10	$	5.10
Series G		76,949		11,000	$	7.00	$	7.00

Balance at December 31, 2011	$	268,225		64,151

In April 2012, the Company completed an initial public offering of its common stock, upon which all outstanding shares of the Company's convertible preferred stock were converted into 66,255,529 shares of common stock and $4.3 million of dividends on the Company's Series B convertible preferred stock became payable.