Common Stock

6 Months Ended

Jun. 30, 2012

Common Stock [Abstract]

Common Stock

(4) Common Stock

The Company is authorized to issue 200,000,000 shares at June 30, 2012. Holders of common stock are not entitled to receive dividends unless declared by the board of directors.

On February 21, 2012, the Company issued and sold 1,750,980 shares of common stock at a price of $10.20 per share for gross proceeds of $17.9 million in a private placement with a new stockholder.

During the six months ended June 30, 2012, the Company repurchased and subsequently cancelled 100,000 and 77,498 shares of common stock at a price of $10.00 and $11.50 per share, respectively, from former employees.

As of June 30, 2012, the Company had 28,987,013 shares of common stock outstanding and had reserved shares of common stock for future issuance as follows:

	June 30, 2012
Series A		20,000,000
Series B		32,323,904
Series C		7,868,848
Series D		30,643,032
Stock option plan:
Options outstanding		38,134,900
RSUs		1,032,304
Stock awards available for future grants:
2005 Stock Option Plan		—
2012 Equity Incentive Plan (1)		11,213,927
2012 Employee Stock Purchase Plan (1)		5,000,000
Total reserved shares of common stock for future issuance		146,216,915

⁽¹⁾ Refer to Note 5 for a description of these plans.

Subsequent to June 30, 2012, the Company closed its initial public offering, or IPO, and issued 10,350,000 shares of common stock on July 5, 2012. Additionally, upon the closing of the IPO, all of the Company’s outstanding 10,462,877 shares of convertible preferred stock converted into an aggregate of 83,703,016 shares of its common stock. If the IPO had closed on June 30, 2012, the Company would have had 162,207,233 shares of common stock outstanding on a fully diluted basis taking into consideration the exercise of 38,134,900 outstanding options and settlement of 1,032,304 outstanding RSUs as of June 30, 2012. Refer to Note 11 for additional information regarding the Company’s IPO.