Stockholders' Equity

12 Months Ended

Dec. 31, 2011

7. STOCKHOLDERS' EQUITY

Preferred stock

The Company is authorized to issue 50 million shares of preferred stock, with a par value of $0.0001. There are no shares of preferred stock outstanding as of December 31, 2011.

Stock Purchase Warrants

On January 1, 2009, the Company adopted new provisions of ASC 815, Derivatives and Hedging. The Company applied the newly adopted provisions of ASC 815 to its outstanding stock purchase warrants, which resulted in a $14.7 million reduction in additional paid-in capital offset by a $14.0 million reduction in the deficit and established a share-based payment liability of $675. ASC 815 requires the Company to adjust the share-based payment liability to the fair value each reporting period. The fair value adjustment for the stock purchase warrants did not materially affect net loss or loss per share in the consolidated statement of operations for the years ended December 31, 2011, 2010, or 2009.

The following table and related information summarizes the Company's stock purchase warrants at December 31, 2011 and the stock purchase warrant activity for the three years ended December 31, 2011, 2010 and 2009:


	Number Outstanding			Weighted-Average Exercise Price per Share
Warrants outstanding at December 31, 2008		21,067,637		$	2.99
Expired		(298	)		2.25

Warrants outstanding at December 31, 2009		21,067,339		$	2.99
Expired		(2,175,243	)		2.93

Warrants outstanding at December 31, 2010		18,892,096		$	2.99
Expired		(3,299,996	)		2.31

Warrants outstanding at December 31, 2011		15,592,100		$	3.14

The Company recorded compensation expense of $0 relating to vesting of grants [2010—$0, 2009—$1]. The Company also recorded $(129) in 2011 [2010—$(662), 2009—$116] for the change in the fair value of the warrants that have exercise prices that are denominated in Canadian dollars.

The warrants outstanding at December 31, 2011 expire as follows: 10,800,000 March 2012 and 4,792,100 April 2012.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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+ Details