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Capital Stock
6 Months Ended
Jun. 30, 2012
Capital Stock

8. Capital Stock

Issuance of Common Stock – “At the Market” Programs

From time to time, the Company may sell shares of its common stock in “at-the-market” offerings. Sales of the shares of common stock, if any, may be made in private transactions, negotiated transactions or any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange (“NYSE”) or to or through a market maker other than on an exchange.

On February 29, 2012, the Company entered into sales agreements (the “2012 Sales Agreements”) with Cantor Fitzgerald & Co. (“Cantor”) and JMP Securities LLC (“JMP”) to establish a new “at-the-market” program (the “2012 Program”). Under the terms of the 2012 Sales Agreements, the Company may offer and sell up to 10,000,000 shares of its common stock from time to time through Cantor or JMP, each acting as agent and/or principal. The shares of common stock issuable pursuant to the 2012 Program are registered with the Securities and Exchange Commission (“SEC”) on the Company’s Registration Statement on Form S-3 (No. 333-179805), which became effective upon filing on February 29, 2012.

 

For the three months ended June 30, 2012, the Company issued 295,000 shares of common stock in at-the-market transactions, raising net proceeds to the Company, after sales commissions and fees, of $8,442. For the six months ended June 30, 2012, the Company issued 1,118,900 shares of common stock in at-the-market transactions, raising net proceeds to the Company, after sales commissions and fees, of $31,270. The total commissions and fees charged to additional paid in capital in connection with the issuance of these shares was $72 and $180 for the three and six months ended June 30, 2012.