Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Preferred Stock Conversion

In April 2012, a holder of the Company's Series A-2 Preferred Stock elected to convert 41 shares of Series A-2 Preferred Stock into 103,000 shares of common stock of the Company at the original conversion price. Each of the Series A-2 Preferred Stock shares was exchanged for 2,500 shares of common stock, pursuant to the terms of the Series A-2 Preferred Stock Certificate of Designation.

Management Changes

In April 2012, John R. McGovern, the Company’s Executive Vice President and Chief Financial Officer, notified the Company that he was resigning effective May 11, 2012 in order to pursue other business opportunities. His resignation was not the result of any disagreement on any matter relating to the Company’s financial reporting or accounting practices. In accordance with the terms of the employment agreement entered into on December 23, 2010 by Mr. McGovern and the Company, Mr. McGovern is not entitled to receive any severance payments and all restricted stock previously granted to Mr. McGovern will be forfeited to the Company.