Warrants

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Note 13 - Warrants

In August 2011, certain holders of the Company’s warrants elected to convert 679,000 warrants, at fair value, into 360,000 shares of common stock of the Company (the “Warrant Conversion”).

A summary of warrants granted, exercised, exchanged, forfeited and outstanding as of, and changes made during, the year ended December 31, 2011, is presented below (warrants in thousands):

	Warrants			Weighted Average Exercise Price
Warrants outstanding, January 1, 2010		866		$	3.88
Granted		295			2.53
Exercised		(39	)		1.60
Forfeited		(410	)		6.44
Warrants outstanding, December 31, 2010		712		$	1.98
Granted		—
Exercised		(679	)		2.00
Forfeited		—
Warrants outstanding, December 31, 2011		33		$	1.60

All of our outstanding warrants as of December 31, 2011 are exercisable with an exercise price of $1.60 and have an expiration date of November 25, 2013.