Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

     As of June 30, 2011, the Company had 12.1 million shares authorized, 12 million of which are $0.01 par value common stock and 100,000 of which are $0.01 par value preferred stock.

     In connection with the public offering by the Company and certain stockholders of 2,725,000 shares of the Company’s common stock, the Company filed a registration statement on Form S-1 with the SEC, as supplemented by an additional registration statement on Form S-1, both of which were declared effective on June 28, 2011. On June 28, 2011, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC, as representative of the underwriters names therein (the “Underwriters”). Pursuant to the terms and conditions of the Underwriting Agreement, the Company and the selling stockholders named in the Underwriting Agreement (the “Selling Stockholders”) agreed to sell, and the Underwriters agreed to purchase, an aggregate 2,725,000 shares of the Company’s common stock at a price of $3.5208 per share representing a discount to the public offering price of $3.75 per share. Of these 2,725,000 shares, 2,645,000 shares were offered by the Company and 80,000 shares were offered by the Selling Stockholders. The Company will not receive any proceeds from shares sold by the Selling Stockholders. The Underwriters were also granted an option to purchase up to an additional 408,750 shares of common stock from the Company within 30 days after the date of the Underwriting Agreement to cover over-allotments, if any. Such option was exercised in full on June 30, 2011.

     The Company also agreed to issue the Underwriters warrants to purchase in the aggregate, 61,076 shares of the Company’s common stock (2.0% of the shares issued by the Company in the offering) with an exercise price equal to $4.50 (120% of the public offering price) upon the closing of the offering. See Note 17, “Subsequent Events” for further discussion.

     The financial statements as of June 30, 2011 do not include any adjustments related to this offering except for $0.3 million in offering costs incurred prior to June 30, 2011 and included in prepaid and other current assets at June 30, 2011 in the accompanying balance sheet.