Stockholders' Equity
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Jun. 30, 2013
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Stockholders' Equity |
NOTE 4— STOCKHOLDERS’ EQUITY Common Stock Warrants The Company accounts for its common stock warrants in accordance with ASC 815 that clarifies the determination of whether an instrument (or an embedded feature) is indexed to an entity’s own stock, which would qualify for classification as liabilities. The guidance required the Company’s outstanding warrants to be classified as liabilities and to be fair valued at each reporting period, with the changes in fair value recognized as other income (expense) in the Company’s consolidated statements of operations. During six months ended June 30, 2013, warrants to purchase 1,716,941 shares of common stock were cashless exercised for 1,153,179 shares of common stock. In addition, during the six months ended June 30, 2013, warrants to purchase 231,711 shares of common stock were exercised for net proceeds of approximately $0.6 million. As of the date of exercise of the warrants, the Company transferred the fair value of the warrants of approximately $7.5 million and $7.5 million from warrant liability into stockholders’ equity for the three and six months ended June 30, 2013, respectively.
At June 30, 2013 and December 31, 2012, the Company had warrants outstanding to purchase 1,312,459 and 3,058,811 shares of common stock, respectively, from the August 2008 offering. The fair value of these warrants on June 30, 2013 and December 31, 2012 was determined using a Black-Scholes valuation model with the following level 3 inputs:
During the three and six months ended June 30, 2013, the change in fair value of $2.7 million and $3.1 million of noncash expense, respectively, related to the August 2008 warrants was recorded as other expense in the Company’s consolidated statement of operations. At June 30, 2013 and December 31 2012, the Company had warrants outstanding to purchase 4,287,940 shares of common stock from the October 2009 offering. The fair value of these warrants on June 30, 2013 and December 31, 2012 was determined using a Black Scholes valuation model with the following level 3 inputs:
During the three and six months June 30, 2013, the change in fair value of $0.8 million and $2.2 million of noncash expense, respectively, related to the October 2009 warrants was recorded as other expense in the Company’s consolidated statement of operations. At June 30, 2013 and December 31, 2012, the Company had warrants outstanding to purchase 4,033,783 and 4,236,083 shares of common stock, respectively from the March 2011 offering. The fair value of these warrants on June 30, 2013 and December 31, 2012 was determined using a Black Scholes valuation model with the following level 3 inputs:
During the three and six months ended June 30, 2013, the change in fair value of $2.3 million and $3.6 million of noncash expense, respectively, related to the March 2011 warrants was recorded as other expense in the Company’s consolidated statement of operations. The following table sets forth the Company’s financial liabilities, related to warrants issued in the August 2008, October 2009 and March 2011 offerings, subject to fair value measurements as of June 30, 2013 and December 31, 2012:
The following table is a reconciliation of the warrant liability measured at fair value using level 3 inputs (in thousands):
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