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Equity
 6 Months Ended
Jun. 30, 2012
Equity
(6) Equity

Common stock

During the three and six months ended June 30, 2012, the Company issued 1,931,388 and 2,485,647 shares, respectively, as a result of the exercise of stock options, resulting in gross proceeds of $5.9 million and $6.7 million, respectively, and net proceeds of $5.88 million and $6.67 million, respectively. In addition, during the three and six months ended June 30, 2012, the Company issued 9,772,622, and 9,812,622 shares, respectively, as a result of the exercise of warrants, resulting in gross proceeds of $14.9 million and $14.96 million respectively, and net proceeds of $14.87 million and $14.93 million, respectively.

 

On February 1, 2012, the Company granted 584,400 restricted stock units (“RSU’s”) to several employees under the Amarin Corporation plc 2011 Stock Incentive Plan. These RSUs vest upon the achievement of certain regulatory and time-based milestones and expire on February 1, 2015 if none of the milestones are achieved by such date. The RSUs will become fully vested upon a change of control of the Company. Upon vesting of each RSU, the participant shall be entitled to a payment equal to the fair market value of one share of Amarin common stock. The payment shall be paid to the participant in cash, or at the sole discretion of the Remuneration Committee in shares or a combination of cash or shares. The fair value of the RSUs were determined on the date of grant, and compensation expense related to the RSUs is recognized once the related milestone is deemed probable. The Company recorded expense of $0.6 million and $1.0 million during the three and six months ended June 30, 2012 related to the vesting of the RSUs, respectively. In connection with FDA approval of Vascepa in July 2012, an aggregate of 97,398 of our shares were issued under these RSUs.

During the three and six months ended June 30, 2011, the Company issued 1,169,898 and 2,164,647 shares, respectively, as a result of the exercise of stock options, resulting in gross proceeds of $3.3 million and $5.0 million, respectively, and net proceeds of $3.2 million and $5.0 million, respectively. In addition, during the three and six months ended June 30, 2011, the Company issued 5,773,278 and 10,330,642 shares, respectively, as a result of the exercise of warrants, resulting in gross proceeds of $8.6 million and $15.2 million, respectively, and net proceeds of $8.5 million and $14.9 million, respectively.

In January 2011, Amarin sold 13.8 million common shares to both existing and new investors at a price of $7.60 per share, resulting in gross proceeds of $104.9 million and net proceeds of $98.7 million.