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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2013

The fair value of the warrants at March 31, 2013 and December 31, 2012 consisted of the following (in thousands):


	March 31, 2013		December 31, 2012
2009 Warrants	$	4,084	$	2,009
2010 Warrants		6,892		3,894

Total warrant liability	$	10,976	$	5,903

Fair Value Assumptions of Warrants

The fair value of the Company’s warrants was based on using the binomial-lattice option valuation model and using the following assumptions at March 31, 2013 and December 31, 2012:


	March 31, 2013			December 31, 2012
2009 Warrants:
Expected term (in years)		1.40			1.65
Estimated volatility		40	%		45	%
Risk-free interest rate		0.25	%		0.25	%
Expected dividend yield		0	%		0	%
2010 Warrants:
Expected term (in years)		2.61			2.86
Estimated volatility		48	%		51	%
Risk-free interest rate		0.36	%		0.36	%
Expected dividend yield		0	%		0	%

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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+ Details