9. Warrants

	March 31,		December 31,
	2012		2011
Balance, beginning of year	$	24,670	$	22,981
Equity financing, net of transaction costs		-		588
Stock options exercised		-		(430	)
Stock options expensed		237		1,496
Restricted stock units exercised		-		(392	)
Restricted stock units expensed		775		524
Warrants exercised		-		(97	)
Balance, end of period	$	25,682	$	24,670

Warrants

Warrant activity is summarized in the following table:

	Warrants granted		Valuation		Warrants exercised			Warrants expired			Warrants outstanding		Weighted average exercise price per share		Weighted average remaining life (yrs.)		Intrinsic value

Outstanding and exercisable as of December 31, 2011		28,347,397	$	10,288		(11,772,083	)		(725,077	)		15,850,238	$	3.45		3.7	$	485

Outstanding and exercisable as of March 31, 2012		28,347,397	$	10,288		(11,772,083	)		(725,077	)		15,850,238	$	3.45		3.4	$	530

The 15,850,238 outstanding warrants expire in the following time frames; 15,219,802 expire in October 2015 and the remaining 630,436 warrants expire in October 2012.

Compensation Options

	Compensation options			Valuation			Compensation options outstanding			Expiry date	Weighted average remaining life (yrs.)

As of December 31, 2011		450,000		$	588			450,000
Exercise		(225,000	)		(294	)		(225,000	)
As of March 31, 2012		225,000		$	294			225,000		Apr-13		1.1

In connection with the Offering, Vista granted 450,000 compensation options to the Underwriters as compensation. Each compensation option is exercisable until April 20, 2013 to purchase one common share at the issue price of C$3.30. Our closing price was $3.14 at March 31, 2012.

Stock-Based Compensation

A summary of the fair value of all awards issued under Vista's stock compensation plans included within Shareholders' Equity is as follows:

	March 31, 2012		December 31, 2011

Balance, beginning of period	$	5,065	$	4,695
Stock options		237		238
Restricted stock units		775		132
Balance, end of period	$	6,077	$	5,065

Stock Option Plan

Under our Stock Option Plan (the "Plan"), we may grant options to our directors, officers, employees and consultants. The maximum number of our common shares that may be reserved for issuance under the Plan, together with those reserved for issuance under the LTIP (as discussed below), is a variable number equal to 10% (7,172,888 at March 31, 2012) of the issued and outstanding common shares on a non-diluted basis (71,728,883 shares at March 31, 2012). Under the Plan, the exercise price of each option shall not be less than the market price of our common shares on the date preceding the date of grant, and each option's maximum term is 10 years or such other shorter term as stipulated in a stock option agreement between Vista and the optionee. Options under the Plan are granted from time to time at the discretion of the Board of Directors ("Board of Directors" or "Board"), with vesting periods and other terms as determined by the Board.

A summary of option activity under the Plan as of March 31, 2012 and changes during the quarter then ended is set forth in the following table:

	Number of shares		Weighted average exercise price per share		Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding - December 31, 2011		3,195,000	$	3.27		2.73	$	1,039
Outstanding - March 31, 2012		3,195,000		3.27		2.48		1,148

Exercisable - March 31, 2012		2,597,500	$	3.32		2.07	$	1,036

The total number of options outstanding at March 31, 2012 is 3,195,000 with exercise prices ranging from approximately $1.77 to $7.45 and remaining lives of 0.58 to 4.88 years. The total number of options outstanding represents 4.45% of issued capital.

Compensation expense with a fair value of $237 and $28 was recognized during the three months ended March 31, 2012 and 2011, respectively.

No options were granted for either of the three months ended March 31, 2012 or 2011.

During the three months ended March 31, 2012, no options were exercised. However, during the three months ended March 31, 2011, 64,742 options were exercised for an aggregate intrinsic value of $534.

A summary of the status of our unvested stock options as of March 31, 2012 and changes during the period then ended is set forth below:

		Number of shares				Weighted average grant-date fair value per share
Unvested - December 31, 2011 and March 31, 2012			597,500			$	1.60

As of March 31, 2012, there was $1,572 of unrecognized compensation expense related to the unvested portion of options outstanding. This expense is expected to be recognized over a weighted average period of 0.37 years.

Long-Term Equity Incentive Plan

In May 2010, our shareholders approved the Long-Term Equity Incentive Plan (the "LTIP"), effective March 8, 2010 (the "Effective Date"). Under the LTIP, we may grant Restricted Stock Units ("RSU awards") or Restricted Stock Awards ("RSA awards") to the directors, officers, employees and consultants of Vista. The maximum number of our common shares that may be reserved for issuance under the LTIP, together with those reserved for issuance under the Plan (as discussed above), is a variable number equal to 10% (7,172,888 at March 31, 2012) of the issued and outstanding common shares on a non-diluted basis (71,728,883 shares at March 31, 2012). The total number of common shares issuable to our insiders at any time and issued to our insiders within any one-year period under the LTIP, together with any stock options issued under the Plan, shall not exceed 10% of our issued and outstanding common shares on a non-diluted basis. The total number of common shares issuable to a director under the LTIP shall not exceed the lesser of: (i) 1% of our issued and outstanding common shares; and (ii) an annual award value of $100 per director.

The LTIP is administered by the Board of Directors, which can delegate the administration to the Compensation Committee or to such other officers and employees of Vista as designated by the Board of Directors. The Board of Directors will determine the persons to whom awards are made; set the size, type, terms and conditions of the awards; fix the prices (if any) to be paid for the award; interpret the LTIP; adopt, amend, rescind and take all other actions it believes are necessary or advisable for the implementation and administration of the LTIP.

Restricted Stock Units

The estimated fair value of each of our RSU awards was determined on the date of grant based on the closing market price of our common shares on the date of grant.

The following table summarizes the RSU activity under the LTIP as of March 31, 2012 and changes during the period then ended is set forth in the following table:

	Number of units		Weighted average grant- date fair value
Unvested - December 31, 2011		960,000	$	3.84
Granted		350,000		3.07
Unvested - March 31, 2012		1,310,000	$	3.63

On November 16, 2011, we granted 960,000 RSU awards to employees, directors and consultants of Vista. The market price on the date of grant was $3.84. 660,000 of the RSU awards granted vest as follows: a) 50% vest after three years; b) 25% vest at the time that a definitive investment decision or significant transaction, as confirmed by the Board, is made for Mt. Todd; c) 12.5% vest upon the completion of a positive preliminary feasibility study for the Guadalupe de los Reyes gold/silver project as set out in a technical report that has been filed on SEDAR at www.sedar.com by the Corporation; and d) 12.5% vest upon the addition of 1.5 million ounces of estimated measured and indicated mineral resources to Vista's resource holdings, which estimated resources are set out in a technical report that has been filed on SEDAR at www.sedar.com by the Corporation. The vesting period for all RSUs shall be at least one year. The remaining 300,000 RSU awards granted vest when the average adjusted value of the common shares (or common shares plus dividends or distribution value) measured over any consecutive 30-day period is two times the closing trading price of the common shares as listed on the NYSE Amex Exchange on November 2, 2011 of $3.78, provided that this period is at least one year after the grant date of the RSUs. The adjusted value is the closing trading price of the common shares as listed on the NYSE Amex Exchange (on any given day) divided by one (1) plus the percentage change (increase/decrease) from date the RSUs were granted to the current date of the average of the AMEX Gold Basket of Unhedged Gold Stocks Index ("HUI") and the Philadelphia Gold and Silver Sector Index ("XAU"). In the event the share price vesting provision is met prior to the end of one year, the RSUs will vest at the end of one year regardless of the share price at that time. Upon vesting, a holder of an RSU award will receive one common share, for no additional consideration, for each RSU award held. If the vesting conditions are not met within 36 months of the date of grant, the RSUs are cancelled and of no further force and effect.

On January 1, 2012, the Board of Directors of Vista were granted a sum of 350,000 RSU awards. 300,000 of the January 1, 2012 grants vest under the same conditions as the 300,000 RSU awards granted on November 16, 2011 and 50,000 vest one year from the date of grant.

Compensation expense with a fair value of $775 was recognized during the period ended March 31, 2012 for RSUs previously granted and vesting over time.

As of March 31, 2012, there was $3,965 of unrecognized compensation expense related to the unvested RSU awards outstanding. The expense for unvested RSU awards is expected to be recognized over a weighted average period of 1.81 years.