9. Additional Paid-in Capital


		Warrants		Stock based compensation		Compensation options		Other paid-in capital		Total additional paid-in capital

As of December 31, 2011	$	10,288	$	5,065	$	588	$	8,729	$	24,670
Warrants exercised		(576)		-		-		576		-
Warrants issued		2,783		-		-		-		2,783
Stock options expensed		-		872		-		-		872
Stock options exercised		-		(12)		-		12		-
Restricted stock units expensed		-		2,164		-		-		2,164
Compensation options exercised		-		-		(294)		294		-
As of September 30, 2012	$	12,495	$	8,089	$	294	$	9,611	$	30,489

Warrants

Warrant activity is summarized in the following table:


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

As of December 31, 2011	15,850,238	$	10,288	$	3.45	3.7	$	485
Exercised	(593,478)		(576)
Issued	2,666,666		2,783
As of September 30, 2012	17,923,426	$	12,495	$	3.51	2.9	$	2,178

2,499,999 warrants and 166,667 compensation warrants were issued in conjunction with the 2012 Offering as discussed in Note 7. The 17,923,426 outstanding warrants expire in the following time frames: 36,958 warrants expire in October 2012; 2,666,666 expire July 2014 and 15,219,802 expire in October 2015.

Compensation Options


	Compensation options outstanding		Valuation		Weighted average exercise price per share	Expiry date	Weighted average remaining life (yrs.)

As of December 31, 2011	450,000	$	588	$	3.30	April 2013	1.3
Exercised	(225,000)		(294)
As of September 30, 2012	225,000	$	294	$	3.30	April 2013	0.6

Stock-Based Compensation

Under our Stock Option Plan (the “Plan”) and our Long-Term Equity Incentive Plan (the “LTIP”), we may grant options and/or restricted stock units (“RSUs”) or restricted stock awards (“RSAs”) to our directors, officers, employees and consultants. The combined maximum number of our common shares that may be reserved for issuance under the Plan and the LTIP is a variable number equal to 10% of the issued and outstanding common shares on a non-diluted basis. Options under the Plan are granted from time to time at the discretion of the Board of Directors (“Board”), with vesting periods and other terms as determined by the Board. The LTIP is administered by the Board, which can delegate the administration to the Compensation Committee of the Board or to such other officers and employees of Vista as designated by the Board. Stock-based compensation expense for the three and nine months ended September 30, 2012 and 2011 is as follows:


		Three months ended September 30,				Nine months ended September 30,
		2012		2011		2012		2011

Stock options	$	429	$	336	$	872	$	1,096
Restricted stock units		614		79		2,164		267
	$	1,043	$	415	$	3,036	$	1,363

As of September 30, 2012, stock options and RSUs had unrecognized compensation expense of $1,693 and $4,568, respectively, which is expected to be recognized over a weighted average period of 0.85 and 1.83 years, respectively.

Stock Options

A summary of option activity under the Plan as of September 30, 2012 and changes during the period then ended is set forth in the following table:


	Number of options		Weighted average exercise price per option	Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding - December 31, 2011	3,195,000	$	3.27	2.73	$	1,039
Granted	400,000		3.16
Exercised	(7,500)		2.88
Expired	(495,000)		4.58
Outstanding - September 30, 2012	3,092,500	$	3.04	2.63	$	2,395

Exercisable - September 30, 2012	2,792,500	$	3.01	2.46	$	2,298

A summary of the status of our unvested stock options as of September 30, 2012 and changes during the period then ended is set forth in the following table:


	Number of options		Weighted average grant-date fair value per option	Weighted average remaining amortization period (Years)
Unvested - December 31, 2011	597,500	$	1.60
Granted	400,000		1.65
Vested	(697,500)		1.57
Unvested - September 30, 2012	300,000	$	1.74	0.85

Restricted Stock Units

The following table summarizes the RSU activity under the LTIP as of September 30, 2012 and changes during the period then ended is set forth in the following table:


	Number of units		Weighted average fair value
Unvested - December 31, 2011	960,000	$	3.84
Cancelled	(107,832)		3.07
Granted	1,142,339		3.19
Unvested - September 30 , 2012	1,994,507	$	3.50

On January 1, 2012, a total of 300,000 RSUs were granted to certain members of the Board, 107,832 of which were cancelled in August 2012. The RSUs 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 MKT Exchange on November 2, 2011 of $3.78 per share, 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 MKT 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. In addition, on January 1, 2012, a member of executive management was granted 50,000 RSUs which vest one year from the date of grant.

On September 18, 2012, the Board granted a total of 792,339 RSUs to employees and executive management. 40% of the RSUs granted vest three years from the grant date and the remaining 60% vest based on the performance of the Company’s share price relative to the average of the HUI and XAU (the “Benchmark”) expressed as a percent change over the period. The lower threshold is defined by the Company’s share price underperforming the Benchmark by 20% and the upper threshold is defined by the Company’s share price exceeding the Benchmark by 20%. Vesting will be calculated linearly with the lower threshold being zero, performance equal to the Benchmark being 50% and the upper threshold being 100%. If the performance vesting conditions are not met within 24 months of the date of grant, the RSUs are cancelled and of no further force and effect.