<SEC-DOCUMENT>0001019687-12-001720.txt : 20120511
<SEC-HEADER>0001019687-12-001720.hdr.sgml : 20120511
<ACCEPTANCE-DATETIME>20120511162025
ACCESSION NUMBER:		0001019687-12-001720
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120511
DATE AS OF CHANGE:		20120511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		12834808

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>peix_10q-033112.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<HR NOSHADE SIZE="2" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM
10-Q</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Mark One)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH>&nbsp;</TH>
    <TH STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TH>
    <TH STYLE="text-align: left"><FONT STYLE="font-size: 10pt">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934</FONT></TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH COLSPAN="3" STYLE="text-align: left; vertical-align: top">&nbsp;</TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH COLSPAN="3" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>For the quarterly period ended
    March 31, 2012</B></FONT></TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH COLSPAN="3" STYLE="text-align: left; vertical-align: top">&nbsp;</TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH>&nbsp;</TH>
    <TH STYLE="text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TH>
    <TH STYLE="text-align: left"><FONT STYLE="font-size: 10pt">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934</FONT></TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings 2"></FONT></TD>
    <TD STYLE="width: 95%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;For the transition period from ______ to _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Commission File Number: <B>000-21467</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><BR STYLE="mso-special-character: line-break">
<IMG SRC="peix_logo.jpg" ALT=""><BR STYLE="mso-special-character: line-break">
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Delaware<BR>
</B>(State or other jurisdiction<BR>
of incorporation or organization)</TD>
    <TD STYLE="width: 47%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>41-2170618<BR>
</B><FONT STYLE="font-variant: small-caps">(</FONT>I.R.S. Employer<BR>
Identification No.<FONT STYLE="font-variant: small-caps">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>400 Capitol Mall, Suite 2060, Sacramento,
        California</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>95814</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(zip code)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>(916) 403-2123<BR>
</B>(Registrant&rsquo;s telephone number, including area code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in">Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes<FONT STYLE="font-family: Wingdings 2">&#83;</FONT>  No <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in">Indicate by check
mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter
periods that the registrant was required to submit and post such files). Yes <FONT STYLE="font-family: Wingdings 2"><B>&#83;</B></FONT>
No <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">Large
accelerated filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt">Accelerated
filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-size: 10pt">Non-accelerated
filer <FONT STYLE="font-family: Wingdings 2">&#163;</FONT><FONT STYLE="font-size: 10pt"><B> </B>(Do not check if a smaller reporting company)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt">Smaller reporting
company <FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in">Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
&nbsp;&nbsp;No <FONT STYLE="font-family: Wingdings 2">&#83;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in">As of May 10,
2012, there were 86,801,993 shares of Pacific Ethanol, Inc. common stock, $0.001 par value per share, outstanding.<FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 38.15pt"><FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT></P>

<HR NOSHADE SIZE="2" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 38.15pt"><FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I<BR>
FINANCIAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: top"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">ITEM 1.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in; width: 77%">FINANCIAL STATEMENTS.</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">Consolidated Balance Sheets as of March 31, 2012 (unaudited) and December&nbsp;31, 2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">Consolidated Statements of Operations for the Three Months Ended March 31, 2012 and 2011 (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2012 and 2011 (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">Notes to Consolidated Financial Statements (unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 2.</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 3.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 4.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">CONTROLS AND PROCEDURES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 1.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">LEGAL PROCEEDINGS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 1A.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">RISK FACTORS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 2.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 3.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">DEFAULTS UPON SENIOR SECURITIES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 4.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">MINE SAFETY DISCLOSURES.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 5.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">OTHER INFORMATION.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ITEM 6.</TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">EXHIBITS.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">SIGNATURES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">27</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I - FINANCIAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>ITEM 1.&#9;FINANCIAL STATEMENTS.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(in thousands)</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">March 31,</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><U>ASSETS</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts receivable, net (net of allowance for doubtful accounts of $26 and $24, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,199</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,473</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,748</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">157,610</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Other Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,653</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Total other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,827</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,111</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Total Assets**</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">221,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">_______________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>*</TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">Amounts
derived from the audited financial statements for the year ended December 31, 2011.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0">**</TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">Assets of the consolidated variable interest entity that can only
be used to settle obligations of that entity were $166,625 and $173,606 as of March 31, 2012 and December 31, 2011, respectively.</FONT></TD></TR></TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS (CONTINUED)<BR>
(in thousands, except par value and shares)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">March 31,</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><U>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 9pt">Accounts payable &ndash; trade</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">8,497</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Current portion &ndash; long-term debt due to related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,982</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Long-term debt, net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,151</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Total Liabilities**</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">113,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Commitments and Contingencies (Notes 4, 5 and 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.75pt">Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Pacific Ethanol, Inc. Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: -9">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2012 and December&nbsp;31, 2011; <BR>Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2012 and December 31, 2011; liquidation preference of $25,390 as of March 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -9pt; padding-left: 0.25in">Common stock, $0.001 par value; 300,000,000 shares authorized; 86,803,932 and 86,631,664 shares issued and outstanding as of March 31, 2012 and December&nbsp;31, 2011, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,871</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(515,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(509,985</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total Pacific Ethanol, Inc. Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,114</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,974</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.75pt">Noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">63,252</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">105,366</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">119,264</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.75pt">Total Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">221,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left; text-indent: -13.5pt">_______________<BR> &#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>*</TD><TD STYLE="text-align: left">Amounts derived from the audited financial statements for the year ended December 31, 2011.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0">**</TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">Liabilities of the consolidated variable interest entity for which
creditors do not have recourse to the general credit of Pacific Ethanol, Inc. were $84,311 and $76,478 as of March 31, 2012 and
December 31, 2011, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(unaudited, in thousands, except per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net sales</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">197,719</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">173,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">170,584</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,477</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,188</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,855</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,624</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Fair value adjustments on convertible debt and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,909</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,638</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(343</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss before provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,991</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,679</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,991</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,679</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,697</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net income (loss) attributed to Pacific Ethanol, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,953</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(315</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(312</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(294</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net loss per share, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">86,222</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,582</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(unaudited, in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.05in">Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 9pt">Consolidated net loss</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(13,991</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,679</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -5pt; padding-left: 14pt">Adjustments to reconcile consolidated net loss to <BR> cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Depreciation and amortization of intangibles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Fair value adjustments on convertible debt and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(926</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Inventory valuation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Amortization of deferred financing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Noncash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">769</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Gain on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(130</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(984</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,354</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 27pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,696</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,177</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.9pt; padding-left: 36.9pt">Accounts payable and accrued expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,529</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10.4pt; padding-left: 46.4pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,752</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,904</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.05in">Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Additions to property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(896</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(896</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.05in">Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Preferred stock dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(315</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Net proceeds from borrowings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Net cash (used in) provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(285</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0.05in">Net decrease in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,933</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.05in">Cash and cash equivalents at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,914</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,736</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.05in">Cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,981</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,450</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.05in">Supplemental Information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,789</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,680</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0.05in">Noncash financing and investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Reclass of warrant liability to equity upon cashless net exercise</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">112</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Preferred stock dividends accrued</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">312</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Debt extinguished with issuance of common stock</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center">See accompanying notes
to consolidated financial statements.</P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
(UNAUDITED)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="font-variant: small-caps">ORGANIZATION </FONT>AND BASIS OF PRESENTATION.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Organization and Business</U></I>
&ndash; The consolidated financial statements include the accounts of Pacific Ethanol, Inc., a Delaware corporation (&ldquo;Pacific
Ethanol&rdquo;), and its wholly-owned subsidiaries, including Kinergy Marketing LLC, an Oregon limited liability company (&ldquo;Kinergy&rdquo;),
and Pacific Ag. Products, LLC, a California limited liability company (&ldquo;PAP&rdquo;), for all periods presented, and for the
periods specified below, New PE Holdco, which owns the Plant Owners (each as defined below) (collectively, the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">The Company is the
leading marketer and producer of low carbon renewable fuels in the Western United States. The Company also sells ethanol co-products,
including wet distillers grain (&ldquo;WDG&rdquo;), and provides transportation, storage and delivery of ethanol through third-party
service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington.
The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining
and distribution companies and sells its WDG to dairy operators and animal feed distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company manages the production and
operation of the four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific
Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &ldquo;Pacific Ethanol Plants&rdquo;) and Pacific
Ethanol Holding Co. LLC (&ldquo;New PE Holdco,&rdquo; and together with the Pacific Ethanol Plants, the &ldquo;Plant Owners&rdquo;).
These four facilities have an aggregate annual production capacity of up to 200 million gallons. As of March 31, 2012, three of
the facilities were operating and one of the facilities was idled. When market conditions permit, and with approval of New PE Holdco,
the Company intends to resume operations at the Madera, California facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 6, 2010, the Company purchased
a 20% ownership interest in New PE Holdco, a variable interest entity (&ldquo;VIE&rdquo;), from a number of New PE Holdco&rsquo;s
owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco, and as such, has consolidated the
results of New PE Holdco since then. See Note 2 &ndash; Variable Interest Entity. On each of November 29, 2011 and December 19,
2011, the Company purchased an additional 7% ownership interest in New PE Holdco, bringing the Company&rsquo;s total ownership
interest in New PE Holdco to 34%. As of March 31, 2012, the Company held a 34% ownership interest in New PE Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Liquidity</U></I> &ndash; The
Company believes that current and future available capital resources, revenues generated from operations, and other existing sources
of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure
requirements for at least the next twelve months. If, however, the Company&rsquo;s capital requirements or cash flow vary materially
from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund
future acquisitions, the Company may require additional financing. The Company&rsquo;s failure to raise capital, if needed, could
restrict its growth, or hinder its ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Accounts Receivable and Allowance
for Doubtful Accounts</U></I> &ndash; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company maintains an allowance
for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age
of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days,
the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent
accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors
considered in reaching this determination are the apparent financial condition of the customer and the Company&rsquo;s success
in contacting and negotiating with the customer. If the financial condition of the Company&rsquo;s customers were to deteriorate,
resulting in an impairment of ability to make payments, additional allowances may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Of the accounts receivable balance,
approximately $24,629,000 and $23,715,000 at March 31, 2012 and December 31, 2011, respectively, were used as collateral under
Kinergy&rsquo;s working capital line of credit. The allowance for doubtful accounts was $26,000 and $24,000 as of March 31, 2012
and December 31, 2011, respectively. The Company recorded a bad debt expense of $2,000 and a bad debt recovery of $130,000 for
the three months ended March 31, 2012 and 2011, respectively. The Company does not have any off-balance sheet credit exposure related
to its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Basis of Presentation</U></I><U>&ndash;<I>Interim
Financial Statements</I></U><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"> </FONT>&ndash; The accompanying
unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule&nbsp;10-01 of Regulation&nbsp;S-X.
Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2011. The accounting policies used in preparing these consolidated
financial statements are the same as those described in Note 1 to the consolidated financial statements in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant
intercompany accounts and transactions have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The preparation of the consolidated
financial statements in conformity with accounting principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of VIEs, fair value of convertible notes and warrants, allowance
for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances
on deferred income taxes and the potential outcome of future tax consequences of events recognized in the Company&rsquo;s financial
statements or tax returns. Actual results and outcomes may materially differ from management&rsquo;s estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Reclassifications of prior year&rsquo;s
data have been made to conform to 2012 classifications. Such classifications had no effect on net loss reported in the consolidated
statements of operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>VARIABLE INTEREST ENTITY.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company concluded that at all times
since New PE Holdco&rsquo;s inception, New PE Holdco has been a VIE because the owners of New PE Holdco, due to the Company&rsquo;s
involvement through its contractual arrangements, have at all times lacked the power to direct the activities that most significantly
impacted its economic performance. Some of these activities include efficient management and operation of the Pacific Ethanol Plants,
sale of ethanol, the procurement of feedstock, sale of co-products and implementation of risk management strategies. At the time
of New PE Holdco&rsquo;s inception, however, the Company did not have an obligation to absorb losses or receive benefits that could
potentially be significant to New PE Holdco and, as a result, it was determined that the Company was not New PE Holdco&rsquo;s
primary beneficiary. Upon the Company&rsquo;s purchase of its 20% ownership interest in New PE Holdco on October 6, 2010, the Company,
through its ownership interest, had an obligation to absorb losses and receive benefits that could potentially be significant to
New PE Holdco. As a result, the Company then became the primary beneficiary of New PE Holdco and began consolidating the financial
results of New PE Holdco. On November 29, 2011, the Company purchased an additional 7% ownership interest in New PE Holdco for
$4,502,000 in cash. On December 19, 2011, the Company purchased another 7% ownership interest in New PE Holdco for $4,615,000 in
cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The carrying values and classification
of assets that are collateral for the obligations of New PE Holdco consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">March 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 5.4pt">Cash and cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">1,293</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">2,070</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,456</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,693</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">166,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">173,606</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 5.4pt">Current liabilities</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,883</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">3,064</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">171</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,311</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">76,478</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&rsquo;s acquisition of its
ownership interest in New PE Holdco does not impact the Company&rsquo;s rights or obligations under any of its contractual agreements.
Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the Company has not provided any
additional support to New PE Holdco beyond the terms of its contractual agreements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>INVENTORIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Inventories consisted primarily of bulk
ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.
Inventory balances consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 26.1pt">Finished goods</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,236</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">9,429</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 26.1pt">Work in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 26.1pt">Raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 26.1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,084</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 48.6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,437</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>DERIVATIVES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">The business and activities of the Company
expose it to a variety of market risks, including risks related to changes in commodity prices and interest rates. The Company
monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the
unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on
operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><I><U>Commodity Risk</U></I><U> &ndash;
<I>Cash Flow Hedges</I></U> &ndash; The Company uses derivative instruments to protect cash flows from fluctuations caused by
volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially adverse
effects of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date and/or
if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales of ethanol
to minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated and documented
as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions and regressing
commodity futures prices against the Company&rsquo;s purchase and sales prices. Ineffectiveness, which is defined as the degree
to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold. For the three
months ended March 31, 2012 and 2011, the Company did not designate any of its derivatives as cash flow hedges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Commodity Risk &ndash; Non-Designated
Hedges</U></I> &ndash; The Company uses derivative instruments to lock in prices for certain amounts of corn and ethanol by entering
into forward contracts for those commodities. These derivatives are not designated for special hedge accounting treatment. The
changes in fair value of these contracts are recorded on the balance sheet and recognized immediately in cost of goods sold. The
Company recognized gains of $134,000 and $28,000 as the change in the fair value of these contracts for the three months ended
March 31, 2012 and 2011, respectively. The notional balances remaining on these contracts were $1,678,000 and $9,186,000 as of
March 31, 2012 and December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0; text-align: justify"><I><U>Non Designated Derivative Instruments</U></I>
&ndash; The classification and amounts of the Company&rsquo;s derivatives not designated as hedging instruments are as follows
(in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Realized Gains (Losses)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Type of Instrument</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">Statements of Operations Location</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Commodity contracts</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Cost of goods sold</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">(102</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(102</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Unrealized Gains</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Type of Instrument</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">Statements of Operations Location</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Commodity contracts</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Cost of goods sold</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">236</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">15</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">236</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>DEBT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">Long-term borrowings are summarized
as follows (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 5.4pt">Kinergy operating line of credit</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">14,461</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">20,432</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Note payable to related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">New PE Holdco term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">New PE Holdco operating line of credit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,439</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less short-term portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">Long-term debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,718</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,689</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Kinergy Operating Line of Credit
</U></I>&ndash; In May 2012, the Company extended Kinergy&rsquo;s operating line of credit. The renewal of Kinergy&rsquo;s credit
facility is for an aggregate amount of up to $40.0 million, including an optional accordion feature for up to an additional $10.0
million. The prior credit facility included an accordion feature of $5.0 million. The credit facility expires on December 31,
2015. Interest accrues under the credit facility at a rate equal to (i)&nbsp;the three-month London Interbank Offered Rate (LIBOR),
plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The credit facility&rsquo;s monthly unused line fee is
0.50% of the amount by which the maximum credit under the facility exceeds the average daily principal balance. Kinergy is also
required to pay customary fees and expenses associated with the credit facility and issuances of letters of credit. In addition,
Kinergy is responsible for a $3,000 monthly servicing fee. In addition, the amended facility includes the accounts receivable
of PAP as additional collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><I><U>New PE Holdco
Working Capital Line of Credit</U></I> &ndash; For the three months ended March 31, 2012, New PE Holdco borrowed $6,000,000 on
its working capital line of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; On March 31, 2009, the Company&rsquo;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for
general working capital purposes, in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal
amount accrues at a rate of 8.00% per annum. The Company recorded interest under this note of approximately $15,000 and $20,000
for the three months ended March 31, 2012 and 2011, respectively. As of December 31, 2011, the remaining amount of $750,000 was
due and payable on the extended maturity date of March 31, 2012. On March 7, 2012, the maturity date was further extended to March
31, 2013.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD>WARRANTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in">For the three months
ended March 31, 2012, certain warrant holders exercised warrants with respect to 252,101 shares of common stock on a cashless exercise
basis, resulting in 172,269 net shares of common stock issued by the Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>COMMITMENTS AND CONTINGENCIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Purchase Commitments</U></I> &ndash;
At March 31, 2012, the Company had fixed-price purchase contracts with its suppliers to purchase $14,753,000 of ethanol and indexed-price
contracts to purchase 2,604,000 gallons of ethanol. These contracts will be satisfied throughout the remainder of 2012.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Sales Commitments</U></I> &ndash;
At March 31, 2012, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol
and WDG. The volumes indicated in the indexed-price contracts table will be sold at publicly-indexed sales prices determined by
market prices in effect on their respective transaction dates (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Fixed-Price</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;Contracts</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 75%; text-align: left; vertical-align: top">Ethanol</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">WDG</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">987</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top; padding-left: 11pt">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,662</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Indexed-Price Contracts <BR>(Volume)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 77%; text-align: left; padding-left: 4.3pt">Ethanol (gallons)</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">103,973</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 4.3pt">WDG (tons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Litigation &ndash; General</U>
&ndash;</I> The Company is subject to various claims and contingencies in the ordinary course of its business, including those
related to litigation, business transactions, employee-related matters, and others. When the Company is aware of a claim or potential
claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss
can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the
loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible
and the amount involved could be material. While there can be no assurances, the Company does not expect that any of its pending
legal proceedings will have a material financial impact on the Company&rsquo;s operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">8.&#9;FAIR VALUE MEASUREMENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">The fair value hierarchy prioritizes
the inputs used in valuation techniques into three levels as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 &ndash; Observable inputs &ndash; unadjusted quoted prices in active markets for identical
assets and liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 &ndash; Observable inputs other than quoted prices included in Level 1 that are observable
for the asset or liability through corroboration with market data; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 &ndash; Unobservable inputs &ndash; includes amounts derived from valuation models where
one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description
of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the
prior reporting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">The Company valued its warrants using
a Monte Carlo Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used
in the valuations for the dates noted are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><B><I><U>Warrants issued in October
2010:</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Assumptions</TD>
    <TD STYLE="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March
    31, 2012</TD>
    <TD STYLE="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December
    31, 2011</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exercise price</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$0.45</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$0.45</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Volatility</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">76.0%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68.0%</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Risk free interest rate</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.33%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.09%</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Term (years)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.60</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.90</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Marketability discount</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">50.3%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">47.4%</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">Based on the above, the Company estimated
the fair value of these warrants to be $115,000 at March 31, 2012 and $226,000 at December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><B><I><U>Warrants issued in December
2011:</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">Assumptions</TD>
    <TD STYLE="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">March
    31, 2012</TD>
    <TD STYLE="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">December
    31, 2011</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Exercise price</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.50</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.50</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Volatility</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">78.3%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68.0%</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Risk free interest rate</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.04%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.83%</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Term (years)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.71</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.96</TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Marketability discount</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">56.6%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52.0%</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">Based on the above, the Company estimated
the fair value of these warrants to be $1,727,000 at March 31, 2012 and $1,695,000 at December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><I><U>Other Derivative Instruments</U></I>
&ndash; The Company&rsquo;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
are based on quoted prices on the commodity exchanges and are designated as Level 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">The following table summarizes fair value measurements by level
at March 31, 2012 (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Warrants(1)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,842</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,842</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4">Commodity contracts(2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,842</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,863</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">(1) Included in other liabilities in
the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">(2) Included in accrued liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">The following tables summarize fair value measurements by level
at December 31, 2011 (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Commodity contracts(1)</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">(1) Included in other current assets
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; padding-left: 5.4pt">Warrants(1)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4">Commodity contracts(2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,421</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">(1) Included in other liabilities in
the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">(2) Included in accrued liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">The changes in the fair value of the
Company&rsquo;s Level 3 inputs are as follows (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; padding-left: 4.3pt">Balance, December 31, 2011</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">1,921</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 4.3pt">Warrant exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 4.3pt">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 4.3pt">Balance, March 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,842</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<p>&nbsp;</P>

<P></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>EARNINGS PER SHARE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following tables compute basic and
diluted earnings per share (in thousands, except per share data):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March&nbsp;31, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss <BR>Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: justify">Net loss</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(4,953</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">86,222</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March&nbsp;31, 2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Income (Loss) Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: justify">Net income</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">18</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(294</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,582</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There were an aggregate of 3,213,000
and 8,108,000 potentially dilutive weighted-average shares from convertible securities outstanding as of March 31, 2012 and 2011,
respectively. These convertible securities were not considered in calculating diluted net loss per share for the three months ended
March 31, 2012 and 2011, as their effect would have been anti-dilutive.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>RELATED PARTY TRANSACTIONS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><I><U>Preferred Dividends
&ndash;</U> </I>The Company had accrued and paid cash dividends in respect of its Series B Preferred Stock of $315,000 for
the three months ended March 31, 2012 and accrued but did not pay cash dividends of $312,000 for the three months ended March
31, 2011. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $7,315,000 as of March
31, 2012 and December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Note Payable to Related Party
&ndash;</U> </I>The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2012 and December
31, 2011. This note matures on March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I></I></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Consulting Agreement &ndash; Michael
Kandris &ndash;</U> </I>On December 30, 2011, the Company entered into an Independent Contractor Services Agreement with Michael
Kandris, a member of the Company&rsquo;s Board of Directors, appointing him as a consultant to the Company with supervisory responsibility
for ethanol plant operations, under the direction of the Company&rsquo;s Chief Executive Officer. The agreement became effective
as of January 1, 2012.<I> </I>Mr. Kandris is to receive compensation as set forth in each statement of work. The current statement
of work provides that Mr. Kandris shall receive bi-weekly payments in the amount of approximately $8,500. The agreement has an
initial term of one year, and may be renewed by mutual agreement for successive one-year terms.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD>SUBSEQUENT EVENT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As discussed in Note 5, the Company
amended Kinergy&rsquo;s operating line of credit effective May 4, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">ITEM 2.&#9;MANAGEMENT&rsquo;S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">The following discussion
and analysis should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements
included elsewhere in this report. This report and our consolidated financial statements and notes to consolidated financial statements
contain forward-looking statements, which generally include the plans and objectives of management for future operations, including
plans and objectives relating to our future economic performance and our current beliefs regarding revenues we might generate and
profits we might earn if we are successful in implementing our business and growth strategies. The forward-looking statements and
associated risks may include, relate to or be qualified by other important factors, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">fluctuations in the market price of ethanol and its co-products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">the projected growth or contraction in the ethanol and co-product markets in which we operate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">our strategies for expanding, maintaining or contracting our presence in these markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">our ability to successfully manage and operate third party ethanol production facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">anticipated trends in our financial condition and results of operations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">our ability to distinguish ourselves from our current and future competitors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">You are cautioned
not to place undue reliance on any forward-looking statements, which speak only as of the date of this report, or in the case of
a document incorporated by reference, as of the date of that document. We do not undertake to update, revise or correct any forward-looking
statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">Any of the factors
described immediately above, or referenced from time to time in our filings with the Securities and Exchange Commission or in the
&ldquo;Risk Factors&rdquo; section of our Annual Report on Form 10-K for the year ended December 31, 2011 could cause our financial
results, including our net income or loss or growth in net income or loss to differ materially from prior results, which in turn
could, among other things, cause the price of our common stock to fluctuate substantially.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 11pt; text-indent: 0.5in">We are the leading marketer and producer
of low-carbon renewable fuels in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">We market all the ethanol produced by
the Pacific Ethanol Plants, all the ethanol produced by three other ethanol producers in the Western United States and ethanol
purchased from other third-party suppliers throughout the United States. We also market ethanol co-products, including WDG, for
the Pacific Ethanol Plants. We have extensive customer relationships throughout the Western United States. Our ethanol customers
are integrated oil companies and gasoline marketers who blend ethanol into gasoline. We arrange for transportation, storage and
delivery of ethanol purchased by our customers through our agreements with third-party service providers in the Western United
States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. Our WDG customers are dairies and
feedlots located near the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">We have extensive supplier relationships
throughout the Western and Midwestern United States. In some cases, we have marketing agreements with suppliers to market all of
the output of their facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">We hold a 34% ownership interest in New
PE Holdco which indirectly owns the Pacific Ethanol Plants through its ownership of the Plant Owners. We operate and maintain the
Pacific Ethanol Plants under the terms of an asset management agreement with New PE Holdco and the Plant Owners. We also market
ethanol and WDG produced by the Pacific Ethanol Plants under the terms of separate marketing agreements with the Plant Owners whose
facilities are operational. In addition, we provide operations, maintenance and accounting services for a 250,000 gallon per year
cellulosic integrated biorefinery owned by ZeaChem Inc. in Boardman, Oregon, which is adjacent to the Pacific Ethanol Columbia
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">The Pacific Ethanol Plants are comprised
of the four facilities described immediately below, three of which are currently operational. When market conditions permit, and
with approval of New PE Holdco, we intend to resume operations at the Madera, California facility.</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Facility Name</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Facility
        Location</B></P></TD>
    <TD STYLE="width: 27%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Estimated
        Annual Capacity<BR>
        (gallons)</B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        Operating Status</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Magic Valley</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Burley, ID</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Columbia</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Boardman, OR</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Stockton</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Stockton, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.75pt; text-indent: -5.75pt">Madera</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Madera, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Idled</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">We earn fees as follows
under our asset management and other agreements with New PE Holdco and the Plant Owners:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">ethanol marketing fees of approximately 1% of the net sales price, but not less than $0.015 per gallon and not more than $0.0225
per gallon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">corn procurement and handling fees of $0.045 per bushel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">WDG fees of 5% of the third-party purchase price, but not less than $2.00 per ton and not more than $3.50 per ton; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 90%">asset management fees of $75,000 per month for each operating facility and $40,000 per month for each idled facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 38.5pt">We intend to maintain and advance our
position as the leading marketer and producer of low-carbon renewable fuels in the Western United States, in part by expanding
our relationships with customers and third-party ethanol producers to market higher volumes of ethanol and by expanding the market
for ethanol by continuing to work with state governments to encourage the adoption of policies and standards that promote ethanol
as a fuel additive and transportation fuel. Further, we may seek to provide management services for other third-party ethanol production
facilities in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">The preparation of
our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States
of America, requires us to make judgments and estimates that may have a significant impact upon the portrayal of our financial
condition and results of operations. We believe that of our significant accounting policies, the following require estimates and
assumptions that require complex, subjective judgments by management that can materially impact the portrayal of our financial
condition and results of operations: revenue recognition; consolidation of variable interest entities; warrants carried at fair
value; impairment of long-lived and intangible assets; and allowance for doubtful accounts. These significant accounting principles
are more fully described in &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&mdash;Critical
Accounting Policies&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2011.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">The following selected
financial information should be read in conjunction with our consolidated financial statements and notes to our consolidated financial
statements included elsewhere in this report, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations&rdquo; contained in this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">Certain performance
metrics that we believe are important indicators of our results of operations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage Variance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9pt; padding-left: 9pt">Production gallons sold (in millions)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">35.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">36.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: center">(4.3%)</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Third party gallons sold (in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">66.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total gallons sold (in millions)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">35.7%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Average sales price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">(7.5%)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Corn cost per bushel&mdash;CBOT equivalent (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">(2.4%)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Co-product revenues as % of delivered cost of corn</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">7.9%)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">Average CBOT ethanol price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">(8.3%)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 0in">Average CBOT corn price per bushel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">(4.3%)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
<TD COLSPAN="3">_______________________</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 5%">(1)</TD><TD STYLE="text-align: left; padding-right: 76.5pt; width: 92%">We exclude transportation&mdash;or &ldquo;basis&rdquo;&mdash;costs in our corn
costs to calculate a Chicago Board of Trade, or CBOT, equivalent price to compare our corn costs to average CBOT corn prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Net Sales,
Cost of Goods Sold and Gross Profit (Loss)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.15pt">The following table
presents our net sales, cost of goods sold and gross profit (loss) in dollars and gross profit (loss) as a percentage of net sales
(in thousands, except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 1.45pt">Net sales</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">197,719</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">173,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">24,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">14.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">170,584</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,612</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Gross profit (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,477</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,564</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,041</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NM</P></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 1.45pt">&nbsp;&nbsp;Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(3.8</TD><TD STYLE="font-style: italic; text-align: left">)%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: left; text-indent: 38.5pt"><I>Net Sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: left; text-indent: 38.5pt">The increase in our
net sales for the three months ended March 31, 2012 as compared to the same period in 2011 was due to an increase in total gallons
sold, partially offset by a decrease in our average sales price per gallon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: left; text-indent: 38.5pt">Total volume of ethanol
gallons sold increased by 30.2 million gallons, or 36%, to 114.8 million gallons for the three months ended March 31, 2012 as compared
to 84.6 million gallons for the same period in 2011. The increase in total gallons sold is primarily due to an increase in third
party gallons sold, partially offset by a reduction in production gallons sold. Total volume of third party gallons sold increased
by 31.8 million gallons, or 67%, to 79.5 million gallons for the three months ended March 31, 2012 as compared to 47.7 million
gallons for the same period in 2011. The increase in third party sales volume is primarily due to additional gallons sold through
third-party ethanol marketing arrangements. Total volume of production gallons sold decreased by 1.6 million gallons, or 4%, to
35.3 million gallons for the three months ended March 31, 2012 as compared to 36.9 million gallons for the same period in 2011.
The decrease in production gallons sold is primarily due to reduced production as we adjusted to a lower margin environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">Our average sales
price per gallon decreased 8% to $2.34 for the three months ended March 31, 2012 from an average sales price per gallon of $2.53
for the same period in 2011. The average CBOT price per gallon decreased 8% to $2.22 for the three months ended March 31, 2012
from an average CBOT price per gallon of $2.42 for the same period in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><I>Cost of Goods Sold and Gross Profit
(Loss)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in; text-align: left">Our gross margin decreased to negative
3.8% for the three months ended March 31, 2012 from positive 1.5% for the same period in 2011 primarily due to increased production
costs, mostly from higher corn costs relative to ethanol prices. Further, for the three months ended March 31, 2011, we were able
to offset approximately $1.5 million of our additional costs due to elevated corn prices with proceeds from the California Ethanol
Producer Incentive Program, which were recorded as a reduction to cost of goods sold. We did not receive any such proceeds for
the three months ended March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Selling,
General and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">The following table
presents our selling, general and administrative expenses, or SG&amp;A, in dollars and as a percentage of net sales (in thousands,
except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -3.05pt; padding-left: 3.05pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; text-indent: -3.05pt; padding-left: 3.05pt">Selling, general and administrative expenses</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">3,378</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">4,188</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(810</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(19.3</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.7</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2.4</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Our SG&amp;A decreased in both absolute
dollars and as a percentage of net sales for the three months ended March 31, 2012. SG&amp;A decreased $0.8 million to $3.4 million
for the three months ended March 31, 2012 as compared to $4.2 million for the same period in 2011. The decrease in the dollar amount
of SG&amp;A is primarily due to the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>noncash compensation expenses decreased by $0.5 million due to the decreased value of grants of restricted stock awards to
our employees and members of our board of directors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>professional fees decreased by $0.4 million due to lower administrative costs incurred by New PE Holdco and an overall decrease
in legal expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.25in"><B><I>Fair Value Adjustments
on Convertible Debt and Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents our fair value adjustments on convertible debt and warrants in dollars and as a percentage of net sales (in thousands,
except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9.55pt; padding-left: 9.55pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; text-indent: -9.55pt; padding-left: 9.55pt">Fair value adjustments on convertible debt and warrants</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(33</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">926</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(959</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(103.6</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 1.45pt; text-indent: 9.35">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.0</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.5</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">We issued senior convertible
notes and warrants in 2010 for $35.0 million in cash and additional warrants in 2011. These senior convertible notes and warrants
were recorded at fair value. We recorded an expense of less than $0.1 million related to the subsequent fair value adjustments
of the warrants for the three months ended March 31, 2012 due a relatively flat stock price from the beginning of the year. The
senior convertible notes were fully retired in November 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Interest
Expense, net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents our interest expense, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Interest expense, net</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">2,909</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">3,638</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(729</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(20.0</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2.1</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Interest expense, net
decreased by $0.7 million to $2.9 million for the three months ended March 31, 2012 from $3.6 million for the same period in 2011.
The decrease in interest expense, net is primarily due to decreased average debt balances, largely due to the retirement of our
senior convertible notes in November 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Other Expense,
net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents our other expense, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Other expense, net</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">194</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">343</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(149</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(43.4</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Other expense, net
decreased by $0.1 million to $0.2 million for the three months ended March 31, 2012 from $0.3 million for the same period in 2011.
The decrease in other expense, net is primarily due to a decrease in bank fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.25in"><B></B></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.25in"><B><I>Net Loss Attributed to Noncontrolling
Interest in Variable Interest Entity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents the proportionate share of the net loss attributed to noncontrolling interest in variable interest entity in dollars and
as a percentage of net sales (in thousands, except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -7.55pt; padding-left: 7.55pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; text-indent: -7.55pt; padding-left: 7.55pt">Net loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">9,038</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">4,697</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">4,341</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">92.4</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Net loss attributed
to noncontrolling interest in variable interest entity relates to our consolidated treatment of New PE Holdco, a variable interest
entity. For the three months ended March 31, 2012 and 2011, we consolidated the entire income statement of New PE Holdco. However,
because we owned only 34% and 20% of New PE Holdco for the three months ended March 31, 2012 and 2011, respectively, we reduced
our consolidated net loss for the noncontrolling interest, which was the ownership interest that we did not own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Net Income
(Loss) Attributed to Pacific Ethanol, Inc.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents our net income (loss) attributed to Pacific Ethanol, Inc. in dollars and as a percentage of net sales (in thousands, except
percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -7.55pt; padding-left: 7.55pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; text-indent: -7.55pt; padding-left: 7.55pt">Net income (loss) attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(4,953</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">18</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(4,971</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NM</P></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.5</TD><TD STYLE="font-style: italic; text-align: left">)%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.0</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Net income (loss) attributed
to Pacific Ethanol, Inc. decreased during the three months ended March 31, 2012 as compared to the same period in 2011, primarily
due to a decrease in gross profit, which was partially offset by decreases in SG&amp;A expenses and interest expense, net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 16.5pt"><B><I>Preferred
Stock Dividends and Net Loss Available to Common Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table
presents the preferred stock dividends for our Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock, in
dollars and as a percentage of net sales, and our net loss available to common stockholders in dollars and as a percentage of net
sales (in thousands, except percentages):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1.45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Preferred stock dividends</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">315</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">312</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">3</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">1.0</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 1.45pt; text-indent: 9.35pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.55pt; padding-left: 7.55pt">Net loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">294</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,974</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,691.8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 1.45pt; text-indent: 9.35pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2.7</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.2</TD><TD STYLE="font-style: italic; text-align: left">%</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Shares of our Series
B Preferred Stock are entitled to quarterly cumulative dividends payable in arrears in an amount equal to 7% per annum of the purchase
price per share of the Series B Preferred Stock. We have recorded dividends on our Series B Preferred Stock in the aggregate amount
of $0.3 million for three months ended March 31, 2012 and 2011. We paid the dividends for the three months ended March 31, 2012,
however, we accrued and did not pay the dividends for the three months ended March 31, 2011, resulting in total accrued and unpaid
dividends in respect of our Series B Preferred Stock of $7.3 million as of March 31, 2012.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Liquidity and Capital Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">During the three months ended March 31,
2012, we funded our operations primarily from cash provided by operations, borrowings under our credit facilities and the remaining
proceeds from our private placement in December 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">We had working capital of $46.1 million
and $57.8 million as of March 31, 2012 and December 31, 2011, respectively. We had cash and cash equivalents of $5.0 million and
$8.9 million as of March 31, 2012 and December 31, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Our current available capital resources
consist of cash on hand and amounts available for borrowing under Kinergy&rsquo;s credit facility. In addition, New PE Holdco has
a credit facility for use in the operations of the Pacific Ethanol Plants. We expect that our future available capital resources
will consist primarily of our remaining cash balances, amounts available for borrowing, if any, under Kinergy&rsquo;s credit facility,
cash generated from Kinergy&rsquo;s ethanol marketing business, fees paid under our asset management agreement relating to our
operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership interest in New PE Holdco, and the
remaining proceeds of any future debt and/or equity financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">We believe that current and future available
capital resources, revenues generated from operations, and other existing sources of liquidity, including our credit facilities,
will be adequate to meet our anticipated working capital and capital expenditure requirements for at least the next twelve months.
If, however, our capital requirements or cash flow vary materially from our current projections, if unforeseen circumstances occur,
or if we require a significant amount of cash to fund future acquisitions, we may require additional financing. Our failure to
raise capital, if needed, could restrict our growth, or hinder our ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.25in"><I>Quantitative Quarter-End
Liquidity Status</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">We believe that the
following amounts provide insight into our liquidity and capital resources. The following selected financial information should
be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere
in this report, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; contained in this report (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 42%; text-align: left; padding-left: 1.45pt">Cash and cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">4,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">(44.1</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">66,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.8</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Total assets of variable interest entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">166,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">173,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">157,610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">159,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.3</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Notes payable, current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Notes payable, noncurrent portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">93,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Total liabilities of variable interest entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">84,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20.2</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35.3</TD><TD STYLE="text-align: left">)%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.25in"><I>Change in Working Capital and Cash
Flows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Working capital decreased to $46.1 million
at March 31, 2012 from $57.8 million at December&nbsp;31, 2011 as a result of decreases in current assets of $8.5 million and increases
in current liabilities of $3.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Current assets decreased primarily due
to decreases in cash and cash equivalents of $3.9 million, inventories, including prepaid inventory, of $3.7 million and other
current assets of $1.9 million. Current liabilities increased primarily due to increases in trade accounts payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Cash used in operating activities of
$2.8 million resulted primarily from a consolidated net loss of $14.0 million, partially offset by an increase in accounts payable
and accrued expenses of $3.6 million, depreciation and amortization of $3.1 million, decreases in inventories, including prepaid
inventories, of $3.7 million, and decreases in prepaid expenses and other assets of $1.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Cash used in investing activities of
$0.9 million resulted from additions to property and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Cash used in financing activities of
$0.3 million resulted from cash payment of dividends in respect of our Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 12pt; margin-right: 0; margin-left: 0"><B><I>Kinergy
Operating Line of Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in">In May 2012, we extended Kinergy&rsquo;s
operating line of credit. The renewal of Kinergy&rsquo;s credit facility is for an aggregate amount of up to $30.0 million, with
an optional accordion feature for up to an additional $10.0 million. The prior credit facility included an accordion feature of
$5.0 million. The credit facility expires on December 31, 2015. Interest accrues under the credit facility at a rate equal to (i)&nbsp;the
three-month London Interbank Offered Rate (LIBOR), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The
credit facility&rsquo;s monthly unused line fee is 0.50% of the amount by which the maximum credit under the facility exceeds the
average daily principal balance. Kinergy is also required to pay customary fees and expenses associated with the credit facility
and issuances of letters of credit. In addition, Kinergy is responsible for a $3,000 monthly servicing fee. Payments that may be
made by Kinergy to Pacific Ethanol as reimbursement for management and other services provided by Pacific Ethanol to Kinergy are
limited to $800,000 per fiscal quarter in 2012, $900,000 per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and
$1,100,000 per fiscal quarter in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In addition, the amended facility includes
the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for
management and other services provided by Pacific Ethanol to PAP are limited to the extent that quarterly payments do not result
in PAP recording less than $100,000 of net income in the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">For the fiscal quarter ending June 30,
2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate earnings before interest,
taxes, depreciation and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of $1,100,000 for each two consecutive
quarters. These amounts are required through December 31, 2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter
and $1,300,000 for each two consecutive quarters. Further, for all monthly periods, Kinergy and PAP must collectively maintain
a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum of interest expense, capital expenditures,
principal payments of indebtedness, indebtedness from capital leases and taxes paid during such twelve-month rolling period) of
at least 2.0 and are prohibited from incurring any additional indebtedness (other than specific intercompany indebtedness) or making
any capital expenditures in excess of $100,000 absent the lender&rsquo;s prior consent. Kinergy and PAP&rsquo;s obligations under
the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The following table summarizes Kinergy&rsquo;s
financial covenants and actual results for the periods presented (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> March 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended<BR> December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; padding-left: 5.4pt">EBITDA Requirement &ndash; Three Months</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">300</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">N/A</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">EBITDA Requirement &ndash; Six Months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,487</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Fixed Coverage Ratio Requirement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5.4pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">We have guaranteed all of Kinergy&rsquo;s
obligations under the credit facility. As of March 31, 2012, Kinergy had an available borrowing base under the credit facility
of $15.5 million and had an outstanding balance of $14.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-indent: 0.25in"><B><I>New PE Holdco Term Debt and Working
Capital Line of Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: left; text-indent: 38.15pt">The Plant Owners
have approximately $50.0 million in three-year term loans and a three-year revolving credit facility of up to $35.0 million to
fund working capital requirements. The term loans and credit facility mature in June 2013. We believe that the Plant Owners&rsquo;
will seek to refinance these loans prior to their stated maturity date. As of March 31, 2012, New PE Holdco had an outstanding
letter of credit of approximately $0.8 million, unused availability under the credit facility of $6.2 million and an outstanding
balance of $28.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-indent: 0.25in"><B><I>Note Payable to Related Party</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">On March 31, 2009, our Chief Executive
Officer provided funds in an aggregate amount of $1.0 million for general working capital purposes, in exchange for an unsecured
promissory note issued by us. Interest on the unpaid principal amount accrues at a rate of 8.00% per annum. As of December 31,
2011, the remaining amount of $0.8 million was due and payable on the extended maturity date of March 31, 2012. On March 7, 2012,
the maturity date was further extended to March 31, 2013.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Effects of Inflation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">The impact of inflation
was not significant to our financial condition or results of operations for the three months ended March 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Impact of New Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in; background-color: white">None.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 3.&#9;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 4.&#9;CONTROLS AND
PROCEDURES.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: -19.5pt"><FONT STYLE="font-weight: normal">Evaluation
of Disclosure Controls and Procedures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">We conducted an evaluation
under the supervision and with the participation of our management, including our Chief Executive Officer and <FONT STYLE="color: black">Chief
Financial Officer,</FONT> of the effectiveness of the design and operation of our disclosure controls and procedures. The term
&ldquo;disclosure controls and procedures,&rdquo; as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934, as amended, or Exchange Act, means controls and other procedures of a company that are designed to ensure that information
required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Securities and Exchange Commission&rsquo;s rules and forms. Disclosure controls
and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed
by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company&rsquo;s
management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate,
to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial
Officer concluded as of March 31, 2012 that our disclosure controls and procedures were effective at a reasonable assurance level.<FONT STYLE="background-color: yellow">
</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-indent: -19.5pt"><FONT STYLE="font-weight: normal">Changes
in Internal Control over Financial Reporting</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">There were no changes during the most
recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect, our internal control
over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 22pt"><I>Inherent Limitations on the Effectiveness
of Controls</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">Management does not
expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all
errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control systems are met. Further, the design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations
in a cost-effective control system, no evaluation of internal control over financial reporting can provide absolute assurance that
misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been or will
be detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">These inherent limitations
include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or
mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management
override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls
may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">PART II - OTHER INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 1.&#9;LEGAL PROCEEDINGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">We are subject to
legal proceedings, claims and litigation arising in the ordinary course of business. While the amounts claimed may be substantial,
the ultimate liability cannot presently be determined because of considerable uncertainties that exist. Therefore, it is possible
that the outcome of those legal proceedings, claims and litigation could adversely affect our quarterly or annual operating results
or cash flows when resolved in a future period. However, based on facts currently available, management believes such matters will
not adversely affect in any material respect our financial position, results of operations or cash flows.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in">ITEM
1A.&#9;RISK FACTORS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In addition to the other information
set forth in this report, you should carefully consider the factors discussed under &ldquo;Risk Factors&rdquo; in our Annual Report
on Form 10-K for the year ended December 31, 2011, which could materially affect our business, financial condition and results
of operations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in">ITEM
2.&#9;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unregistered Sales of Equity Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In February 2012, we issued an aggregate
of 172,269 shares of common stock to one accredited investor upon the cashless exercise of outstanding warrants. The cashless exercise
resulted in the cancellation of an aggregate of 79,832 shares of common stock otherwise issuable under the warrants with an aggregate
fair market value of $113,448. <FONT STYLE="color: black">Exemption from the registration provisions of the Securities Act of 1933
for the transaction described above is claimed under Section 3(a)(9) of the Securities Act of 1933, among others. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">For each of the three
months ended March 31, 2012 and 2011, we recorded an aggregate of $0.3 million in dividends on our Series B Preferred Stock. We
declared and paid $0.3 million in dividends for the three months ended March 31, 2012. We have never declared or paid cash dividends
on our common stock and do not currently intend to pay cash dividends on our common stock in the foreseeable future. We currently
anticipate that we will retain any earnings for use in the continued development of our business. The holders of our outstanding
Series B Preferred Stock are entitled to dividends of 7% per annum, payable quarterly, none of which have been paid for the years
ended December 31, 2011, 2010 and 2009. Accumulated and unpaid dividends in respect of our Series B Preferred Stock must be paid
prior to the payment of any dividends in respect of our common stock.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 3.&#9;DEFAULTS UPON
SENIOR SECURITIES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 4.&#9;MINE SAFETY
DISCLOSURES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 5.&#9;OTHER INFORMATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt">None.</P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in">ITEM 6.&#9;EXHIBITS.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-indent: -0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 11%; vertical-align: top; padding-right: 0.1in; padding-left: 0.1in; text-align: center">Exhibit<BR>
<U>Number</U></TD>
    <TD STYLE="width: 89%; vertical-align: bottom; padding-top: 0.1in; padding-right: 0.1in; padding-left: 0.1in; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">10.1</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Independent Contractor Services Agreement dated effective as of January 1, 2012 by and between Pacific Ethanol, Inc. and Michael D. Kandris (1)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">10.2</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Amendment No. 9 to Loan and Security Agreement, dated effective December 31, 2011, by and among Kinergy Marketing LLC, Pacific Ethanol, Inc. and Wells Fargo Capital Finance, LLC, successor by merger to Wachovia Capital Finance Corporation (Western) (2)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">10.3</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Amendment No. 1 to Registration Rights Agreement dated February 22, 2012 between Pacific Ethanol, Inc. and the investors identified therein (3)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">31.1</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Certifications Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">31.2</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Certifications Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">32.1</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.INS</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Instance Document (*)(4)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.SCH</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Schema (*)(4)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.CAL</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Calculation Linkbase (*)(4)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.DEF</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Definition Linkbase (*)(4)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.LAB</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Label Linkbase (*)(4)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.PRE</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Presentation Linkbase (*)(4)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">____________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(*)</TD><TD>Filed herewith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for December 30, 2011 filed with the Securities and
Exchange Commission on January 5, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s current report on Form 8-K for January 25, 2012 filed with the Securities and
Exchange Commission on January 31, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filed as an exhibit to the Registrant&rsquo;s annual report on Form 10-K for the year ended December 31, 2011 filed with the
Securities and Exchange Commission on March 8, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Pursuant to applicable securities laws and regulations, we are deemed to have complied with the reporting obligation relating
to the submission of interactive data files in such exhibits and are not subject to liability under any anti-fraud provisions of
the federal securities laws as long as we have made a good faith attempt to comply with the submission requirements and promptly
amend the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements.
Users of this data are advised that, pursuant to Rule 406T, these interactive data files are deemed not filed and otherwise are
not subject to liability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: center; text-indent: -0.75in">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%"></TD><TD STYLE="width: 40%"></TD><TD STYLE="width: 54%"><B>PACIFIC ETHANOL, INC.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 192.5pt; text-indent: -192.5pt"><BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>Dated: May 11, 2012</TD><TD>By:</TD><TD><U>/s/ BRYON T. MCGREGOR</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 46%"></TD><TD STYLE="width: 4%"></TD><TD STYLE="width: 50%">(Principal Financial and Accounting Officer)</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBITS FILED WITH THIS REPORT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 0.1in; padding-left: 0.1in; text-align: center">Exhibit<BR>
<U>Number</U></TD>
    <TD STYLE="width: 90%; padding-right: 0.1in; padding-left: 0.1in; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center">31.1</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in">Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center">31.2</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in">Certification Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">32.1</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.INS</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Instance Document (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.SCH</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Schema (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.CAL</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Calculation Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.DEF</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Definition Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.LAB</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Label Linkbase (*)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: center; text-indent: 0in">101.PRE</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 0.1in; text-align: left; text-indent: 0in">XBRL Taxonomy Extension Presentation Linkbase (*)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(*)&#9;Pursuant to applicable securities laws and regulations, we
are deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits
and are not subject to liability under any anti-fraud provisions of the federal securities laws as long as we have made a good
faith attempt to comply with the submission requirements and promptly amend the interactive data files after becoming aware that
the interactive data files fail to comply with the submission requirements. Users of this data are advised that, pursuant to Rule
406T, these interactive data files are deemed not filed and otherwise are not subject to liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 30; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>peix_10q-ex3101.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">I, Neil M. Koehler, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">1. I have reviewed this Quarterly Report on
Form 10-Q of Pacific Ethanol, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 25pt">3.&#9;Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(c) Evaluated the effectiveness of the registrant&rsquo;s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(d) Disclosed in this report any change in
the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">5. The registrant&rsquo;s other certifying
officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Date: May
11, 2012</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify; border-bottom: Black 0.5pt solid">/S/
        NEIL M. KOEHLER</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.25pt; text-align: justify; text-indent: -12.25pt">President
and Chief Executive Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal
        Executive Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>peix_10q-ex3102.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: justify; text-indent: -12.2pt"><B>EXHIBIT
31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">I, Bryon T. McGregor, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">1. I have reviewed this Quarterly Report on
Form 10-Q of Pacific Ethanol, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 25pt">3.&#9;Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">4. The registrant&rsquo;s other certifying
officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(c) Evaluated the effectiveness of the registrant&rsquo;s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(d) Disclosed in this report any change in
the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Date: May
11, 2012</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify; border-bottom: Black 0.5pt solid">/S/ BRYON T. MCGREGOR</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.25pt; text-align: justify; text-indent: -12.25pt">Chief
Financial Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal
        Financial Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: justify; text-indent: -12.25pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>peix_10q-ex32.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: justify; text-indent: -12.25pt"><B>EXHIBIT
32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATION OF<BR>
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER<BR>
PURSUANT TO 18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">In connection with
the Quarterly Report on Form 10-Q of Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;) for the period ended March 31, 2012 (the
&ldquo;Report&rdquo;), the undersigned hereby certify in their capacities as Chief Executive Officer and Chief Financial Officer
of the Company, respectively, pursuant to 18&nbsp;U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">1.&#9;the Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 38.5pt">2.&#9;the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 3in; text-align: justify; text-indent: -3in"><FONT STYLE="background-color: yellow"><BR></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
<TD COLSPAN="2">Dated: May 11, 2012</TD>
    <TD>By: </TD><TD STYLE="text-align: justify"><U> /S/ NEIL M. KOEHLER</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 45%"></TD>
    <TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="text-align: justify; width: 45%">President and Chief Executive Officer</TD></TR>                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">(Principal Executive Officer)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Dated: May 11, 2012</TD>
    <TD>By:</TD><TD STYLE="text-align: justify"><U>/S/ BRYON T. MCGREGOR</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">(Principal Financial Officer)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 203.5pt"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 203.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: left; text-indent: 0.5in">A signed original
of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures
that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to
the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>peix_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 peix_logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!:17AI9@``34T`*@````@`!0,!``4`
M```!````2@,#``$````!`````%$0``$````!`0```%$1``0````!```.PU$2
M``0````!```.PP```````8:@``"QC__;`$,``@$!`@$!`@("`@("`@(#!0,#
M`P,#!@0$`P4'!@<'!P8'!P@)"PD("`H(!P<*#0H*"PP,#`P'"0X/#0P."PP,
M#/_;`$,!`@("`P,#!@,#!@P(!P@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#/_``!$(`'P`BP,!(@`"$0$#$0'_
MQ``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#
M!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*"
M"0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS
M='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$
MQ<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!
M`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<`
M`0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9
M&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"
M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2
MT]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$``A$#$0`_`/W\HHHH
M`****`"F_<]\T$[023P*\\^*7Q;BT*WDA@D`P""0>M:TJ,JDN6)E6K1IQYI'
M5>(/'-CH"-YDH9AV!KS_`,3_`+2%MI4<C^;#!%$"6=F`"@=R3TKY&_;#_;PT
M_P"!FAF:=GOM4O0PLK%'VM,1U9FYVH,C)_(&OEGPG_PD'[1_AJX^)'Q<U6[_
M`.$(MYL:3X>M7:WAU:8$@*%!SL#`C<<L<-R%4YWXDQ66<,Y/+/,]FXTDU&*2
MO.I.7PTZ<;KFE*SW:22<I-1C)KXC$<5SKX_^R\MBIU4G*5WRPIP6\ZDK/EBO
M).3NDDVTG^AD_P#P42\,7#W)L=<35$L^)IK%6GMH3_=>=1Y*'V=QTKL/!'[6
M:^)K1;A5N8X7QL-P@4N"`<@9Z>_0]LC!/YL>"?B(?%_C".XO8+2TTW1HP=,T
MNVC$5G8G.`4C'&1SR>23GL*]:TKXQN''[X_G7G<`SS#B3!_VQ7IPHT)-J%->
M_/1V;G4T6_V8P5G]J2WYH<4KFM&?-YVM?S4;MI>K;:UM%Z+]$O#7QJLM8PLI
M4$]U-=C9WT.H0AX7613Z&OS\\%_&ETD3]]^M>^?";XZ.LD8,N0>H)XKZ;'9)
M*EK`^BP&>PK:2/H^BL[P]X@A\1V"S1,,D?,OI6C7S[33LSZ*,DU=!1112&%%
M%%`!1110`444UV"IGH!S]*`.5^*/C!?#6CL@;$CCG!Z"OCOX^?&2+1=/O[VZ
MN/+MK.)YY6S]U%!)/Y`U[/\`M&>,V\Z<!R!D@<U^?O[=OC66'X/ZXD3L'N?+
M@)!_A:50WYKD?C7W/#66*I.*EU:/SWB_.GAL/4JQ^Q%O[E<^3=<\1ZI^U#\?
M[,W<SK<>)-3AL+<$[EM(GD"(@]E#9/J<GN:^J/VPM4ATCQ1I'A#34%KHWA>P
MBAAMUX56*C!_!`@'X^M?(OP%\50^"/C;X1U>Z94M=.U>UGG9NBQB5=Y_!<FO
MLG]KSX7:C??&5[VQMVN1K%B+J-4R6E:%`LBJ.[!%#8';UZ5_-GTML94I<79+
MA,2^7#1H5YPZ1]KS0C+RO&G]RD]KL_/_``VI5<1PIF>)H7G7J5Z,:EM9>S:F
MUY^]4MZM+LCQ;3-1DTRY\V,D'&"/45O6'C=UD`WD'WI+7X:7VJ>%-%U&S1YS
MK&HR:8J`?=F`0H/^!!S_`-\FJWB;P!<Z5XC\0V<"O/;^';F6&>Y^ZJA93&I/
MNS8P.IS[5XOA)XT8?AVN\LQSY\-.3O;XJ<E)0;7=-V3CUWCK=2*V4XV%-55!
MVT?K>/.O_)5=]NMCO/"GC]TD3Y_UKVOX8_$ETEC/F?K7R/HFKR6<X1CTKU;X
M=>)V65!N-?V\_JF/PL<7@YJ=.:O&2U37]?<&69C.$TF?HC\!?BF?,A5GW*<`
MC/6OH""9;B!'4Y5QD'UKX-^!OB]EGA^8]1WK[1^%VM_VQX:3)RT?\J_,L[P?
MLJG,C]CR/&^UI\K.FHHHKPCWPHHHH`****`"JVJR>5IL[#@A#5FJNK1>=I=P
M.Y0XIQW0I;'R)^T/J3&>?D]37P[^UIILGB?X?:Q:H"\@03(!U)1@^![D*1^-
M?;_[0UBPGGX/4U\A?%2T832\>M?JO#C4>62Z'X_Q;1]M"=&6TDU]Z/@BOT%_
M8D_:*TW]H;P'I7A?7KI8?&7A1HY;*5S^\O(XAA95/\3!,I(N<LI)[DCXQ^,7
MPW;PKK$MW:1_\2^=LD`?ZACV_P!TGI^7UY/1-<O?#6KV]_I]U<65]:2"6">!
MS')$PZ%6'(->1XW>#N7>)'#W]FUI^RQ%-N=&JE=TYVLTUUA-:3CU5GND?D'`
M/&V-X)SIU90]I2E[M2F]IQO=-/I*+UC+H].K/V%T_P`#:/I1_P!'T^VB'VQM
M0"JG"W#*5,@'0$@GIZFO/OCK\'='O?"#^;=3Z3HJWLNJ:BEE;&:ZU&=R=H!Y
MYR[8R"!E>@6O.?V-O^"@-G\71:>&O%TD.G>*#B*WNN$M]4/0#T24_P!WHQZ8
M)VCZ"^(NNQ>&_!M_=SW5]8PQ1DO<VD`GEMQ_?"E6!`[Y!P/3J/\`%#BO@SBS
M@3B99/GE.4*\9+E=W*-2-VE.G)J2DG=\KY6XRT<5--+_`$-R[..&^*N'IX[+
MW&5%Q=]%%P=DW&:4HN.RYES)2C]KE=SX1\8:9]FU.2:#2+[2K!GVP)<!RV`.
M-S$`%B.3@`>@%;?P_OCYD?)X-5_BSJBZUX@-RGBJY\4H^=DMQ%+%+$/3:_R@
M?[IQQT%0_#1C+JCQ]>C#\_\`]5?Z*?1TXYQ>&Q5/(L2VZ-=.R?-[DTF[^^E+
MWDK.Z5W9][_QEFE&G#'35)W5]URV?IR-QMV46TCZD^"FH,)H>O45]Q?L\WK3
M:44))RE?#7P4LV,T/!YQ7W'^SO:&+3&;&`(_ZU_27$J5F?HW"[EH>G4445\2
M?=!1110`4444`%,=0Z$'D$$?6GT4`?-G[1GA!EGG^7C)KXY^+/AAEED^7UK]
M(OC!X+7Q#I#S(@9@,-BOC[XQ?#5HYI?W9[]J^XX?S!)),^#XCRYRNT?$?CCP
MP+A98Y(U=&!#*1D$5X'\0/AI-X8F>XME:6R)R1U:'V/J/?\`/U/VCX[\`,DC
M_NSQ[5YGKW@<EF#)G/!XX-?I^!QZL?BN?</1Q*Y9JS6S[?\``/E!':-U96*L
MIR"#@@^M?H'^PG^TWJ/[0/PVU+PGJNIR1>+=%M]]M?L%=KJ#A5=P00[(VU7R
M/F#+U))KX[^,OPE/@X#4K5"+*9]DD>.(F/0C_9/Z?B!7;_\`!-N"\F_:TT-K
M4N(8K:[:\QT,7D.!GV\PQ_CBOP[Z4O`N4\3>'F.QN,C%5L%3GB*,VE>,J:YG
M'7=5%'D<7HVXNUXIJ_!W.\RX?XQP^`@WR8F4:52*;2E&;Y5+39P;YDUJK-=6
M=!XUCEA\6:C'<65OI]U#</'/;P`K'%(IPP4$G`W`\=!VXP*Z/X':.VI>(9W"
MDK&@!]B3Q_(U!\>[V'4_C1XEEMB'B;4)%!7HQ!VDC'7D&O9_V</A!-I6B0O<
M1,MU=L)9%(Y3T7\!^I-?S-X"996Q^;X7,''EA1@IRWT;A:,;OK=]=6DS[#$X
M'_A4K4*;YE&<E?O:35]--?(]@^!WA1FGA^4]17VM\)=$_LGPTA(P9,?I7BGP
M#^%[230_N\`8/3I7TA:6B65M'"@PD8P*_J+/,9[2?*C]2R'!>RI\S)J***\`
M^A"BBB@`HHHH`****`&21+*C*PRI&"#W%>5?%WX.)J<3S0(&1N>G(KUBFLH=
M2&&0>H-;4*\J4N:)C7H0JQY9'PI\1?@L\<LG[G'X5Y+XC^#[K(P\H_E7Z/>*
M?A;8^(59E18W(].*\S\5_LTO<K((D(W#AT`)'OR#^HKZS!\1<D=3X_'\-\[O
M%'Y?_M1>!7'@T>'=/LY]1\1>()HXK&QMT,DSA9%9Y-HY"`#!8\`D9JS\#?!D
M?[*?A6]L=**:_P#%'Q%$(+@V(\^+1(NIC#+D-(#@MCY=RC/"C=]SR?L(Z<MW
M=22Q:C,]Z1]H)N'C:X`Z+(R;6D4=E<D#L!74^"?V1+/PQ`(=-TBVL8B>5A@"
M9]S@<GW-?G/'N!SGC+"K)<=6AALO<E*<(MSJUK--1F[1C"":3<(N=VDW-QO!
M^3EO#+P./>9T(_[1R\L)O_EVG=-P76;3=IM^ZGI#F7,?&_P%_9$O(=0BU77X
MQ+>;M\5MG>(F_O.>C-].!UY/3Z]^$OP/DEFB_<DY]J]9\)_`"WTTJT^Q,=@,
MFO0=)T2VT2`1V\:H!U/<U[64X7`9+@U@,KARQZOK)]Y/J_P6R21]!E7#D,.E
M?_@E/PAX3A\*Z<L:*/,(PQ_I6S116<I.3NSZJ,5%604445)04444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`<'K'[1WA70M6N;*YEUT
M7%G,\$HC\/:A*@96*G#K`589!Y4D'J"14'_#4G@__GKXB_\`"9U/_P"1Z\JU
MC_@KO\!?#7B3QUI6I>(_%NFW'PPG@M_%TMWX!\0P6OALSKOA>[N'L1##'(F'
M61W"%"&#;2"?HS0->LO%.AV6J:9>6VH:;J4"75I=6\@EAN8G4,DB,N0RLI!!
M!P017(X8J^DX_P#@+_\`DSF<,1?22_\``7_\D<1_PU)X/_YZ^(O_``F=3_\`
MD>C_`(:D\'_\]?$7_A,ZG_\`(]>AUY-<?MN?#/3?`WQ+\3:AXADT?0/A#J4^
MD>*;[4M.NK.*QN(8XI'6,R1@W`(FC"M`'#LX5=S$"ER8K^>/_@+_`/DQ<F(_
MFC_X"_\`Y(UO^&I/!_\`SU\1?^$SJ?\`\CT?\-2>#_\`GKXB_P#"9U/_`.1Z
MI_!;]KKP7\=_B'XC\(Z-)K]EXI\*6EIJ&IZ5K6@7VD74%K=F46UP%N8DW)(8
M)@-I)4QL&"D8KT^CDQ7\\?\`P%__`"8<F(_FC_X"_P#Y(\\_X:D\'_\`/7Q%
M_P"$SJ?_`,CT?\-2>#_^>OB+_P`)G4__`)'KE?BO_P`%"?A=\%/C_I_PNU^^
M\7CQWJUA)J=AI>G>!]<U4W]M&%,LL,MK9RQ2JFY0^QR4)`;!KN_@;\>?#7[1
MO@9O$7A2XU.XTR.^NM-E74=(O-)N[>YMIFAGBDMKN**>-DD1E(=!G&1D$&CD
MQ7\\?_`7_P#)AR8C^:/_`("__DC._P"&I/!__/7Q%_X3.I__`"/1_P`-2>#_
M`/GKXB_\)G4__D>J7P?_`&P/`OQU^.7Q*^'/AR^U67Q;\));&'Q-9WNCW=@+
M,WBSM;&-IXT6='6WD99(BZ,NU@Q#*3ZA1R8K^>/_`("__DPY,1_-'_P%_P#R
M1YY_PU)X/_YZ^(O_``F=3_\`D>C_`(:D\'_\]?$7_A,ZG_\`(]>AT4<F*_GC
M_P"`O_Y,.3$?S1_\!?\`\D>>?\-2>#_^>OB+_P`)G4__`)'H_P"&I/!__/7Q
M%_X3.I__`"/4'[2?[67@C]DK1_#E_P".;_4=.M?%>O6?AK39+;2KJ]22_NY5
MB@CD>&-UA#,V`\I1>,9)P#Z51R8K^>/_`("__DPY,1_-'_P%_P#R1YY_PU)X
M/_YZ^(O_``F=3_\`D>C_`(:D\'_\]?$7_A,ZG_\`(]<W=_M^?"^Q_:\B^!$F
MJ^(O^%J3:<-931U\):N\;6!?R_MGVL6IM?LWF`QF;S?+#@H6#`BO9Z.3%?SQ
M_P#`7_\`)AR8C^:/_@+_`/DCSS_AJ3P?_P`]?$7_`(3.I_\`R/72:!\1=*\4
M:1#?6;WYMY\[#+IUQ"_#%3E'0,.0>HYZ]*WZ*TIQKI^_)->46O\`VYEPC63]
M^2?HFO\`VYGY9^&/@)JG[:'_``4._P""DOPMTCQ[IGA/1?&)\&:-XBFAT@:C
MJ+64_AE8)TMW,Z1P.RK-$6>*7:2V`&4$<Q^UC^T9<?L0^%O$G@OX/?$CQE=I
M^S[KW@#PE&E_J%KI^C^$].E;3;)=&\AE+ZS<W%N9[B65XU\E&)696@\I_P!-
M?!/[+7PQ^&OC63Q+X<^'/@/P_P"(Y_,\S5=-T"TM+U_,.9,S1QASN/+9//>H
M?%W[)7PJ\?\`B[6=?U[X9?#W6]=\26::=JVHW_AVSN;O5+90`L$\KQEY8E"@
M!')48&!Q70;GR-\(?C?KW[8G[4_[2D>M_&75_AGH?P5\1:-9>'++1KRTMK6#
M2VM;>^;5+IIHV6YCOP[QJTF8DB7]V`^9&^4O^"A?Q3\=_%K_`()X?MW:/X@^
M(/B;4K;X=?'#0-(TD2+9[H].?4-#*V;8@P(EEN&D&P*Y:)`S,AD1_P!;=8_9
M:^&.O>*="UV_^'/@.]UOPO;QVFC:A<:!:276DPQE3'%;RF,M"BE5*JA`&T8`
MQ6;??L4_!K4+;4H;CX2?#*>'6+M+^_23PM8LM]<)YFV:4&+#R#SI<.V2/-?!
M^8Y`/B']IW]L/XQ?L7?MB?''P]IGCCQ)\4M,\"?LUW'Q*T?2]>TW3%,>LC5+
MFW$C_8+2U9X4BMT8H<G'F8(W`CZ2_8`TFYU'P1\/O&FH?''Q+\0]2^(/@*TU
M>YTO4;RR>SU*9_(EFU2TABC5H$5KA8=D)\E5DB#+OPS>S:3^SA\//#GCN/Q5
MI_@+P78^)X;9+*/5[?1+:*_2!85A6(3J@D"+$JQA<X"*%`P`*7X5?LY?#WX$
MW.H3>!_`G@WP;-J[![Z30]$MM.:]8$D&4PHI<Y9C\V>2?6@#X0_X*86/B/Q9
M_P`%C_V<_#O@;QUI/@#QOK'PX\;VNDZI>627_P!FGDCM/+(@9TRV8W8'G_5-
M\K8(K-_X*0^(?[5\(?LI>"](\?ZQ:^(-!^/OA+P=X_DT&]95FU&33);U_M$K
MQE9YUECM9P7W8=U+KOQC[O\`B%^R#\)OBWXIGUSQ7\+OAUXGUNY54FU#5O#=
MG>W4JHNU0TLD;,0%``R>``!36_8_^$C?#2Z\%'X6_#K_`(0V^O!J%SH/_"-V
M?]F7%R`JB=[?R_*:0!$&\KNPB\\"@#\U_'NG:M;?MH_\%)O&/ACXG>*/"5UX
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M)%7K']EGX8Z5\.)_"%K\.?`EOX2NKD7L^B1:!:)ITT_R_O6MQ'Y9?Y5^8KGY
M5YX%`'Y4?M>?'SQGX_\``7CGP'XBU*^\4^%/A!^U'X'T'PSXGO3&T]Y`]U:S
MSV,LJ`":2SE<Q-*PWD,HD+.K,?UO\)?%_P`*>/O&'B3P_H?B70M7U[P;/#:Z
M[IUG?13W6C2RQB6)+B-26B+H=R[@,@''0XP]:_9.^%GB+P)I?A;4/AIX`OO#
M.B2-+IVD7'AZTEL+!V)+-#`T9CC)W-DJH)W'UJ#X0_LV>%_A1\5/B!XZTRU/
M_"3?$>YM1K%VT<49>"QC>&TMU$2(#'$KRD%]SDS/ER-H4`^5_$FI6UU_P<DZ
M;IJ:DME?S?LSWZ(8WC\^%G\36Q5D5PREL1NP#*P_=G((!KYW^$W[3?Q=\*_L
ME?LO?%>^^,7C7Q-X@\=?M#I\-]6MK][3[!?Z+-X@U/2S#)!'"J-+Y=NDHF`5
MU;A2$55'Z;ZW^R?\+/$GCZ?Q5J/PT\`:AXHNCNFUBY\/6DM_,2GEDM.T9D)V
M?+RWW>.G%9[_`+$7P7?PY!HQ^$7PP.D6MT][#8GPK8_9H9W55:58_*VAV5$!
M8#)"*">!0!\M?LE?%SQ1^UU\9OCIXD\8_%W7OA_+\'OC5)X.TKPW8W-K9Z=#
MI%E+;K!'=131DSG51(Y\UR2!(@MV1DKZ>F_;N^"%M?7=K-\8OA9#=:?=36-U
M#+XKL(Y+>>&1HI8G5I05=)$=64C(*D5TFL?LY_#WQ#\5+3QSJ'@3P9?>-K!5
M2V\0W&BVTNJVZK]T)<LAE4#/&&&*IM^R?\+'N;F9OAIX`::\N);NXD/AZT+3
7S2R-)+*Q\O+.\CL[,>69B22230!__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>peix-20120331.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<xbrl xmlns="http://www.xbrl.org/2003/instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dei="http://xbrl.sec.gov/dei/2012-01-31" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:us-gaap="http://fasb.org/us-gaap/2012-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:us-types="http://fasb.org/us-types/2012-01-31" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:compsci="http://compsciresources.com" xmlns:peix="http://www.pacificethanol.net/20120331" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance">
  <link:schemaRef xlink:type="simple" xlink:href="peix-20120331.xsd"/>
  <context id="c0_AsOf31Mar2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2012-03-31</instant>
    </period>
  </context>
  <context id="c1_AsOf31Dec2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2011-12-31</instant>
    </period>
  </context>
  <context id="c2_AsOf31Mar2012_NonredeemablePreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:NonredeemablePreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2012-03-31</instant>
    </period>
  </context>
  <context id="c3_AsOf31Dec2011_NonredeemablePreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:NonredeemablePreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-12-31</instant>
    </period>
  </context>
  <context id="c4_AsOf31Mar2012_SeriesAPreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2012-03-31</instant>
    </period>
  </context>
  <context id="c5_AsOf31Dec2011_SeriesAPreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-12-31</instant>
    </period>
  </context>
  <context id="c6_AsOf31Mar2012_SeriesBPreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2012-03-31</instant>
    </period>
  </context>
  <context id="c7_AsOf31Dec2011_SeriesBPreferredStockMember">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
      <segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesBPreferredStockMember</xbrldi:explicitMember>
      </segment>
    </entity>
    <period>
      <instant>2011-12-31</instant>
    </period>
  </context>
  <context id="c8_From1Jan2012To31Mar2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <startDate>2012-01-01</startDate>
      <endDate>2012-03-31</endDate>
    </period>
  </context>
  <context id="c9_From1Jan2011To31Mar2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
  </context>
  <context id="c10_AsOf31Dec2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2010-12-31</instant>
    </period>
  </context>
  <context id="c11_AsOf31Mar2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2011-03-31</instant>
    </period>
  </context>
  <context id="c12_AsOf10May2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2012-05-10</instant>
    </period>
  </context>
  <context id="c13_AsOf30Jun2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000778164</identifier>
    </entity>
    <period>
      <instant>2011-06-30</instant>
    </period>
  </context>
  <unit id="usd">
    <measure>iso4217:USD</measure>
  </unit>
  <unit id="usdPershares">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="shares">
    <measure>xbrli:shares</measure>
  </unit>
  <link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_0" xml:lang="en-US">Assets of the consolidated variable interest entity that can only be used to settle obligations of that entity were $166,625 and $173,606 as of March 31, 2012 and December 31, 2011, respectively.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_1" xml:lang="en-US">Liabilities of the consolidated variable interest entity for which creditors do not have recourse to the general credit of the Company were $84,311 and $76,478 as of March 31, 2012 and December 31, 2011, respectively.</link:footnote>
    <link:loc xlink:type="locator" xlink:label="_Assets-c0_AsOf31Mar2012" xlink:href="#_Assets-c0_AsOf31Mar2012"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_Assets-c0_AsOf31Mar2012" xlink:to="ftnt_0" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_Assets-c1_AsOf31Dec2011" xlink:href="#_Assets-c1_AsOf31Dec2011"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_Assets-c1_AsOf31Dec2011" xlink:to="ftnt_0" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_Liabilities-c0_AsOf31Mar2012" xlink:href="#_Liabilities-c0_AsOf31Mar2012"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_Liabilities-c0_AsOf31Mar2012" xlink:to="ftnt_1" order="1"/>
    <link:loc xlink:type="locator" xlink:label="_Liabilities-c1_AsOf31Dec2011" xlink:href="#_Liabilities-c1_AsOf31Dec2011"/>
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_Liabilities-c1_AsOf31Dec2011" xlink:to="ftnt_1" order="1"/>
  </link:footnoteLink>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">4981000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">8914000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:AccountsReceivableNetCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">29122000</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:AccountsReceivableNetCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">28140000</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">26000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
  <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">24000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
  <us-gaap:InventoryNet unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">14437000</us-gaap:InventoryNet>
  <us-gaap:InventoryNet unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">16131000</us-gaap:InventoryNet>
  <us-gaap:OtherInventory unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">7199000</us-gaap:OtherInventory>
  <us-gaap:OtherInventory unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">9239000</us-gaap:OtherInventory>
  <us-gaap:OtherAssetsCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">2473000</us-gaap:OtherAssetsCurrent>
  <us-gaap:OtherAssetsCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">4324000</us-gaap:OtherAssetsCurrent>
  <us-gaap:AssetsCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">58212000</us-gaap:AssetsCurrent>
  <us-gaap:AssetsCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">66748000</us-gaap:AssetsCurrent>
  <us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">157610000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">159617000</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:IntangibleAssetsNetExcludingGoodwill unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">4227000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <us-gaap:IntangibleAssetsNetExcludingGoodwill unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">4458000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <us-gaap:OtherAssetsNoncurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">1600000</us-gaap:OtherAssetsNoncurrent>
  <us-gaap:OtherAssetsNoncurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">1653000</us-gaap:OtherAssetsNoncurrent>
  <us-gaap:OtherAssets unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">5827000</us-gaap:OtherAssets>
  <us-gaap:OtherAssets unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">6111000</us-gaap:OtherAssets>
  <us-gaap:Assets id="_Assets-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">221649000</us-gaap:Assets>
  <us-gaap:Assets id="_Assets-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">232476000</us-gaap:Assets>
  <us-gaap:AccountsPayableCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">8497000</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccountsPayableCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">5519000</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccruedLiabilitiesCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">2852000</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:AccruedLiabilitiesCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">2713000</us-gaap:AccruedLiabilitiesCurrent>
  <us-gaap:DueToRelatedPartiesCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">750000</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:DueToRelatedPartiesCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">750000</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:LiabilitiesCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">12099000</us-gaap:LiabilitiesCurrent>
  <us-gaap:LiabilitiesCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">8982000</us-gaap:LiabilitiesCurrent>
  <us-gaap:LongTermDebtNoncurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">93718000</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:LongTermDebtNoncurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">93689000</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:InterestAndDividendsPayableCurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">7315000</us-gaap:InterestAndDividendsPayableCurrent>
  <us-gaap:InterestAndDividendsPayableCurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">7315000</us-gaap:InterestAndDividendsPayableCurrent>
  <us-gaap:OtherLiabilitiesNoncurrent unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">3151000</us-gaap:OtherLiabilitiesNoncurrent>
  <us-gaap:OtherLiabilitiesNoncurrent unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">3226000</us-gaap:OtherLiabilitiesNoncurrent>
  <us-gaap:Liabilities id="_Liabilities-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">116283000</us-gaap:Liabilities>
  <us-gaap:Liabilities id="_Liabilities-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">113212000</us-gaap:Liabilities>
  <us-gaap:CommitmentsAndContingencies unitRef="usd" contextRef="c0_AsOf31Mar2012" xs:nil="true"/>
  <us-gaap:CommitmentsAndContingencies unitRef="usd" contextRef="c1_AsOf31Dec2011" xs:nil="true"/>
  <us-gaap:PreferredStockValue unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">1000</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">1000</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockParOrStatedValuePerShare unitRef="usdPershares" contextRef="c0_AsOf31Mar2012" decimals="3">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
  <us-gaap:PreferredStockParOrStatedValuePerShare unitRef="usdPershares" contextRef="c1_AsOf31Dec2011" decimals="3">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c2_AsOf31Mar2012_NonredeemablePreferredStockMember" decimals="-3">10000000000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c3_AsOf31Dec2011_NonredeemablePreferredStockMember" decimals="-3">10000000000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c4_AsOf31Mar2012_SeriesAPreferredStockMember" decimals="-3">1684375000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c5_AsOf31Dec2011_SeriesAPreferredStockMember" decimals="-3">1684375000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesIssued unitRef="shares" contextRef="c4_AsOf31Mar2012_SeriesAPreferredStockMember" decimals="-3">0</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesIssued unitRef="shares" contextRef="c5_AsOf31Dec2011_SeriesAPreferredStockMember" decimals="-3">0</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesOutstanding unitRef="shares" contextRef="c4_AsOf31Mar2012_SeriesAPreferredStockMember" decimals="-3">0</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding unitRef="shares" contextRef="c5_AsOf31Dec2011_SeriesAPreferredStockMember" decimals="-3">0</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c6_AsOf31Mar2012_SeriesBPreferredStockMember" decimals="-3">1580790000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized unitRef="shares" contextRef="c7_AsOf31Dec2011_SeriesBPreferredStockMember" decimals="-3">1580790000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesIssued unitRef="shares" contextRef="c6_AsOf31Mar2012_SeriesBPreferredStockMember" decimals="-3">926942000</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesIssued unitRef="shares" contextRef="c7_AsOf31Dec2011_SeriesBPreferredStockMember" decimals="-3">926942000</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesOutstanding unitRef="shares" contextRef="c6_AsOf31Mar2012_SeriesBPreferredStockMember" decimals="-3">926942000</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding unitRef="shares" contextRef="c7_AsOf31Dec2011_SeriesBPreferredStockMember" decimals="-3">926942000</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockLiquidationPreferenceValue unitRef="usd" contextRef="c6_AsOf31Mar2012_SeriesBPreferredStockMember" decimals="-3">25390000</us-gaap:PreferredStockLiquidationPreferenceValue>
  <us-gaap:PreferredStockLiquidationPreferenceValue unitRef="usd" contextRef="c7_AsOf31Dec2011_SeriesBPreferredStockMember" decimals="-3">25390000</us-gaap:PreferredStockLiquidationPreferenceValue>
  <us-gaap:CommonStockValue unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">87000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">87000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockParOrStatedValuePerShare unitRef="usdPershares" contextRef="c0_AsOf31Mar2012" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare unitRef="usdPershares" contextRef="c1_AsOf31Dec2011" decimals="3">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockSharesAuthorized unitRef="shares" contextRef="c0_AsOf31Mar2012" decimals="-3">300000000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesAuthorized unitRef="shares" contextRef="c1_AsOf31Dec2011" decimals="-3">300000000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesIssued unitRef="shares" contextRef="c0_AsOf31Mar2012" decimals="-3">86803932000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued unitRef="shares" contextRef="c1_AsOf31Dec2011" decimals="-3">86631664000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesOutstanding unitRef="shares" contextRef="c0_AsOf31Mar2012" decimals="-3">86803932000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockSharesOutstanding unitRef="shares" contextRef="c1_AsOf31Dec2011" decimals="-3">86631664000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:AdditionalPaidInCapital unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">557279000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:AdditionalPaidInCapital unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">556871000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:RetainedEarningsAccumulatedDeficit unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">-515253000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:RetainedEarningsAccumulatedDeficit unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">-509985000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:StockholdersEquity unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">42114000</us-gaap:StockholdersEquity>
  <us-gaap:StockholdersEquity unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">46974000</us-gaap:StockholdersEquity>
  <us-gaap:MinorityInterestInJointVentures unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">63252000</us-gaap:MinorityInterestInJointVentures>
  <us-gaap:MinorityInterestInJointVentures unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">72290000</us-gaap:MinorityInterestInJointVentures>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">105366000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">119264000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:LiabilitiesAndStockholdersEquity unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="-3">221649000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="-3">232476000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:SalesRevenueNet unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">197719000</us-gaap:SalesRevenueNet>
  <us-gaap:SalesRevenueNet unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">173148000</us-gaap:SalesRevenueNet>
  <us-gaap:CostOfGoodsSold unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">205196000</us-gaap:CostOfGoodsSold>
  <us-gaap:CostOfGoodsSold unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">170584000</us-gaap:CostOfGoodsSold>
  <us-gaap:GrossProfit unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-7477000</us-gaap:GrossProfit>
  <us-gaap:GrossProfit unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">2564000</us-gaap:GrossProfit>
  <us-gaap:SellingGeneralAndAdministrativeExpense unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">3378000</us-gaap:SellingGeneralAndAdministrativeExpense>
  <us-gaap:SellingGeneralAndAdministrativeExpense unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">4188000</us-gaap:SellingGeneralAndAdministrativeExpense>
  <us-gaap:OperatingIncomeLoss unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-10855000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-1624000</us-gaap:OperatingIncomeLoss>
  <peix:FairValueAdjustmentsOnConvertibleDebtAndWarrants unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-33000</peix:FairValueAdjustmentsOnConvertibleDebtAndWarrants>
  <peix:FairValueAdjustmentsOnConvertibleDebtAndWarrants unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">926000</peix:FairValueAdjustmentsOnConvertibleDebtAndWarrants>
  <us-gaap:InterestExpense unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">2909000</us-gaap:InterestExpense>
  <us-gaap:InterestExpense unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">3638000</us-gaap:InterestExpense>
  <us-gaap:OtherGeneralExpense unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">194000</us-gaap:OtherGeneralExpense>
  <us-gaap:OtherGeneralExpense unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">343000</us-gaap:OtherGeneralExpense>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-13991000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-4679000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
  <us-gaap:IncomeTaxExpenseBenefit unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" xs:nil="true"/>
  <us-gaap:IncomeTaxExpenseBenefit unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" xs:nil="true"/>
  <us-gaap:ProfitLoss unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-13991000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-4679000</us-gaap:ProfitLoss>
  <us-gaap:IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-9038000</us-gaap:IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity>
  <us-gaap:IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-4697000</us-gaap:IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity>
  <us-gaap:NetIncomeLoss unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-4953000</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLoss unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">18000</us-gaap:NetIncomeLoss>
  <us-gaap:DividendsPreferredStock unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">315000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">312000</us-gaap:DividendsPreferredStock>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-5268000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-294000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:EarningsPerShareBasicAndDiluted unitRef="usdPershares" contextRef="c8_From1Jan2012To31Mar2012" decimals="2">-0.06</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted unitRef="usdPershares" contextRef="c9_From1Jan2011To31Mar2011" decimals="2">-0.02</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted unitRef="shares" contextRef="c8_From1Jan2012To31Mar2012" decimals="INF">86222</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted unitRef="shares" contextRef="c9_From1Jan2011To31Mar2011" decimals="INF">13582</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
  <us-gaap:AmortizationOfIntangibleAssets unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">3134000</us-gaap:AmortizationOfIntangibleAssets>
  <us-gaap:AmortizationOfIntangibleAssets unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">3136000</us-gaap:AmortizationOfIntangibleAssets>
  <peix:InventoryValuation unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-2000</peix:InventoryValuation>
  <us-gaap:AmortizationOfFinancingCostsAndDiscounts unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">164000</us-gaap:AmortizationOfFinancingCostsAndDiscounts>
  <us-gaap:AmortizationOfFinancingCostsAndDiscounts unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">159000</us-gaap:AmortizationOfFinancingCostsAndDiscounts>
  <us-gaap:OtherNoncashExpense unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">296000</us-gaap:OtherNoncashExpense>
  <us-gaap:OtherNoncashExpense unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">769000</us-gaap:OtherNoncashExpense>
  <us-gaap:UnrealizedGainLossOnDerivatives unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-135000</us-gaap:UnrealizedGainLossOnDerivatives>
  <us-gaap:UnrealizedGainLossOnDerivatives unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-28000</us-gaap:UnrealizedGainLossOnDerivatives>
  <us-gaap:ProvisionForDoubtfulAccounts unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">2000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:ProvisionForDoubtfulAccounts unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-130000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:IncreaseDecreaseInAccountsReceivable unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-984000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInAccountsReceivable unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-6354000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInInventories unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">1696000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInInventories unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-1177000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">1395000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">363000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:IncreaseDecreaseInOtherCurrentAssets unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">2040000</us-gaap:IncreaseDecreaseInOtherCurrentAssets>
  <us-gaap:IncreaseDecreaseInOtherCurrentAssets unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">434000</us-gaap:IncreaseDecreaseInOtherCurrentAssets>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">3600000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">2529000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-2752000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-5904000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">896000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">280000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-896000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-280000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">315000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <us-gaap:ProceedsFromOtherDebt unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">30000</us-gaap:ProceedsFromOtherDebt>
  <us-gaap:ProceedsFromOtherDebt unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">5898000</us-gaap:ProceedsFromOtherDebt>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-285000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">5898000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">-3933000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">-286000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c10_AsOf31Dec2010" decimals="-3">8736000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue unitRef="usd" contextRef="c11_AsOf31Mar2011" decimals="-3">8450000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:InterestPaidNet unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">2789000</us-gaap:InterestPaidNet>
  <us-gaap:InterestPaidNet unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">2680000</us-gaap:InterestPaidNet>
  <peix:ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants unitRef="usd" contextRef="c8_From1Jan2012To31Mar2012" decimals="-3">112000</peix:ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants>
  <us-gaap:StockIssuedDuringPeriodValueOther unitRef="usd" contextRef="c9_From1Jan2011To31Mar2011" decimals="-3">7000000</us-gaap:StockIssuedDuringPeriodValueOther>
  <dei:EntityRegistrantName contextRef="c8_From1Jan2012To31Mar2012">Pacific Ethanol, Inc.</dei:EntityRegistrantName>
  <dei:DocumentType contextRef="c8_From1Jan2012To31Mar2012">10-Q</dei:DocumentType>
  <dei:CurrentFiscalYearEndDate contextRef="c8_From1Jan2012To31Mar2012">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityCommonStockSharesOutstanding unitRef="shares" contextRef="c12_AsOf10May2012" decimals="INF">86801993</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityPublicFloat unitRef="usd" contextRef="c13_AsOf30Jun2011" decimals="0">20000000</dei:EntityPublicFloat>
  <dei:AmendmentFlag contextRef="c8_From1Jan2012To31Mar2012">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey contextRef="c8_From1Jan2012To31Mar2012">0000778164</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c8_From1Jan2012To31Mar2012">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c8_From1Jan2012To31Mar2012">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c8_From1Jan2012To31Mar2012">Smaller Reporting Company</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c8_From1Jan2012To31Mar2012">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c8_From1Jan2012To31Mar2012">2012</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c8_From1Jan2012To31Mar2012">Q1</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c8_From1Jan2012To31Mar2012">2012-03-31</dei:DocumentPeriodEndDate>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          1.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &lt;font style=&quot;font-variant: small-caps&quot;&gt;ORGANIZATION&lt;/font&gt; AND&#xd;
          BASIS OF PRESENTATION.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Organization and Business&lt;/u&gt;&lt;/i&gt; &amp;#8211; The&#xd;
      consolidated financial statements include the accounts of&#xd;
      Pacific Ethanol, Inc., a Delaware corporation (&amp;#8220;Pacific&#xd;
      Ethanol&amp;#8221;), and its wholly-owned subsidiaries, including&#xd;
      Kinergy Marketing LLC, an Oregon limited liability company&#xd;
      (&amp;#8220;Kinergy&amp;#8221;), and Pacific Ag. Products, LLC, a&#xd;
      California limited liability company (&amp;#8220;PAP&amp;#8221;), for&#xd;
      all periods presented, and for the periods specified below,&#xd;
      New PE Holdco, which owns the Plant Owners (each as defined&#xd;
      below) (collectively, the &amp;#8220;Company&amp;#8221;).&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in&quot;&gt;&#xd;
      The Company is the leading marketer and producer of low&#xd;
      carbon renewable fuels in the Western United States. The&#xd;
      Company also sells ethanol co-products, including wet&#xd;
      distillers grain (&amp;#8220;WDG&amp;#8221;), and provides&#xd;
      transportation, storage and delivery of ethanol through&#xd;
      third-party service providers in the Western United States,&#xd;
      primarily in California, Arizona, Nevada, Utah, Oregon,&#xd;
      Colorado, Idaho and Washington. The Company sells ethanol&#xd;
      produced by the Pacific Ethanol Plants (as defined below) and&#xd;
      unrelated third parties to gasoline refining and distribution&#xd;
      companies and sells its WDG to dairy operators and animal&#xd;
      feed distributors.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The Company manages the production and operation of the four&#xd;
      ethanol production facilities, namely, Pacific Ethanol Madera&#xd;
      LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton,&#xd;
      LLC and Pacific Ethanol Magic Valley, LLC (collectively, the&#xd;
      &amp;#8220;Pacific Ethanol Plants&amp;#8221;) and Pacific Ethanol&#xd;
      Holding Co. LLC (&amp;#8220;New PE Holdco,&amp;#8221; and together&#xd;
      with the Pacific Ethanol Plants, the &amp;#8220;Plant&#xd;
      Owners&amp;#8221;). These four facilities have an aggregate&#xd;
      annual production capacity of up to 200 million gallons. As&#xd;
      of March 31, 2012, three of the facilities were operating and&#xd;
      one of the facilities was idled. When market conditions&#xd;
      permit, and with approval of New PE Holdco, the Company&#xd;
      intends to resume operations at the Madera, California&#xd;
      facility.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      On October 6, 2010, the Company purchased a 20% ownership&#xd;
      interest in New PE Holdco, a variable interest entity&#xd;
      (&amp;#8220;VIE&amp;#8221;), from a number of New PE Holdco&amp;#8217;s&#xd;
      owners. At that time, the Company determined it was the&#xd;
      primary beneficiary of New PE Holdco, and as such, has&#xd;
      consolidated the results of New PE Holdco since then. See&#xd;
      Note 2 &amp;#8211; Variable Interest Entity. On each of November&#xd;
      29, 2011 and December 19, 2011, the Company purchased an&#xd;
      additional 7% ownership interest in New PE Holdco, bringing&#xd;
      the Company&amp;#8217;s total ownership interest in New PE Holdco&#xd;
      to 34%. As of March 31, 2012, the Company held a 34%&#xd;
      ownership interest in New PE Holdco.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Liquidity&lt;/u&gt;&lt;/i&gt; &amp;#8211; The Company believes that&#xd;
      current and future available capital resources, revenues&#xd;
      generated from operations, and other existing sources of&#xd;
      liquidity, including its credit facilities, will be adequate&#xd;
      to meet its anticipated working capital and capital&#xd;
      expenditure requirements for at least the next twelve months.&#xd;
      If, however, the Company&amp;#8217;s capital requirements or cash&#xd;
      flow vary materially from its current projections, if&#xd;
      unforeseen circumstances occur, or if the Company requires a&#xd;
      significant amount of cash to fund future acquisitions, the&#xd;
      Company may require additional financing. The Company&amp;#8217;s&#xd;
      failure to raise capital, if needed, could restrict its&#xd;
      growth, or hinder its ability to compete.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Accounts Receivable and Allowance for Doubtful&#xd;
      Accounts&lt;/u&gt;&lt;/i&gt; &amp;#8211; Trade accounts receivable are&#xd;
      presented at face value, net of the allowance for doubtful&#xd;
      accounts. The Company sells ethanol to gasoline refining and&#xd;
      distribution companies and sells WDG to dairy operators and&#xd;
      animal feed distributors generally without requiring&#xd;
      collateral.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The Company maintains an allowance for doubtful accounts for&#xd;
      balances that appear to have specific collection issues. The&#xd;
      collection process is based on the age of the invoice and&#xd;
      requires attempted contacts with the customer at specified&#xd;
      intervals. If, after a specified number of days, the Company&#xd;
      has been unsuccessful in its collection efforts, a bad debt&#xd;
      allowance is recorded for the balance in question. Delinquent&#xd;
      accounts receivable are charged against the allowance for&#xd;
      doubtful accounts once uncollectibility has been determined.&#xd;
      The factors considered in reaching this determination are the&#xd;
      apparent financial condition of the customer and the&#xd;
      Company&amp;#8217;s success in contacting and negotiating with&#xd;
      the customer. If the financial condition of the&#xd;
      Company&amp;#8217;s customers were to deteriorate, resulting in&#xd;
      an impairment of ability to make payments, additional&#xd;
      allowances may be required.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      Of the accounts receivable balance, approximately $24,629,000&#xd;
      and $23,715,000 at March 31, 2012 and December 31, 2011,&#xd;
      respectively, were used as collateral under Kinergy&amp;#8217;s&#xd;
      working capital line of credit. The allowance for doubtful&#xd;
      accounts was $26,000 and $24,000 as of March 31, 2012 and&#xd;
      December 31, 2011, respectively. The Company recorded a bad&#xd;
      debt expense of $2,000 and a bad debt recovery of $130,000&#xd;
      for the three months ended March 31, 2012 and 2011,&#xd;
      respectively. The Company does not have any off-balance sheet&#xd;
      credit exposure related to its customers.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Basis of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#8211;&lt;i&gt;Interim&#xd;
      Financial Statements&lt;/i&gt;&lt;/u&gt; &lt;font style=&quot;font: 10pt Times New Roman, Times, Serif; color: black&quot;&gt;&lt;/font&gt;&amp;#8211;&#xd;
      The accompanying unaudited consolidated financial statements&#xd;
      and related notes have been prepared in accordance with&#xd;
      accounting principles generally accepted in the United States&#xd;
      for interim financial information and the instructions to&#xd;
      Form 10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results&#xd;
      for interim periods should not be considered indicative of&#xd;
      results for a full year. These interim consolidated financial&#xd;
      statements should be read in conjunction with the&#xd;
      consolidated financial statements and related notes contained&#xd;
      in the Company&amp;#8217;s Annual Report on Form 10-K for the&#xd;
      year ended December&amp;#160;31, 2011. The accounting policies&#xd;
      used in preparing these consolidated financial statements are&#xd;
      the same as those described in Note 1 to the consolidated&#xd;
      financial statements in the Company&amp;#8217;s Annual Report on&#xd;
      Form 10-K for the year ended December 31, 2011. In the&#xd;
      opinion of management, all adjustments (consisting of normal&#xd;
      recurring adjustments) considered necessary for a fair&#xd;
      statement of the results for interim periods have been&#xd;
      included. All significant intercompany accounts and&#xd;
      transactions have been eliminated in consolidation.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The preparation of the consolidated financial statements in&#xd;
      conformity with accounting principles generally accepted in&#xd;
      the United States requires management to make estimates and&#xd;
      assumptions that affect the reported amounts of assets and&#xd;
      liabilities and disclosure of contingent assets and&#xd;
      liabilities at the date of the financial statements and the&#xd;
      reported amounts of revenues and expenses during the&#xd;
      reporting period. Significant estimates are required as part&#xd;
      of determining the consolidation of VIEs, fair value of&#xd;
      convertible notes and warrants, allowance for doubtful&#xd;
      accounts, estimated lives of property and equipment and&#xd;
      intangibles, long-lived asset impairments, valuation&#xd;
      allowances on deferred income taxes and the potential outcome&#xd;
      of future tax consequences of events recognized in the&#xd;
      Company&amp;#8217;s financial statements or tax returns. Actual&#xd;
      results and outcomes may materially differ from&#xd;
      management&amp;#8217;s estimates and assumptions.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      Reclassifications of prior year&amp;#8217;s data have been made&#xd;
      to conform to 2012 classifications. Such classifications had&#xd;
      no effect on net loss reported in the consolidated statements&#xd;
      of operations.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          2.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          VARIABLE INTEREST ENTITY.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The Company concluded that at all times since New PE&#xd;
      Holdco&amp;#8217;s inception, New PE Holdco has been a VIE&#xd;
      because the owners of New PE Holdco, due to the&#xd;
      Company&amp;#8217;s involvement through its contractual&#xd;
      arrangements, have at all times lacked the power to direct&#xd;
      the activities that most significantly impacted its economic&#xd;
      performance. Some of these activities include efficient&#xd;
      management and operation of the Pacific Ethanol Plants, sale&#xd;
      of ethanol, the procurement of feedstock, sale of co-products&#xd;
      and implementation of risk management strategies. At the time&#xd;
      of New PE Holdco&amp;#8217;s inception, however, the Company did&#xd;
      not have an obligation to absorb losses or receive benefits&#xd;
      that could potentially be significant to New PE Holdco and,&#xd;
      as a result, it was determined that the Company was not New&#xd;
      PE Holdco&amp;#8217;s primary beneficiary. Upon the&#xd;
      Company&amp;#8217;s purchase of its 20% ownership interest in New&#xd;
      PE Holdco on October 6, 2010, the Company, through its&#xd;
      ownership interest, had an obligation to absorb losses and&#xd;
      receive benefits that could potentially be significant to New&#xd;
      PE Holdco. As a result, the Company then became the primary&#xd;
      beneficiary of New PE Holdco and began consolidating the&#xd;
      financial results of New PE Holdco. On November 29, 2011, the&#xd;
      Company purchased an additional 7% ownership interest in New&#xd;
      PE Holdco for $4,502,000 in cash. On December 19, 2011, the&#xd;
      Company purchased another 7% ownership interest in New PE&#xd;
      Holdco for $4,615,000 in cash.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The carrying values and classification of assets that are&#xd;
      collateral for the obligations of New PE Holdco consisted of&#xd;
      the following (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: right; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 64%; text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Cash and cash equivalents&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          1,293&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          2,070&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Other current assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          10,742&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          14,320&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Property and equipment&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          153,134&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          155,523&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Other assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          1,456&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          1,693&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt&quot;&gt;&#xd;
          Total assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          166,625&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          173,606&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 64%; text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Current liabilities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          4,883&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          3,064&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-left: 5.4pt&quot;&gt;&#xd;
          Long-term debt&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          79,257&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          73,256&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Other liabilities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          171&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          158&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt&quot;&gt;&#xd;
          Total liabilities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          84,311&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          76,478&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The Company&amp;#8217;s acquisition of its ownership interest in&#xd;
      New PE Holdco does not impact the Company&amp;#8217;s rights or&#xd;
      obligations under any of its contractual agreements. Further,&#xd;
      creditors of New PE Holdco do not have recourse to the&#xd;
      Company. Since its acquisition, the Company has not provided&#xd;
      any additional support to New PE Holdco beyond the terms of&#xd;
      its contractual agreements.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:ConsolidationVariableInterestEntityPolicy>
  <us-gaap:InventoryDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          3.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          INVENTORIES.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      Inventories consisted primarily of bulk ethanol and unleaded&#xd;
      fuel, and are valued at the lower-of-cost-or-market, with&#xd;
      cost determined on a first-in, first-out basis. Inventory&#xd;
      balances consisted of the following (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 64%; text-align: left; padding-left: 26.1pt&quot;&gt;&#xd;
          Finished goods&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          8,236&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          9,429&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 26.1pt&quot;&gt;&#xd;
          Work in progress&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          4,073&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          4,284&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 26.1pt&quot;&gt;&#xd;
          Raw materials&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          1,228&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          1,334&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; padding-left: 26.1pt&quot;&gt;&#xd;
          Other&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          900&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          1,084&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; padding-left: 48.6pt&quot;&gt;&#xd;
          &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          14,437&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          16,131&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          4.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          DERIVATIVES.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      The business and activities of the Company expose it to a&#xd;
      variety of market risks, including risks related to changes&#xd;
      in commodity prices and interest rates. The Company monitors&#xd;
      and manages these financial exposures as an integral part of&#xd;
      its risk management program. This program recognizes the&#xd;
      unpredictability of financial markets and seeks to reduce the&#xd;
      potentially adverse effects that market volatility could have&#xd;
      on operating results.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Commodity Risk&lt;/u&gt;&lt;/i&gt; &lt;u&gt;&amp;#8211; &lt;i&gt;Cash Flow&#xd;
      Hedges&lt;/i&gt;&lt;/u&gt; &amp;#8211; The Company uses derivative&#xd;
      instruments to protect cash flows from fluctuations caused by&#xd;
      volatility in commodity prices for periods of up to twelve&#xd;
      months in order to protect gross profit margins from&#xd;
      potentially adverse effects of market and price volatility on&#xd;
      ethanol sale and purchase commitments where the prices are&#xd;
      set at a future date and/or if the contracts specify a&#xd;
      floating or index-based price for ethanol. In addition, the&#xd;
      Company hedges anticipated sales of ethanol to minimize its&#xd;
      exposure to the potentially adverse effects of price&#xd;
      volatility. These derivatives may be designated and&#xd;
      documented as cash flow hedges and effectiveness is evaluated&#xd;
      by assessing the probability of the anticipated transactions&#xd;
      and regressing commodity futures prices against the&#xd;
      Company&amp;#8217;s purchase and sales prices. Ineffectiveness,&#xd;
      which is defined as the degree to which the derivative does&#xd;
      not offset the underlying exposure, is recognized immediately&#xd;
      in cost of goods sold. For the three months ended March 31,&#xd;
      2012 and 2011, the Company did not designate any of its&#xd;
      derivatives as cash flow hedges.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Commodity Risk &amp;#8211; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt;&#xd;
      &amp;#8211; The Company uses derivative instruments to lock in&#xd;
      prices for certain amounts of corn and ethanol by entering&#xd;
      into forward contracts for those commodities. These&#xd;
      derivatives are not designated for special hedge accounting&#xd;
      treatment. The changes in fair value of these contracts are&#xd;
      recorded on the balance sheet and recognized immediately in&#xd;
      cost of goods sold. The Company recognized gains of $134,000&#xd;
      and $28,000 as the change in the fair value of these&#xd;
      contracts for the three months ended March 31, 2012 and 2011,&#xd;
      respectively. The notional balances remaining on these&#xd;
      contracts were $1,678,000 and $9,186,000 as of March 31, 2012&#xd;
      and December 31, 2011, respectively.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Non Designated Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#8211;&#xd;
      The classification and amounts of the Company&amp;#8217;s&#xd;
      derivatives not designated as hedging instruments are as&#xd;
      follows (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;7&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Realized Gains (Losses)&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;7&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Three Months Ended March 31,&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Type of Instrument&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: center&quot;&gt;&#xd;
          Statements of Operations Location&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Commodity contracts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt&quot;&gt;&#xd;
          Cost of goods sold&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          (102&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          13&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (102&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          13&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;7&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Unrealized Gains&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;7&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Three Months Ended March 31,&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Type of Instrument&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: center&quot;&gt;&#xd;
          Statements of Operations Location&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Commodity contracts&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt&quot;&gt;&#xd;
          Cost of goods sold&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          236&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          15&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          236&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          15&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
  <us-gaap:DebtDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          5.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          DEBT.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify&quot;&gt;&#xd;
      Long-term borrowings are summarized as follows (in&#xd;
      thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 64%; text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Kinergy operating line of credit&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; text-align: right&quot;&gt;&#xd;
          14,461&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; color: black&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; color: black; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 13%; color: black; text-align: right&quot;&gt;&#xd;
          20,432&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; color: black; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          Note payable to related party&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          750&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          750&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 5.4pt&quot;&gt;&#xd;
          New PE Holdco term debt&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          51,279&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          51,279&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          New PE Holdco operating line of credit&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          27,978&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          21,978&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          94,468&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          94,439&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Less short-term portion&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          (750&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          (750&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; padding-left: 5.4pt&quot;&gt;&#xd;
          Long-term debt&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          93,718&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          93,689&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Kinergy Operating Line of Credit&lt;/u&gt;&lt;/i&gt; &amp;#8211; In May&#xd;
      2012, the Company extended Kinergy&amp;#8217;s operating line of&#xd;
      credit. The renewal of Kinergy&amp;#8217;s credit facility is for&#xd;
      an aggregate amount of up to $40.0 million, including an&#xd;
      optional accordion feature for up to an additional $10.0&#xd;
      million. The prior credit facility included an accordion&#xd;
      feature of $5.0 million. The credit facility expires on&#xd;
      December 31, 2015. Interest accrues under the credit facility&#xd;
      at a rate equal to (i)&amp;#160;the three-month London Interbank&#xd;
      Offered Rate (LIBOR), plus (ii) a specified applicable margin&#xd;
      ranging between 2.50% and 3.50%. The credit facility&amp;#8217;s&#xd;
      monthly unused line fee is 0.50% of the amount by which the&#xd;
      maximum credit under the facility exceeds the average daily&#xd;
      principal balance. Kinergy is also required to pay customary&#xd;
      fees and expenses associated with the credit facility and&#xd;
      issuances of letters of credit. In addition, Kinergy is&#xd;
      responsible for a $3,000 monthly servicing fee. In addition,&#xd;
      the amended facility includes the accounts receivable of PAP&#xd;
      as additional collateral.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;New PE Holdco Working Capital Line of Credit&lt;/u&gt;&lt;/i&gt;&#xd;
      &amp;#8211; For the three months ended March 31, 2012, New PE&#xd;
      Holdco borrowed $6,000,000 on its working capital line of&#xd;
      credit.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt; &amp;#8211; On March&#xd;
      31, 2009, the Company&amp;#8217;s Chief Executive Officer&#xd;
      provided funds in an aggregate amount of $1,000,000 for&#xd;
      general working capital purposes, in exchange for an&#xd;
      unsecured promissory note issued by the Company. Interest on&#xd;
      the unpaid principal amount accrues at a rate of 8.00% per&#xd;
      annum. The Company recorded interest under this note of&#xd;
      approximately $15,000 and $20,000 for the three months ended&#xd;
      March 31, 2012 and 2011, respectively. As of December 31,&#xd;
      2011, the remaining amount of $750,000 was due and payable on&#xd;
      the extended maturity date of March 31, 2012. On March 7,&#xd;
      2012, the maturity date was further extended to March 31,&#xd;
      2013.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          6.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          WARRANTS.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in&quot;&gt;&#xd;
      For the three months ended March 31, 2012, certain warrant&#xd;
      holders exercised warrants with respect to 252,101 shares of&#xd;
      common stock on a cashless exercise basis, resulting in&#xd;
      172,269 net shares of common stock issued by the Company.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/JioH++hMm8T4AbKqsrCWagz3PPWHMY3FNS] CSR-->
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          7.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          COMMITMENTS AND CONTINGENCIES.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Purchase Commitments&lt;/u&gt;&lt;/i&gt; &amp;#8211; At March 31, 2012,&#xd;
      the Company had fixed-price purchase contracts with its&#xd;
      suppliers to purchase $14,753,000 of ethanol and&#xd;
      indexed-price contracts to purchase 2,604,000 gallons of&#xd;
      ethanol. These contracts will be satisfied throughout the&#xd;
      remainder of 2012.&amp;#160;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Sales Commitments&lt;/u&gt;&lt;/i&gt; &amp;#8211; At March 31, 2012,&#xd;
      the Company had entered into sales contracts with its major&#xd;
      customers to sell certain quantities of ethanol and WDG. The&#xd;
      volumes indicated in the indexed-price contracts table will&#xd;
      be sold at publicly-indexed sales prices determined by market&#xd;
      prices in effect on their respective transaction dates (in&#xd;
      thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center&quot;&gt;&#xd;
          Fixed-Price&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;Contracts&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 75%; text-align: left; vertical-align: top&quot;&gt;&#xd;
          Ethanol&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          675&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left; vertical-align: top&quot;&gt;&#xd;
          WDG&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          987&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left; vertical-align: top; padding-left: 11pt&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,662&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Indexed-Price Contracts&lt;br /&gt;&#xd;
          (Volume)&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 77%; text-align: left; padding-left: 4.3pt&quot;&gt;&#xd;
          Ethanol (gallons)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          103,973&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 4.3pt&quot;&gt;&#xd;
          WDG (tons)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          70&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Litigation &amp;#8211; General&lt;/u&gt; &amp;#8211;&lt;/i&gt; The Company&#xd;
      is subject to various claims and contingencies in the&#xd;
      ordinary course of its business, including those related to&#xd;
      litigation, business transactions, employee-related matters,&#xd;
      and others. When the Company is aware of a claim or potential&#xd;
      claim, it assesses the likelihood of any loss or exposure. If&#xd;
      it is probable that a loss will result and the amount of the&#xd;
      loss can be reasonably estimated, the Company will record a&#xd;
      liability for the loss. If the loss is not probable or the&#xd;
      amount of the loss cannot be reasonably estimated, the&#xd;
      Company discloses the claim if the likelihood of a potential&#xd;
      loss is reasonably possible and the amount involved could be&#xd;
      material. While there can be no assurances, the Company does&#xd;
      not expect that any of its pending legal proceedings will&#xd;
      have a material financial impact on the Company&amp;#8217;s&#xd;
      operating results.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      8.	FAIR VALUE MEASUREMENTS.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      The fair value hierarchy prioritizes the inputs used in&#xd;
      valuation techniques into three levels as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0.5in&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          &lt;font style=&quot;font-family: Symbol&quot;&gt;&amp;#183;&lt;/font&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: justify&quot;&gt;&#xd;
          Level 1 &amp;#8211; Observable inputs &amp;#8211; unadjusted&#xd;
          quoted prices in active markets for identical assets and&#xd;
          liabilities;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0.5in&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          &lt;font style=&quot;font-family: Symbol&quot;&gt;&amp;#183;&lt;/font&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: justify&quot;&gt;&#xd;
          Level 2 &amp;#8211; Observable inputs other than quoted&#xd;
          prices included in Level 1 that are observable for the&#xd;
          asset or liability through corroboration with market&#xd;
          data; and&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0.5in&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          &lt;font style=&quot;font-family: Symbol&quot;&gt;&amp;#183;&lt;/font&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: justify&quot;&gt;&#xd;
          Level 3 &amp;#8211; Unobservable inputs &amp;#8211; includes&#xd;
          amounts derived from valuation models where one or more&#xd;
          significant inputs are unobservable. For fair value&#xd;
          measurements using significant unobservable inputs, a&#xd;
          description of the inputs and the information used to&#xd;
          develop the inputs is required along with a&#xd;
          reconciliation of Level 3 values from the prior reporting&#xd;
          period.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      The Company valued its warrants using a Monte Carlo Binomial&#xd;
      Lattice-Based valuation methodology, adjusted for&#xd;
      marketability restrictions. Significant assumptions used in&#xd;
      the valuations for the dates noted are as follows:&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;b&gt;&lt;i&gt;&lt;u&gt;Warrants issued in October 2010:&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Assumptions&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Exercise price&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          $0.45&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          $0.45&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Volatility&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          76.0%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          68.0%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Risk free interest rate&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          1.33%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          1.09%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Term (years)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          5.60&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          5.90&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Marketability discount&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          50.3%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          47.4%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      Based on the above, the Company estimated the fair value of&#xd;
      these warrants to be $115,000 at March 31, 2012 and $226,000&#xd;
      at December 31, 2011.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;b&gt;&lt;i&gt;&lt;u&gt;Warrants issued in December 2011:&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; style=&quot;width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Assumptions&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Exercise price&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          $1.50&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          $1.50&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Volatility&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          78.3%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          68.0%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Risk free interest rate&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          1.04%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          0.83%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Term (years)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          4.71&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          4.96&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          Marketability discount&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          56.6%&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-right: 5.4pt; padding-left: 5.4pt; text-align: center&quot;&gt;&#xd;
          52.0%&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      Based on the above, the Company estimated the fair value of&#xd;
      these warrants to be $1,727,000 at March 31, 2012 and&#xd;
      $1,695,000 at December 31, 2011.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Other Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#8211; The&#xd;
      Company&amp;#8217;s other derivative instruments consist of&#xd;
      commodity positions. The fair value of the commodity&#xd;
      positions are based on quoted prices on the commodity&#xd;
      exchanges and are designated as Level 1.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0&quot;&gt;&#xd;
      The following table summarizes fair value measurements by&#xd;
      level at March 31, 2012 (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 1&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 2&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 3&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in&quot;&gt;&#xd;
          Liabilities:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;width: 40%; padding-left: 5.4pt&quot;&gt;&#xd;
          Warrants(1)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          1,842&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          1,842&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; padding-left: 5.4&quot;&gt;&#xd;
          Commodity contracts(2)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          21&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          21&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in&quot;&gt;&#xd;
          Total Liabilities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          21&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,842&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,863&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      __________&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      (1) Included in other liabilities in the consolidated balance&#xd;
      sheets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      (2) Included in accrued liabilities in the consolidated&#xd;
      balance sheets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0&quot;&gt;&#xd;
      The following tables summarize fair value measurements by&#xd;
      level at December 31, 2011 (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 1&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 2&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 3&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in&quot;&gt;&#xd;
          Assets:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;width: 40%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in&quot;&gt;&#xd;
          Commodity contracts(1)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          244&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          244&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in&quot;&gt;&#xd;
          Total Assets&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          244&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          244&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      __________&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      (1) Included in other current assets in the consolidated&#xd;
      balance sheets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 1&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 2&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Level 3&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;font-weight: bold; text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Total&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in&quot;&gt;&#xd;
          Liabilities:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;width: 40%; padding-left: 5.4pt&quot;&gt;&#xd;
          Warrants(1)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          1,921&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 3%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%; text-align: right&quot;&gt;&#xd;
          1,921&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; padding-left: 5.4&quot;&gt;&#xd;
          Commodity contracts(2)&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          500&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          500&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in&quot;&gt;&#xd;
          Total Liabilities&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          500&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          &amp;#8212;&amp;#160;&amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,921&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          2,421&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      __________&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      (1) Included in other liabilities in the consolidated balance&#xd;
      sheets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt&quot;&gt;&#xd;
      (2) Included in accrued liabilities in the consolidated&#xd;
      balance sheets.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify&quot;&gt;&#xd;
      The changes in the fair value of the Company&amp;#8217;s Level 3&#xd;
      inputs are as follows (in thousands):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 70%; padding-left: 4.3pt&quot;&gt;&#xd;
          Balance, December 31, 2011&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 10%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 18%; text-align: right&quot;&gt;&#xd;
          1,921&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-left: 4.3pt&quot;&gt;&#xd;
          Warrant exercises&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          (112&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 1pt; padding-left: 4.3pt&quot;&gt;&#xd;
          Adjustments to fair value for the period&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          33&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; padding-left: 4.3pt&quot;&gt;&#xd;
          Balance, March 31, 2012&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          1,842&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:EarningsPerShareTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          9.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          EARNINGS PER SHARE.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      The following tables compute basic and diluted earnings per&#xd;
      share (in thousands, except per share data):&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;11&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Three Months Ended March&amp;#160;31, 2012&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Loss&lt;br /&gt;&#xd;
          Numerator&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Shares Denominator&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Per-Share Amount&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 46%; text-align: justify&quot;&gt;&#xd;
          Net loss&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          (4,953&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: justify&quot;&gt;&#xd;
          Less: Preferred stock dividends&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          (315&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt&quot;&gt;&#xd;
          Basic and diluted loss per share:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt&quot;&gt;&#xd;
          Loss available to common stockholders&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (5,268&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          86,222&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (0.06&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; style=&quot;border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;11&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Three Months Ended March&amp;#160;31, 2011&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: center&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Income (Loss) Numerator&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Shares Denominator&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;3&quot; style=&quot;text-align: center; border-bottom: Black 1pt solid&quot;&gt;&#xd;
          Per-Share Amount&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;width: 46%; text-align: justify&quot;&gt;&#xd;
          Net income&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          18&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 5%&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 11%; text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 1%; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: justify; padding-bottom: 1pt&quot;&gt;&#xd;
          Less: Preferred stock dividends&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 1pt solid; text-align: right&quot;&gt;&#xd;
          (312&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 1pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: rgb(238,238,238)&quot;&gt;&#xd;
        &lt;td style=&quot;font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt&quot;&gt;&#xd;
          Basic and diluted loss per share:&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: right&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr style=&quot;vertical-align: bottom; background-color: White&quot;&gt;&#xd;
        &lt;td style=&quot;text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt&quot;&gt;&#xd;
          Loss available to common stockholders&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (294&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          13,582&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt&quot;&gt;&#xd;
          &amp;#160;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: left&quot;&gt;&#xd;
          $&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;border-bottom: Black 2.5pt double; text-align: right&quot;&gt;&#xd;
          (0.02&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;padding-bottom: 2.5pt; text-align: left&quot;&gt;&#xd;
          )&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      There were an aggregate of 3,213,000 and 8,108,000&#xd;
      potentially dilutive weighted-average shares from convertible&#xd;
      securities outstanding as of March 31, 2012 and 2011,&#xd;
      respectively. These convertible securities were not&#xd;
      considered in calculating diluted net loss per share for the&#xd;
      three months ended March 31, 2012 and 2011, as their effect&#xd;
      would have been anti-dilutive.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          10.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          RELATED PARTY TRANSACTIONS.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Preferred Dividends &amp;#8211;&lt;/u&gt;&lt;/i&gt; The Company had&#xd;
      accrued and paid cash dividends in respect of its Series B&#xd;
      Preferred Stock of $315,000 for the three months ended March&#xd;
      31, 2012 and accrued but did not pay cash dividends of&#xd;
      $312,000 for the three months ended March 31, 2011. The&#xd;
      Company had accrued and unpaid dividends in respect of its&#xd;
      Series B Preferred Stock of $7,315,000 as of March 31, 2012&#xd;
      and December 31, 2011.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Note Payable to Related Party &amp;#8211;&lt;/u&gt;&lt;/i&gt; The&#xd;
      Company had a note payable to its Chief Executive Officer&#xd;
      totaling $750,000 as of March 31, 2012 and December 31, 2011.&#xd;
      This note matures on March 31, 2013.&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      &lt;i&gt;&lt;u&gt;Consulting Agreement &amp;#8211; Michael Kandris&#xd;
      &amp;#8211;&lt;/u&gt;&lt;/i&gt; On December 30, 2011, the Company entered&#xd;
      into an Independent Contractor Services Agreement with&#xd;
      Michael Kandris, a member of the Company&amp;#8217;s Board of&#xd;
      Directors, appointing him as a consultant to the Company with&#xd;
      supervisory responsibility for ethanol plant operations,&#xd;
      under the direction of the Company&amp;#8217;s Chief Executive&#xd;
      Officer. The agreement became effective as of January 1,&#xd;
      2012. &lt;i&gt;&lt;/i&gt;Mr. Kandris is to receive compensation as set&#xd;
      forth in each statement of work. The current statement of&#xd;
      work provides that Mr. Kandris shall receive bi-weekly&#xd;
      payments in the amount of approximately $8,500. The agreement&#xd;
      has an initial term of one year, and may be renewed by mutual&#xd;
      agreement for successive one-year terms.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:SubsequentEventsTextBlock contextRef="c8_From1Jan2012To31Mar2012">&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0&quot;&gt;&#xd;
      &lt;tr style=&quot;vertical-align: top&quot;&gt;&#xd;
        &lt;td style=&quot;width: 0&quot;&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td style=&quot;width: 0.25in&quot;&gt;&#xd;
          11.&#xd;
        &lt;/td&gt;&#xd;
        &lt;td&gt;&#xd;
          SUBSEQUENT EVENT.&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p style=&quot;font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify&quot;&gt;&#xd;
      As discussed in Note 5, the Company amended Kinergy&amp;#8217;s&#xd;
      operating line of credit effective May 4, 2012.&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:SubsequentEventsTextBlock>
</xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>peix-20120331.xsd
<DESCRIPTION>XBRL EXHIBIT
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<xs:schema xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:num="http://www.xbrl.org/dtr/type/numeric" targetNamespace="http://www.pacificethanol.net/20120331" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:peix="http://www.pacificethanol.net/20120331" xmlns:us-types="http://fasb.org/us-types/2012-01-31" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" elementFormDefault="qualified" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="peix-20120331_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="peix-20120331_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="peix-20120331_def.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="peix-20120331_cal.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef"/>
      <link:roleType roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet" id="peix_ConsolidatedBalanceSheet">
        <link:definition>001 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals" id="peix_ConsolidatedBalanceSheet_Parentheticals">
        <link:definition>002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome" id="peix_ConsolidatedComprehensiveIncome">
        <link:definition>003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/ConsolidatedCashFlow" id="peix_ConsolidatedCashFlow">
        <link:definition>004 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note" id="peix_Note">
        <link:definition>005 - Disclosure - 1. ORGANIZATION AND BASIS OF PRESENTATION.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note0" id="peix_Note0">
        <link:definition>006 - Disclosure - 2. VARIABLE INTEREST ENTITY.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note00" id="peix_Note00">
        <link:definition>007 - Disclosure - 3. INVENTORIES.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note000" id="peix_Note000">
        <link:definition>008 - Disclosure - 4. DERIVATIVES.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note0000" id="peix_Note0000">
        <link:definition>009 - Disclosure - 5. DEBT.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note00000" id="peix_Note00000">
        <link:definition>010 - Disclosure - 6. WARRANTS.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/JioH++hMm8T4BKsxrARknvtLzBMETeey2A] CSR-->
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note000000" id="peix_Note000000">
        <link:definition>011 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note0000000" id="peix_Note0000000">
        <link:definition>012 - Disclosure - 8. FAIR VALUE MEASUREMENTS.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note00000000" id="peix_Note00000000">
        <link:definition>013 - Disclosure - 9. EARNINGS PER SHARE.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note000000000" id="peix_Note000000000">
        <link:definition>014 - Disclosure - 10. RELATED PARTY TRANSACTIONS.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/Note0000000000" id="peix_Note0000000000">
        <link:definition>015 - Disclosure - 11. SUBSEQUENT EVENT.</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pacificethanol.net/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>000 - Disclosure - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://fasb.org/us-types/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-types-2012-01-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:element name="ConsolidatedBalanceSheetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ConsolidatedBalanceSheetsAbstract"/>
  <xs:element name="CurrentAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_CurrentAssetsAbstract"/>
  <xs:element name="CurrentLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_CurrentLiabilitiesAbstract"/>
  <xs:element name="PacificEthanolIncStockholdersEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_PacificEthanolIncStockholdersEquityAbstract"/>
  <xs:element name="ConsolidatedStatementsOfOperationsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ConsolidatedStatementsOfOperationsAbstract"/>
  <xs:element name="FairValueAdjustmentsOnConvertibleDebtAndWarrants" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
  <xs:element name="ConsolidatedStatementsOfCashFlowsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ConsolidatedStatementsOfCashFlowsAbstract"/>
  <xs:element name="OperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_OperatingActivitiesAbstract"/>
  <xs:element name="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract"/>
  <xs:element name="InventoryValuation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="peix_InventoryValuation"/>
  <xs:element name="ChangesInOperatingAssetsAndLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract"/>
  <xs:element name="InvestingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_InvestingActivitiesAbstract"/>
  <xs:element name="FinancingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_FinancingActivitiesAbstract"/>
  <xs:element name="SupplementalInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_SupplementalInformationAbstract"/>
  <xs:element name="NoncashFinancingAndInvestingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_NoncashFinancingAndInvestingActivitiesAbstract"/>
  <xs:element name="ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants"/>
  <xs:element name="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
  <xs:element name="ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract"/>
  <xs:element name="InventoryDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_InventoryDisclosureTextBlockAbstract"/>
  <xs:element name="DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract"/>
  <xs:element name="DebtDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_DebtDisclosureTextBlockAbstract"/>
  <xs:element name="ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract"/>
  <xs:element name="CommitmentsAndContingenciesDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
  <xs:element name="FairValueDisclosuresTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_FairValueDisclosuresTextBlockAbstract"/>
  <xs:element name="EarningsPerShareTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_EarningsPerShareTextBlockAbstract"/>
  <xs:element name="RelatedPartyTransactionsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
  <xs:element name="SubsequentEventsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_SubsequentEventsTextBlockAbstract"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="peix_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>peix-20120331_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheet" roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedComprehensiveIncome" roleURI="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedCashFlow" roleURI="http://www.pacificethanol.net/role/ConsolidatedCashFlow"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_InventoryNet" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherInventory" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherInventory" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssetsNoncurrent" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" order="2" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_OtherAssets" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccountsPayableCurrent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DueToRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermDebtNoncurrent" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestAndDividendsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestAndDividendsPayableCurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_InterestAndDividendsPayableCurrent" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_OtherLiabilitiesNoncurrent" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_PreferredStockValue" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_CommonStockValue" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_AdditionalPaidInCapital" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquity" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestInJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_MinorityInterestInJointVentures" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_Liabilities" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" order="2" weight="1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SalesRevenueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_SalesRevenueNet" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CostOfGoodsSold" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_CostOfGoodsSold" order="2" weight="-1"/>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/JitGlxgfDK0O6bkZBqV+iZA40y9j7W1J30] CSR-->
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_GrossProfit" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_OperatingIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_InterestExpense" order="3" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherGeneralExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_OtherGeneralExpense" order="4" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_IncomeTaxExpenseBenefit" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_ProfitLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_DividendsPreferredStock" order="2" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_ProfitLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_AmortizationOfIntangibleAssets" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="peix_InventoryValuation" xlink:href="peix-20120331.xsd#peix_InventoryValuation"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="peix_InventoryValuation" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherNoncashExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_OtherNoncashExpense" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives" order="6" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_ProvisionForDoubtfulAccounts" order="7" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable" order="8" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInInventories" order="9" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="10" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets" order="11" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="12" weight="1"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="13" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" order="1" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_ProceedsFromOtherDebt" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" order="2" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities" order="2" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities" order="3" weight="1"/>
  </calculationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>peix-20120331_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheet" roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheet_Parentheticals" roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedComprehensiveIncome" roleURI="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedCashFlow" roleURI="http://www.pacificethanol.net/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note" roleURI="http://www.pacificethanol.net/role/Note"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0" roleURI="http://www.pacificethanol.net/role/Note0"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00" roleURI="http://www.pacificethanol.net/role/Note00"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000" roleURI="http://www.pacificethanol.net/role/Note000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000" roleURI="http://www.pacificethanol.net/role/Note0000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00000" roleURI="http://www.pacificethanol.net/role/Note00000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000000" roleURI="http://www.pacificethanol.net/role/Note000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000000" roleURI="http://www.pacificethanol.net/role/Note0000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00000000" roleURI="http://www.pacificethanol.net/role/Note00000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000000000" roleURI="http://www.pacificethanol.net/role/Note000000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000000000" roleURI="http://www.pacificethanol.net/role/Note0000000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#DocumentAndEntityInformation" roleURI="http://www.pacificethanol.net/role/DocumentAndEntityInformation"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member"/>
  <arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all"/>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonredeemablePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonredeemablePreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_NonredeemablePreferredStockMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_SeriesAPreferredStockMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_SeriesBPreferredStockMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_CurrentAssetsAbstract" xlink:href="peix-20120331.xsd#peix_CurrentAssetsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_CurrentAssetsAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_CurrentAssetsAbstract" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_AccountsReceivableNetCurrent" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_InventoryNet" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherInventory" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_OtherInventory" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_OtherAssetsCurrent" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AssetsCurrent" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherAssetsAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsNoncurrent" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_Assets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_CurrentLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_CurrentLiabilitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_CurrentLiabilitiesAbstract" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="us-gaap_AccountsPayableCurrent" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="us-gaap_AccruedLiabilitiesCurrent" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DueToRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="us-gaap_DueToRelatedPartiesCurrent" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesCurrent" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LongTermDebtNoncurrent" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestAndDividendsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestAndDividendsPayableCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_InterestAndDividendsPayableCurrent" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_Liabilities" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_CommitmentsAndContingencies" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_StockholdersEquityAbstract" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_PacificEthanolIncStockholdersEquityAbstract" xlink:href="peix-20120331.xsd#peix_PacificEthanolIncStockholdersEquityAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="peix_PacificEthanolIncStockholdersEquityAbstract" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockValue" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockValue" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_AdditionalPaidInCapital" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_StockholdersEquity" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestInJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_MinorityInterestInJointVentures" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity" order="0" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonredeemablePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonredeemablePreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_NonredeemablePreferredStockMember" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_SeriesAPreferredStockMember" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_SeriesBPreferredStockMember" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesAuthorized" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesIssued" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesOutstanding" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesAuthorized" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesIssued" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesOutstanding" order="10" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SalesRevenueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SalesRevenueNet" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CostOfGoodsSold" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CostOfGoodsSold" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_GrossProfit" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OperatingIncomeLoss" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_InterestExpense" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherGeneralExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OtherGeneralExpense" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeTaxExpenseBenefit" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ProfitLoss" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_NetIncomeLoss" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DividendsPreferredStock" order="14" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" order="15" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted" order="16" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" order="17" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_OperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_OperatingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_OperatingActivitiesAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_OperatingActivitiesAbstract" xlink:to="us-gaap_ProfitLoss" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_OperatingActivitiesAbstract" xlink:to="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AmortizationOfIntangibleAssets" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_InventoryValuation" xlink:href="peix-20120331.xsd#peix_InventoryValuation"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="peix_InventoryValuation" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherNoncashExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_OtherNoncashExpense" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_ProvisionForDoubtfulAccounts" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_ChangesInOperatingAssetsAndLiabilitiesAbstract"/>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/JiroL5VkHhf4IIWbvLLWKmlKLpe7htb6I/] CSR-->
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_OperatingActivitiesAbstract" xlink:to="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInInventories" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_InvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_InvestingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_InvestingActivitiesAbstract" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_InvestingActivitiesAbstract" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_InvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_FinancingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_FinancingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_FinancingActivitiesAbstract" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_FinancingActivitiesAbstract" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_FinancingActivitiesAbstract" xlink:to="us-gaap_ProceedsFromOtherDebt" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_FinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_SupplementalInformationAbstract" xlink:href="peix-20120331.xsd#peix_SupplementalInformationAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_SupplementalInformationAbstract" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidNet"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_SupplementalInformationAbstract" xlink:to="us-gaap_InterestPaidNet" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_NoncashFinancingAndInvestingActivitiesAbstract"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="peix_NoncashFinancingAndInvestingActivitiesAbstract" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" xlink:href="peix-20120331.xsd#peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="us-gaap_DividendsPreferredStock" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther" order="2" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_InventoryDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DebtDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_FairValueDisclosuresTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00000000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_EarningsPerShareTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000000000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000000000">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementTable" order="0" xbrldt:contextElement="segment" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain_0" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SubsequentEventsTextBlock" order="1" xbrldt:closed="true"/>
  </definitionLink>
  <definitionLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityRegistrantName" order="0" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentType" order="1" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_CurrentFiscalYearEndDate" order="2" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityCommonStockSharesOutstanding" order="3" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityPublicFloat" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityPublicFloat" order="4" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_AmendmentFlag" order="5" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentDescription" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentDescription"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_AmendmentDescription" order="6" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityCentralIndexKey" order="7" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityCurrentReportingStatus" order="8" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityVoluntaryFilers" order="9" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityFilerCategory" order="10" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="11" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentPeriodEndDate" order="12" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentFiscalYearFocus" order="13" xbrldt:closed="true"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentFiscalPeriodFocus" order="14" xbrldt:closed="true"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>peix-20120331_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:label="peix_ConsolidatedBalanceSheetsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_ConsolidatedBalanceSheetsAbstract_lbl" xml:lang="en-US">CONSOLIDATED BALANCE SHEETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedBalanceSheetsAbstract" xlink:to="peix_ConsolidatedBalanceSheetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConsolidatedBalanceSheetsAbstract_lbl0" xml:lang="en-US">CONSOLIDATED BALANCE SHEETS [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedBalanceSheetsAbstract" xlink:to="peix_ConsolidatedBalanceSheetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_CurrentAssetsAbstract" xlink:href="peix-20120331.xsd#peix_CurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current Assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentAssetsAbstract" xlink:to="peix_CurrentAssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CurrentAssetsAbstract_lbl0" xml:lang="en-US">Current Assets: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentAssetsAbstract" xlink:to="peix_CurrentAssetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net (net of allowance for doubtful accounts of $26 and $24, respectively)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherInventory" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventory_lbl" xml:lang="en-US">Prepaid inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventory" xlink:to="us-gaap_OtherInventory_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsAbstract_lbl" xml:lang="en-US">Other Assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsAbstract_lbl0" xml:lang="en-US">Other Assets: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Total other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets**</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_CurrentLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current Liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="peix_CurrentLiabilitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CurrentLiabilitiesAbstract_lbl0" xml:lang="en-US">Current Liabilities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentLiabilitiesAbstract" xlink:to="peix_CurrentLiabilitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable &#8211; trade</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DueToRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US">Current portion &#8211; long-term debt due to related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, net of current portion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestAndDividendsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestAndDividendsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDividendsPayableCurrent_lbl" xml:lang="en-US">Accrued preferred dividends</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDividendsPayableCurrent" xlink:to="us-gaap_InterestAndDividendsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities**</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies (Notes 4, 5 and 7)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders&#8217; Equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl0" xml:lang="en-US">Stockholders&#8217; Equity: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="peix_PacificEthanolIncStockholdersEquityAbstract" xlink:href="peix-20120331.xsd#peix_PacificEthanolIncStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_PacificEthanolIncStockholdersEquityAbstract_lbl" xml:lang="en-US">Pacific Ethanol, Inc. Stockholders&#8217; Equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PacificEthanolIncStockholdersEquityAbstract" xlink:to="peix_PacificEthanolIncStockholdersEquityAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PacificEthanolIncStockholdersEquityAbstract_lbl0" xml:lang="en-US">Pacific Ethanol, Inc. Stockholders&#8217; Equity: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PacificEthanolIncStockholdersEquityAbstract" xlink:to="peix_PacificEthanolIncStockholdersEquityAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2012 and December 31, 2011; liquidation preference of $25,390 as of March 31, 2012</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.001 par value; 300,000,000 shares authorized; 86,803,932 and 86,631,664 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Pacific Ethanol, Inc. Stockholders&#8217; Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestInJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US">Noncontrolling interest in variable interest entity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInJointVentures" xlink:to="us-gaap_MinorityInterestInJointVentures_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total Stockholders&#8217; Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Stockholders&#8217; Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Allowance for doubtful accounts (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock par value (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue_lbl" xml:lang="en-US">Preferred stock Series B liquidation preference (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock par value (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_ConsolidatedStatementsOfOperationsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedStatementsOfOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_ConsolidatedStatementsOfOperationsAbstract_lbl" xml:lang="en-US">CONSOLIDATED STATEMENTS OF OPERATIONS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedStatementsOfOperationsAbstract" xlink:to="peix_ConsolidatedStatementsOfOperationsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConsolidatedStatementsOfOperationsAbstract_lbl0" xml:lang="en-US">CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedStatementsOfOperationsAbstract" xlink:to="peix_ConsolidatedStatementsOfOperationsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SalesRevenueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Net sales</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CostOfGoodsSold" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSold_lbl" xml:lang="en-US">Cost of goods sold</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSold" xlink:to="us-gaap_CostOfGoodsSold_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross profit (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general and administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Loss from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl" xml:lang="en-US">Fair value adjustments on convertible debt and warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl0" xml:lang="en-US">Fair value adjustments on convertible debt and warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherGeneralExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherGeneralExpense_lbl" xml:lang="en-US">Other expense, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Loss before provision for income taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Consolidated net loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl" xml:lang="en-US">Net loss attributed to noncontrolling interest in variable interest entity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income (loss) attributed to Pacific Ethanol, Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Preferred stock dividends</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss available to common stockholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Net loss per share, basic and diluted (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Weighted-average shares outstanding, basic and diluted (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_ConsolidatedStatementsOfCashFlowsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedStatementsOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_ConsolidatedStatementsOfCashFlowsAbstract_lbl" xml:lang="en-US">CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedStatementsOfCashFlowsAbstract" xlink:to="peix_ConsolidatedStatementsOfCashFlowsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConsolidatedStatementsOfCashFlowsAbstract_lbl0" xml:lang="en-US">CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidatedStatementsOfCashFlowsAbstract" xlink:to="peix_ConsolidatedStatementsOfCashFlowsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="peix_OperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_OperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_OperatingActivitiesAbstract_lbl" xml:lang="en-US">Operating Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OperatingActivitiesAbstract" xlink:to="peix_OperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OperatingActivitiesAbstract_lbl0" xml:lang="en-US">Operating Activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OperatingActivitiesAbstract" xlink:to="peix_OperatingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl0" xml:lang="en-US">Consolidated net loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile consolidated net loss to cash used in operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Adjustments to reconcile consolidated net loss to cash used in operating activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Depreciation and amortization of intangibles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl1" xml:lang="en-US">Fair value adjustments on convertible debt and warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:to="peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants_lbl1"/>
    <loc xlink:type="locator" xlink:label="peix_InventoryValuation" xlink:href="peix-20120331.xsd#peix_InventoryValuation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_InventoryValuation_lbl" xml:lang="en-US">Inventory valuation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoryValuation" xlink:to="peix_InventoryValuation_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_InventoryValuation_lbl0" xml:lang="en-US">Inventory valuation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoryValuation" xlink:to="peix_InventoryValuation_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US">Amortization of deferred financing fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherNoncashExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashExpense_lbl" xml:lang="en-US">Noncash compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="us-gaap_OtherNoncashExpense_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Gain on derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Bad debt expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_ChangesInOperatingAssetsAndLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl0" xml:lang="en-US">Changes in operating assets and liabilities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl"/>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/JioH++hMm8T4BKorudQ5qkCYj7W4jF/9c4] CSR-->
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US">Prepaid inventory</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_InvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_InvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_InvestingActivitiesAbstract_lbl" xml:lang="en-US">Investing Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InvestingActivitiesAbstract" xlink:to="peix_InvestingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InvestingActivitiesAbstract_lbl0" xml:lang="en-US">Investing Activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InvestingActivitiesAbstract" xlink:to="peix_InvestingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions to property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_FinancingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_FinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_FinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FinancingActivitiesAbstract" xlink:to="peix_FinancingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FinancingActivitiesAbstract_lbl0" xml:lang="en-US">Financing Activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FinancingActivitiesAbstract" xlink:to="peix_FinancingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock dividends paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromOtherDebt_lbl" xml:lang="en-US">Net proceeds from borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOtherDebt" xlink:to="us-gaap_ProceedsFromOtherDebt_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net decrease in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0" xml:lang="en-US">Cash and cash equivalents at beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1"/>
    <loc xlink:type="locator" xlink:label="peix_SupplementalInformationAbstract" xlink:href="peix-20120331.xsd#peix_SupplementalInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_SupplementalInformationAbstract_lbl" xml:lang="en-US">Supplemental Information:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplementalInformationAbstract" xlink:to="peix_SupplementalInformationAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SupplementalInformationAbstract_lbl0" xml:lang="en-US">Supplemental Information: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplementalInformationAbstract" xlink:to="peix_SupplementalInformationAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US">Interest paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_NoncashFinancingAndInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="peix_NoncashFinancingAndInvestingActivitiesAbstract_lbl" xml:lang="en-US">Noncash financing and investing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="peix_NoncashFinancingAndInvestingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NoncashFinancingAndInvestingActivitiesAbstract_lbl0" xml:lang="en-US">Noncash financing and investing activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="peix_NoncashFinancingAndInvestingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" xlink:href="peix-20120331.xsd#peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants_lbl" xml:lang="en-US">Reclass of warrant liability to equity upon cashless net exercise of warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" xlink:to="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants_lbl0" xml:lang="en-US">Reclass of warrant liability to equity upon cashless net exercise</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" xlink:to="peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStock_lbl0" xml:lang="en-US">Preferred stock dividends accrued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xml:lang="en-US">Debt extinguished with issuance of common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueOther" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract_lbl" xml:lang="en-US">1. ORGANIZATION AND BASIS OF PRESENTATION.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:to="peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract_lbl" xml:lang="en-US">2. VARIABLE INTEREST ENTITY.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract" xlink:to="peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xml:lang="en-US">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_InventoryDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_InventoryDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoryDisclosureTextBlockAbstract_lbl" xml:lang="en-US">3. INVENTORIES.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoryDisclosureTextBlockAbstract" xlink:to="peix_InventoryDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">Inventory Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract_lbl" xml:lang="en-US">4. DERIVATIVES.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract" xlink:to="peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_DebtDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_DebtDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtDisclosureTextBlockAbstract_lbl" xml:lang="en-US">5. DEBT.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtDisclosureTextBlockAbstract" xlink:to="peix_DebtDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Debt Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract_lbl" xml:lang="en-US">6. WARRANTS.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract" xlink:to="peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl" xml:lang="en-US">Schedule of Stockholders&apos; Equity Note, Warrants or Rights [Table Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract_lbl" xml:lang="en-US">7. COMMITMENTS AND CONTINGENCIES.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:to="peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_FairValueDisclosuresTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_FairValueDisclosuresTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueDisclosuresTextBlockAbstract_lbl" xml:lang="en-US">8. FAIR VALUE MEASUREMENTS.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueDisclosuresTextBlockAbstract" xlink:to="peix_FairValueDisclosuresTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_EarningsPerShareTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_EarningsPerShareTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareTextBlockAbstract_lbl" xml:lang="en-US">9. EARNINGS PER SHARE.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareTextBlockAbstract" xlink:to="peix_EarningsPerShareTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings Per Share [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_RelatedPartyTransactionsDisclosureTextBlockAbstract_lbl" xml:lang="en-US">10. RELATED PARTY TRANSACTIONS.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:to="peix_RelatedPartyTransactionsDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_SubsequentEventsTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_SubsequentEventsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SubsequentEventsTextBlockAbstract_lbl" xml:lang="en-US">11. SUBSEQUENT EVENT.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SubsequentEventsTextBlockAbstract" xlink:to="peix_SubsequentEventsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonredeemablePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonredeemablePreferredStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonredeemablePreferredStockMember_lbl" xml:lang="en-US">Nonredeemable Preferred Stock [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonredeemablePreferredStockMember" xlink:to="us-gaap_NonredeemablePreferredStockMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xml:lang="en-US">Series A Preferred Stock [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesAPreferredStockMember" xlink:to="us-gaap_SeriesAPreferredStockMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeriesBPreferredStockMember_lbl" xml:lang="en-US">Series B Preferred Stock [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesBPreferredStockMember" xlink:to="us-gaap_SeriesBPreferredStockMember_lbl"/>
    <loc xlink:type="locator" xlink:label="peix_DocumentAndEntityInformationAbstract" xlink:href="peix-20120331.xsd#peix_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DocumentAndEntityInformationAbstract" xlink:to="peix_DocumentAndEntityInformationAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoryValuation_lbl1" xml:lang="en-US">InventoryValuation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoryValuation" xlink:to="peix_InventoryValuation_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl0" xml:lang="en-US">Liabilities, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl0" xml:lang="en-US">Other Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl0" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl0" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl0" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl0" xml:lang="en-US">Assets, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherGeneralExpense_lbl0" xml:lang="en-US">Other General Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl0" xml:lang="en-US">Stockholders&apos; Equity, Including Portion Attributable to Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl0" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl0" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl0" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityPublicFloat" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl0" xml:lang="en-US">Increase (Decrease) in Other Current Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl0" xml:lang="en-US">Operating Income (Loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl0" xml:lang="en-US">Liabilities and Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl0" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl0" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl0" xml:lang="en-US">Stockholders&apos; Equity Attributable to Parent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl0" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl0" xml:lang="en-US">Increase (Decrease) in Inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentDescription" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_lbl0" xml:lang="en-US">Gross Profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl0" xml:lang="en-US">Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl0" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl0" xml:lang="en-US">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl0" xml:lang="en-US">Interest Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>peix-20120331_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Fri May 11 20:14:07 UTC 2012 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheet" roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheet_Parentheticals" roleURI="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedComprehensiveIncome" roleURI="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_ConsolidatedCashFlow" roleURI="http://www.pacificethanol.net/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note" roleURI="http://www.pacificethanol.net/role/Note"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0" roleURI="http://www.pacificethanol.net/role/Note0"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00" roleURI="http://www.pacificethanol.net/role/Note00"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000" roleURI="http://www.pacificethanol.net/role/Note000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000" roleURI="http://www.pacificethanol.net/role/Note0000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00000" roleURI="http://www.pacificethanol.net/role/Note00000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000000" roleURI="http://www.pacificethanol.net/role/Note000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000000" roleURI="http://www.pacificethanol.net/role/Note0000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note00000000" roleURI="http://www.pacificethanol.net/role/Note00000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note000000000" roleURI="http://www.pacificethanol.net/role/Note000000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#peix_Note0000000000" roleURI="http://www.pacificethanol.net/role/Note0000000000"/>
  <roleRef xlink:type="simple" xlink:href="peix-20120331.xsd#DocumentAndEntityInformation" roleURI="http://www.pacificethanol.net/role/DocumentAndEntityInformation"/>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet">
    <loc xlink:type="locator" xlink:label="ConsolidatedBalanceSheetsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheetsAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedBalanceSheetsAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonredeemablePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonredeemablePreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_NonredeemablePreferredStockMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_SeriesAPreferredStockMember" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_SeriesBPreferredStockMember" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="3.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="CurrentAssetsAbstract" xlink:href="peix-20120331.xsd#peix_CurrentAssetsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="CurrentAssetsAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CurrentAssetsAbstract" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_AccountsReceivableNetCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_InventoryNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherInventory" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_OtherInventory" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_OtherAssetsCurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AssetsCurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherAssetsAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsNoncurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_Assets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="CurrentLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_CurrentLiabilitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="CurrentLiabilitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CurrentLiabilitiesAbstract" xlink:to="us-gaap_AccountsPayableCurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CurrentLiabilitiesAbstract" xlink:to="us-gaap_AccruedLiabilitiesCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DueToRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CurrentLiabilitiesAbstract" xlink:to="us-gaap_DueToRelatedPartiesCurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CurrentLiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesCurrent" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LongTermDebtNoncurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestAndDividendsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestAndDividendsPayableCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_InterestAndDividendsPayableCurrent" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_Liabilities" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_CommitmentsAndContingencies" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_StockholdersEquityAbstract" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="PacificEthanolIncStockholdersEquityAbstract" xlink:href="peix-20120331.xsd#peix_PacificEthanolIncStockholdersEquityAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="PacificEthanolIncStockholdersEquityAbstract" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockValue" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockValue" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_AdditionalPaidInCapital" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_StockholdersEquity" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_MinorityInterestInJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_MinorityInterestInJointVentures" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals">
    <loc xlink:type="locator" xlink:label="ConsolidatedBalanceSheetsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedBalanceSheetsAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedBalanceSheetsAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementClassOfStockAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NonredeemablePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NonredeemablePreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_NonredeemablePreferredStockMember" order="0.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesAPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_SeriesAPreferredStockMember" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_SeriesBPreferredStockMember" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfStockDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_ClassOfStockDomain" order="3.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesAuthorized" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesIssued" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockSharesOutstanding" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesAuthorized" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesIssued" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommonStockSharesOutstanding" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome">
    <loc xlink:type="locator" xlink:label="ConsolidatedStatementsOfOperationsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedStatementsOfOperationsAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfOperationsAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SalesRevenueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SalesRevenueNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CostOfGoodsSold" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CostOfGoodsSold" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_GrossProfit" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OperatingIncomeLoss" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_InterestExpense" order="6.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherGeneralExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OtherGeneralExpense" order="7.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeTaxExpenseBenefit" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ProfitLoss" order="10.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" order="11.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_NetIncomeLoss" order="12.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DividendsPreferredStock" order="13.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="ConsolidatedStatementsOfCashFlowsAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidatedStatementsOfCashFlowsAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidatedStatementsOfCashFlowsAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="OperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_OperatingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="OperatingActivitiesAbstract" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingActivitiesAbstract" xlink:to="us-gaap_ProfitLoss" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingActivitiesAbstract" xlink:to="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AmortizationOfIntangibleAssets" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="FairValueAdjustmentsOnConvertibleDebtAndWarrants" xlink:href="peix-20120331.xsd#peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="FairValueAdjustmentsOnConvertibleDebtAndWarrants" order="1.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="InventoryValuation" xlink:href="peix-20120331.xsd#peix_InventoryValuation"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="InventoryValuation" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherNoncashExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_OtherNoncashExpense" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_ProvisionForDoubtfulAccounts" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:href="peix-20120331.xsd#peix_ChangesInOperatingAssetsAndLiabilitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OperatingActivitiesAbstract" xlink:to="ChangesInOperatingAssetsAndLiabilitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+/L8ALnfx7gOXctiXWkmWMTPuRjZWGnjlmYNL9BVbb8ACM2pxcbXpwUnHxswBUWGqbhyE362TzpBwTZC6CMGTcff9VtV5sS+mQkmRTppR6xDIbJf1/Hl57Digd4Zag+GCbcBMwmtxXyNblTQ3x0f1Qavfhc6DGLeNRSGvdT22/i4w+dGVye/Ji2mYtQTZxDp3SWQOBX7BpqDF2MQFeKfu+] CSR-->
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInInventories" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="InvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_InvestingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="InvestingActivitiesAbstract" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestingActivitiesAbstract" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="FinancingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_FinancingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="FinancingActivitiesAbstract" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancingActivitiesAbstract" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" order="0.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancingActivitiesAbstract" xlink:to="us-gaap_ProceedsFromOtherDebt" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="4.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_0" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_0" order="5.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
    <loc xlink:type="locator" xlink:label="SupplementalInformationAbstract" xlink:href="peix-20120331.xsd#peix_SupplementalInformationAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="SupplementalInformationAbstract" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidNet"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SupplementalInformationAbstract" xlink:to="us-gaap_InterestPaidNet" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="NoncashFinancingAndInvestingActivitiesAbstract" xlink:href="peix-20120331.xsd#peix_NoncashFinancingAndInvestingActivitiesAbstract"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="NoncashFinancingAndInvestingActivitiesAbstract" order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" xlink:href="peix-20120331.xsd#peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DividendsPreferredStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="us-gaap_DividendsPreferredStock" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NoncashFinancingAndInvestingActivitiesAbstract" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther" order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note">
    <loc xlink:type="locator" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0">
    <loc xlink:type="locator" xlink:label="ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ConsolidationVariableInterestEntityPolicyPolicyTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00">
    <loc xlink:type="locator" xlink:label="InventoryDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_InventoryDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="InventoryDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_InventoryDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_InventoryDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000">
    <loc xlink:type="locator" xlink:label="DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000">
    <loc xlink:type="locator" xlink:label="DebtDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_DebtDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DebtDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DebtDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00000">
    <loc xlink:type="locator" xlink:label="ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ScheduleOfStockholdersEquityNoteWarrantsOrRightsTableTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000000">
    <loc xlink:type="locator" xlink:label="CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000000">
    <loc xlink:type="locator" xlink:label="FairValueDisclosuresTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_FairValueDisclosuresTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="FairValueDisclosuresTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_FairValueDisclosuresTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note00000000">
    <loc xlink:type="locator" xlink:label="EarningsPerShareTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_EarningsPerShareTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_EarningsPerShareTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note000000000">
    <loc xlink:type="locator" xlink:label="RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/Note0000000000">
    <loc xlink:type="locator" xlink:label="SubsequentEventsTextBlockAbstract" xlink:href="peix-20120331.xsd#peix_SubsequentEventsTextBlockAbstract"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="SubsequentEventsTextBlockAbstract" xlink:to="us-gaap_StatementTable" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementScenarioAxis" order="1.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_ScenarioUnspecifiedDomain" order="0.0"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementLineItems" order="2.0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_SubsequentEventsTextBlock" order="0.0" preferredLabel="http://www.xbrl.org/2003/role/label"/>
  </presentationLink>
  <presentationLink xlink:type="extended" xlink:role="http://www.pacificethanol.net/role/DocumentAndEntityInformation">
    <loc xlink:type="locator" xlink:label="DocumentAndEntityInformationAbstract" xlink:href="peix-20120331.xsd#peix_DocumentAndEntityInformationAbstract"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName" order="1.0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType" order="2.0"/>
    <loc xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_CurrentFiscalYearEndDate" order="3.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCommonStockSharesOutstanding" order="4.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityPublicFloat" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityPublicFloat" order="5.0"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag" order="6.0"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentDescription" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentDescription"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentDescription" order="7.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey" order="8.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCurrentReportingStatus" order="9.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityVoluntaryFilers" order="10.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFilerCategory" order="11.0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="12.0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate" order="13.0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalYearFocus" order="14.0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalPeriodFocus" order="15.0"/>
  </presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	word-wrap: break-word;
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>4. DERIVATIVES.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Derivative Instruments and Hedging Activities Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          4.

        </td>

        <td>

          DERIVATIVES.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      The business and activities of the Company expose it to a

      variety of market risks, including risks related to changes

      in commodity prices and interest rates. The Company monitors

      and manages these financial exposures as an integral part of

      its risk management program. This program recognizes the

      unpredictability of financial markets and seeks to reduce the

      potentially adverse effects that market volatility could have

      on operating results.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      <i><u>Commodity Risk</u></i> <u>&#8211; <i>Cash Flow

      Hedges</i></u> &#8211; The Company uses derivative

      instruments to protect cash flows from fluctuations caused by

      volatility in commodity prices for periods of up to twelve

      months in order to protect gross profit margins from

      potentially adverse effects of market and price volatility on

      ethanol sale and purchase commitments where the prices are

      set at a future date and/or if the contracts specify a

      floating or index-based price for ethanol. In addition, the

      Company hedges anticipated sales of ethanol to minimize its

      exposure to the potentially adverse effects of price

      volatility. These derivatives may be designated and

      documented as cash flow hedges and effectiveness is evaluated

      by assessing the probability of the anticipated transactions

      and regressing commodity futures prices against the

      Company&#8217;s purchase and sales prices. Ineffectiveness,

      which is defined as the degree to which the derivative does

      not offset the underlying exposure, is recognized immediately

      in cost of goods sold. For the three months ended March 31,

      2012 and 2011, the Company did not designate any of its

      derivatives as cash flow hedges.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Commodity Risk &#8211; Non-Designated Hedges</u></i>

      &#8211; The Company uses derivative instruments to lock in

      prices for certain amounts of corn and ethanol by entering

      into forward contracts for those commodities. These

      derivatives are not designated for special hedge accounting

      treatment. The changes in fair value of these contracts are

      recorded on the balance sheet and recognized immediately in

      cost of goods sold. The Company recognized gains of $134,000

      and $28,000 as the change in the fair value of these

      contracts for the three months ended March 31, 2012 and 2011,

      respectively. The notional balances remaining on these

      contracts were $1,678,000 and $9,186,000 as of March 31, 2012

      and December 31, 2011, respectively.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0; text-align: justify">

      <i><u>Non Designated Derivative Instruments</u></i> &#8211;

      The classification and amounts of the Company&#8217;s

      derivatives not designated as hedging instruments are as

      follows (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">

          Realized Gains (Losses)

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">

          Three Months Ended March 31,

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center; border-bottom: Black 1pt solid">

          Type of Instrument

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: center">

          Statements of Operations Location

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          2012

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          2011

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">

          Commodity contracts

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt">

          Cost of goods sold

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">

          (102

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          )

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">

          13

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="text-align: left; padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          (102

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          13

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">

          Unrealized Gains

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">

          Three Months Ended March 31,

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center; border-bottom: Black 1pt solid">

          Type of Instrument

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: center">

          Statements of Operations Location

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          2012

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          2011

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 31%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">

          Commodity contracts

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 30%; text-align: left; padding-bottom: 1pt; padding-left: 10pt">

          Cost of goods sold

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">

          236

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">

          15

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="text-align: left; padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          236

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          15

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the entity's entire derivative instruments and hedging activities.  Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668309&amp;loc=d3e80784-113994<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4E<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624181-113959<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5708775-113959<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579245-113959<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(n))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41641-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5579240-113959<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41638-113959<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41635-113959<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=d3e41620-113959<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 25<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6886632&amp;loc=d3e76258-113986<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4H<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624258-113959<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5708773-113959<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5580258-113959<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624163-113959<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 45<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668309&amp;loc=d3e80748-113994<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>14
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xls
M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O
M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y
M/2(M+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D
M.3`P9C9D-64B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7
M96(@4&%G92P@86QS;R!K;F]W;B!A<R!A(%=E8B!!<F-H:79E(&9I;&4N("!)
M9B!Y;W4@87)E('-E96EN9R!T:&ES(&UE<W-A9V4L('EO=7(@8G)O=W-E<B!O
M<B!E9&ET;W(@9&]E<VXG="!S=7!P;W)T(%=E8B!!<F-H:79E(&9I;&5S+B`@
M4&QE87-E(&1O=VYL;V%D(&$@8G)O=W-E<B!T:&%T('-U<'!O<G1S(%=E8B!!
M<F-H:79E+"!S=6-H(&%S($UI8W)O<V]F="!);G1E<FYE="!%>'!L;W)E<BX-
M"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U
M8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V
M,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMB;V]K+FAT
M;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B
M;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I
M:2(-"@T*/&AT;6P@>&UL;G,Z=CTS1")U<FXZ<V-H96UA<RUM:6-R;W-O9G0M
M8V]M.G9M;"(@>&UL;G,Z;STS1")U<FXZ<V-H96UA<RUM:6-R;W-O9G0M8V]M
M.F]F9FEC93IO9F9I8V4B('AM;&YS.G@],T0B=7)N.G-C:&5M87,M;6EC<F]S
M;V9T+6-O;3IO9F9I8V4Z97AC96PB('AM;&YS/3-$(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+U)%0RUH=&UL-#`B/@T*/&AE860^#0H\;65T82!N86UE/3-$(D5X
M8V5L(%=O<FMB;V]K($9R86UE<V5T(CX-"@T*/&UE=&$@;F%M93TS1%!R;V=)
M9"!C;VYT96YT/3-$17AC96PN4VAE970^#0H\;&EN:R!R96P],T1&:6QE+4QI
M<W0@:')E9CTS1")7;W)K<VAE971S+V9I;&5L:7-T+GAM;"(^#0H-"CPA+2U;
M:68@9W1E(&US;R`Y73X\>&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX
M.D5X8V5L5V]R:W-H965T<SX-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^1&]C=6UE;G1?06YD7T5N=&ET>5]);F9O<FUA=&EO/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`Q+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0T].4T],241!5$5$
M7T)!3$%.0T5?4TA%1513/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U
M<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`R+FAT;6PB+SX-"B`@(#PO
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^0T].4T],241!5$5$7T)!3$%.0T5?4TA%15137U!A/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`S+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0T].4T],241!5$5$
M7U-4051%345.5%-?3T9?3U!%/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`T+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^0T].4T],241!5$5$7U-4051%345.5%-?3T9?0T%3/"]X
M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H
M965T<R]3:&5E=#`U+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-
M"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^,5]/4D=!3DE:
M051)3TY?04Y$7T)!4TE37T]&7U!2/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H
M965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`V+FAT;6PB+SX-
M"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T
M/@T*("`@(#QX.DYA;64^,E]605))04),15])3E1%4D535%]%3E1)5%D\+W@Z
M3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE
M971S+U-H965T,#<N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*
M("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93XS7TE.5D5.5$]2
M2453/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B
M5V]R:W-H965T<R]3:&5E=#`X+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS
M:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^-%]$
M15))5D%4259%4SPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(
M4F5F/3-$(E=O<FMS:&5E=',O4VAE970P.2YH=&UL(B\^#0H@("`\+W@Z17AC
M96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.
M86UE/C5?1$5"5#PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(
M4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q,"YH=&UL(B\^#0H@("`\+W@Z17AC
M96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.
M86UE/C9?5T%24D%.5%,\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R
M8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,3$N:'1M;"(O/@T*("`@/"]X
M.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@
M/'@Z3F%M93XW7T-/34U)5$U%3E137T%.1%]#3TY424Y'14Y#244\+W@Z3F%M
M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S
M+U-H965T,3(N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@
M/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93XX7T9!25)?5D%,545?
M345!4U5214U%3E13/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E
M($A2968],T0B5V]R:W-H965T<R]3:&5E=#$S+FAT;6PB+SX-"B`@(#PO>#I%
M>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX
M.DYA;64^.5]%05).24Y'4U]015)?4TA!4D4\+W@Z3F%M93X-"B`@("`\>#I7
M;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,30N:'1M
M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K
M<VAE970^#0H@("`@/'@Z3F%M93XQ,%]214Q!5$5$7U!!4E197U1204Y304-4
M24].4SPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$
M(E=O<FMS:&5E=',O4VAE970Q-2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K
M<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/C$Q
M7U-50E-%455%3E1?159%3E0\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713
M;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,38N:'1M;"(O/@T*("`@
M/"]X.D5X8V5L5V]R:W-H965T/@T*("`\+W@Z17AC96Q7;W)K<VAE971S/@T*
M("`\>#I3='EL97-H965T($A2968],T0B5V]R:W-H965T<R]R97!O<G0N8W-S
M(B\^#0H@(#QX.D%C=&EV95-H965T/C`\+W@Z06-T:79E4VAE970^#0H@(#QX
M.E!R;W1E8W13=')U8W1U<F4^1F%L<V4\+W@Z4')O=&5C=%-T<G5C='5R93X-
M"B`@/'@Z4')O=&5C=%=I;F1O=W,^1F%L<V4\+W@Z4')O=&5C=%=I;F1O=W,^
M#0H@/"]X.D5X8V5L5V]R:V)O;VL^#0H\+WAM;#X\(5ME;F1I9ETM+3X-"CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`\<#Y4:&ES('!A9V4@<VAO=6QD(&)E(&]P
M96YE9"!W:71H($UI8W)O<V]F="!%>&-E;"!84"!O<B!N97=E<BX\+W`^#0H@
M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D
M,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I
M;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP
M,&8V9#5E+U=O<FMS:&5E=',O4VAE970P,2YH=&UL#0I#;VYT96YT+51R86YS
M9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z
M('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\
M:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O
M;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y
M<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@
M4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O
M9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P1592044^
M#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X]
M,T0Q(')O=W-P86X],T0R/CQS=')O;F<^1&]C=6UE;G0@06YD($5N=&ET>2!)
M;F9O<FUA=&EO;B`H55-$("0I/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C,@36]N=&AS($5N9&5D/"]T
M:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^/"]T:#X-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^/"]T:#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H
M/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&@^36%Y(#$P+"`R,#$R/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1H/DIU;BX@,S`L(#(P,3$\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/CQS=')O;F<^1&]C=6UE;G0@86YD($5N=&ET>2!);F9O<FUA
M=&EO;B!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D5N=&ET>2!296=I<W1R86YT($YA;64\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/E!A8VEF:6,@171H86YO;"P@26YC+CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M1&]C=6UE;G0@5'EP93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M,3`M43QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^0W5R<F5N="!&:7-C86P@665A<B!%;F0@1&%T93PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^+2TQ,BTS,3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($-O;6UO;B!3
M=&]C:RP@4VAA<F5S($]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XX-BPX,#$L.3DS/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%;G1I='D@4'5B;&EC($9L;V%T/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#(P+#`P,"PP,#`\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%M
M96YD;65N="!&;&%G/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#YF
M86QS93QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^16YT:71Y($-E;G1R86P@26YD97@@2V5Y/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#XP,#`P-S<X,38T/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%;G1I='D@0W5R<F5N="!2
M97!O<G1I;F<@4W1A='5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#Y997,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D5N=&ET>2!6;VQU;G1A<GD@1FEL97)S/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#Y.;SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($9I;&5R($-A=&5G;W)Y/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y3;6%L;&5R(%)E<&]R=&EN
M9R!#;VUP86YY/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y%;G1I='D@5V5L;"UK;F]W;B!396%S;VYE9"!)<W-U97(\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/DYO/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$;V-U;65N="!0
M97)I;V0@16YD($1A=&4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/DUA<B`S,2P-"@D),C`Q,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1&]C=6UE;G0@1FES8V%L(%EE87(@1F]C=7,\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/C(P,3(\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1O8W5M96YT
M($9I<V-A;"!097)I;V0@1F]C=7,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/E$Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X
M7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE970P,BYH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P15=+04<^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0Q/CQS=')O;F<^0T].4T],241!
M5$5$($)!3$%.0T4@4TA%1513("A54T0@)"D\8G(^26X@5&AO=7-A;F1S+"!U
M;FQE<W,@;W1H97)W:7-E('-P96-I9FEE9#PO<W1R;VYG/CPO=&@^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0R/DUA<BX@,S$L(#(P,3(\
M8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^
M1&5C+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^/'-T<F]N9SY#=7)R96YT($%S<V5T<SH\+W-T<F]N9SX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V%S
M:"!A;F0@8V%S:"!E<75I=F%L96YT<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^)"`T+#DX,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/B0@."PY,30\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%C8V]U
M;G1S(')E8V5I=F%B;&4L(&YE="`H;F5T(&]F(&%L;&]W86YC92!F;W(@9&]U
M8G1F=6P@86-C;W5N=',@;V8@)#(V(&%N9"`D,C0L(')E<W!E8W1I=F5L>2D\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(Y+#$R,CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C(X+#$T,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^26YV96YT;W)I97,\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C$T+#0S-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$V+#$S,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4')E
M<&%I9"!I;G9E;G1O<GD\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C<L,3DY/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.2PR,SD\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]T:&5R(&-U<G)E;G0@87-S
M971S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#0W,SQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0L,S(T/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^5&]T86P@8W5R<F5N="!A<W-E=',\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4X+#(Q,CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C8V+#<T.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4')O<&5R='D@86YD(&5Q=6EP;65N="P@;F5T/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-3<L-C$P/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,34Y+#8Q-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^/'-T<F]N9SY/=&AE<B!!<W-E=',Z/"]S=')O;F<^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN
M=&%N9VEB;&4@87-S971S+"!N970\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C0L,C(W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-"PT
M-3@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]T:&5R(&%S<V5T
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PV,#`\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#8U,SQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&]T:&5R(&%S<V5T<SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-2PX,C<\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XV+#$Q,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E1O=&%L($%S<V5T<RHJ/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XR,C$L-C0Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XR,S(L-#<V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^0W5R<F5N="!,:6%B:6QI=&EE
M<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^06-C;W5N=',@<&%Y86)L92#B@),@=')A9&4\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C@L-#DW/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-2PU,3D\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/D%C8W)U960@;&EA8FEL:71I97,\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C(L.#4R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,BPW,3,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-U
M<G)E;G0@<&]R=&EO;B#B@),@;&]N9RUT97)M(&1E8G0@9'5E('1O(')E;&%T
M960@<&%R='D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<U,#QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<U,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&-U<G)E;G0@;&EA8FEL:71I97,\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$R+#`Y.3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C@L.3@R/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y,;VYG+71E<FT@9&5B="P@;F5T(&]F(&-U<G)E;G0@
M<&]R=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3,L-S$X
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3,L-C@Y/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-R=65D('!R969E<G)E9"!D:79I
M9&5N9',\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<L,S$U/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-RPS,34\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/D]T:&5R(&QI86)I;&ET:65S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XS+#$U,3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C,L,C(V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^5&]T86P@3&EA8FEL:71I97,J*CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,3$V+#(X,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1F;CX\<W5P/ELR73PO<W5P/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,3$S+#(Q,CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1F;CX\<W5P/ELR73PO<W5P/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM:71M96YT<R!A;F0@0V]N
M=&EN9V5N8VEE<R`H3F]T97,@-"P@-2!A;F0@-RD\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K+"`D,"XP,#$@<&%R('9A;'5E
M.R`Q,"PP,#`L,#`P('-H87)E<R!A=71H;W)I>F5D.R!397)I97,@03H@,2PV
M.#0L,S<U('-H87)E<R!A=71H;W)I>F5D.R`P('-H87)E<R!I<W-U960@86YD
M(&]U='-T86YD:6YG(&%S(&]F($UA<F-H(#,Q+"`R,#$R(&%N9"!$96-E;6)E
M<B`S,2P@,C`Q,3L@4V5R:65S($(Z(#$L-3@P+#<Y,"!S:&%R97,@875T:&]R
M:7IE9#L@.3(V+#DT,B!S:&%R97,@:7-S=65D(&%N9"!O=71S=&%N9&EN9R!A
M<R!O9B!-87)C:"`S,2P@,C`Q,B!A;F0@1&5C96UB97(@,S$L(#(P,3$[(&QI
M<75I9&%T:6]N('!R969E<F5N8V4@;V8@)#(U+#,Y,"!A<R!O9B!-87)C:"`S
M,2P@,C`Q,CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D-O;6UO;B!S=&]C:RP@)#`N,#`Q('!A<B!V86QU93L@
M,S`P+#`P,"PP,#`@<VAA<F5S(&%U=&AO<FEZ960[(#@V+#@P,RPY,S(@86YD
M(#@V+#8S,2PV-C0@<VAA<F5S(&ES<W5E9"!A;F0@;W5T<W1A;F1I;F<@87,@
M;V8@36%R8V@@,S$L(#(P,3(@86YD($1E8V5M8F5R(#,Q+"`R,#$Q+"!R97-P
M96-T:79E;'D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C@W/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.#<\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D%D9&ET:6]N86P@<&%I9"UI;B!C87!I=&%L/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU-3<L,C<Y/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^-34V+#@W,3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^06-C=6UU;&%T960@9&5F:6-I=#PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;3XH-3$U+#(U,RD\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@U,#DL.3@U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/E1O=&%L(%!A8VEF:6,@171H86YO;"P@26YC+B!3=&]C:VAO
M;&1E<G/B@)D@17%U:71Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XT,BPQ,30\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-BPY-S0\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYO;F-O;G1R;VQL:6YG
M(&EN=&5R97-T(&EN('9A<FEA8FQE(&EN=&5R97-T(&5N=&ET>3PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-C,L,C4R/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^-S(L,CDP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^5&]T86P@4W1O8VMH;VQD97)SXH"9($5Q=6ET>3PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3`U+#,V-CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$Q.2PR-C0\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y4;W1A;"!,:6%B:6QI=&EE<R!A;F0@4W1O8VMH;VQD97)S
MXH"9($5Q=6ET>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`R
M,C$L-C0Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`R,S(L-#<V
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&0@8V]L
M<W!A;CTS1#4^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1I;FYE<D9O;W1N;W1E/@T*("`@("`@("`\=&0@=F%L:6=N/3-$=&]P/ELQ
M73PO=&0^#0H@("`@("`@(#QT9"!C;VQS<&%N/3-$-"!V86QI9VX],T1T;W`^
M07-S971S(&]F('1H92!C;VYS;VQI9&%T960@=F%R:6%B;&4@:6YT97)E<W0@
M96YT:71Y('1H870@8V%N(&]N;'D@8F4@=7-E9"!T;R!S971T;&4@;V)L:6=A
M=&EO;G,@;V8@=&AA="!E;G1I='D@=V5R92`D,38V+#8R-2!A;F0@)#$W,RPV
M,#8@87,@;V8@36%R8V@@,S$L(#(P,3(@86YD($1E8V5M8F5R(#,Q+"`R,#$Q
M+"!R97-P96-T:79E;'DN/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1I;FYE<D9O;W1N;W1E/@T*("`@("`@("`\=&0@=F%L:6=N/3-$
M=&]P/ELR73PO=&0^#0H@("`@("`@(#QT9"!C;VQS<&%N/3-$-"!V86QI9VX]
M,T1T;W`^3&EA8FEL:71I97,@;V8@=&AE(&-O;G-O;&ED871E9"!V87)I86)L
M92!I;G1E<F5S="!E;G1I='D@9F]R('=H:6-H(&-R961I=&]R<R!D;R!N;W0@
M:&%V92!R96-O=7)S92!T;R!T:&4@9V5N97)A;"!C<F5D:70@;V8@=&AE($-O
M;7!A;GD@=V5R92`D.#0L,S$Q(&%N9"`D-S8L-#<X(&%S(&]F($UA<F-H(#,Q
M+"`R,#$R(&%N9"!$96-E;6)E<B`S,2P@,C`Q,2P@<F5S<&5C=&EV96QY+CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO
M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?
M.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O
M0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMS
M:&5E=',O4VAE970P,RYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG
M.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@
M8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\
M345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X
M="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA
M=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@
M0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A
M8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P13$R044^#0H@("`@("`\='(^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X]
M,T0Q/CQS=')O;F<^0T].4T],241!5$5$($)!3$%.0T4@4TA%1513("A087)E
M;G1H971I8V%L<RD@*%531"`D*3QB<CY);B!4:&]U<V%N9',L(&5X8V5P="!0
M97(@4VAA<F4@9&%T82P@=6YL97-S(&]T:&5R=VES92!S<&5C:69I960\+W-T
M<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$R/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D1E8RX@,S$L
M(#(P,3$\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%L
M;&]W86YC92!F;W(@9&]U8G1F=6P@86-C;W5N=',@*&EN($1O;&QA<G,I/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#(V/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`R-#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4')E9F5R
M<F5D('-T;V-K('!A<B!V86QU92`H:6X@1&]L;&%R<R!P97(@<VAA<F4I/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#`N,#`Q/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P+C`P,3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M0V]M;6]N('-T;V-K('!A<B!V86QU92`H:6X@1&]L;&%R<R!P97(@<VAA<F4I
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#`N,#`Q/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P+C`P
M,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^0V]M;6]N('-T;V-K('-H87)E<R!A=71H;W)I>F5D/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XS,#`L,#`P+#`P,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,P,"PP,#`L,#`P/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#
M;VUM;VX@<W1O8VL@<VAA<F5S(&ES<W5E9#PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^.#8L.#`S+#DS,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C@V+#8S,2PV-C0\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-O;6UO;B!S=&]C
M:R!S:&%R97,@;W5T<W1A;F1I;F<\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C@V+#@P,RPY,S(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XX-BPV,S$L-C8T/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F@^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.;VYR961E96UA8FQE(%!R
M969E<G)E9"!3=&]C:R!;365M8F5R73PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O8VL@<VAA<F5S(&%U=&AO<FEZ960\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$P+#`P,"PP,#`\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,"PP
M,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F@^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y397)I97,@02!0<F5F97)R960@4W1O8VL@6TUE;6)E<ET\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K
M('-H87)E<R!A=71H;W)I>F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XQ+#8X-"PS-S4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XQ+#8X-"PS-S4\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R969E<G)E9"!S=&]C:R!S:&%R
M97,@:7-S=65D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,#QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M4')E9F5R<F5D('-T;V-K('-H87)E<R!O=71S=&%N9&EN9SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R:#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E-E<FEE<R!"(%!R969E<G)E9"!3
M=&]C:R!;365M8F5R73PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y0<F5F97)R960@<W1O8VL@<VAA<F5S(&%U=&AO<FEZ960\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$L-3@P+#<Y,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L-3@P+#<Y,#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4')E
M9F5R<F5D('-T;V-K('-H87)E<R!I<W-U960\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/CDR-BPY-#(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XY,C8L.30R/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O8VL@
M<VAA<F5S(&]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XY,C8L.30R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^.3(V+#DT,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K(%-E<FEE<R!"
M(&QI<75I9&%T:6]N('!R969E<F5N8V4@*&EN($1O;&QA<G,I/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#(U+#,Y,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,C4L,SDP/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO
M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X
M8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I;VXZ
M(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V
M9#5E+U=O<FMS:&5E=',O4VAE970P-"YH=&UL#0I#;VYT96YT+51R86YS9F5R
M+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E
M>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A
M9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E
M;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4]
M,T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M
M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^
M#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P139/044^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q
M(')O=W-P86X],T0R/CQS=')O;F<^0T].4T],241!5$5$(%-4051%345.5%,@
M3T8@3U!%4D%424].4R`H55-$("0I/&)R/DEN(%1H;W5S86YD<RP@97AC97!T
M(%-H87)E(&1A=&$L('5N;&5S<R!O=&AE<G=I<V4@<W!E8VEF:65D/"]S=')O
M;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^
M,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,CQB<CX\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO
M=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@<V%L97,\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,3DW+#<Q.3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,3<S+#$T
M.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^0V]S="!O9B!G;V]D<R!S;VQD/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XR,#4L,3DV/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,3<P+#4X-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E=3X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D=R;W-S('!R;V9I="`H;&]S<RD\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#<L-#<W*3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L-38T/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3
M96QL:6YG+"!G96YE<F%L(&%N9"!A9&UI;FES=')A=&EV92!E>'!E;G-E<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,RPS-S@\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT+#$X.#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DQO
M<W,@9G)O;2!O<&5R871I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B@Q,"PX-34I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;3XH,2PV,C0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y&86ER('9A;'5E(&%D:G5S=&UE;G1S(&]N
M(&-O;G9E<G1I8FQE(&1E8G0@86YD('=A<G)A;G1S/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@S,RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XY,C8\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN=&5R97-T(&5X<&5N<V4L(&YE
M=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,BPY,#DI/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,RPV,S@I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y/=&AE<B!E>'!E;G-E+"!N970\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6T^*#$Y-"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M/B@S-#,I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^3&]S<R!B969O<F4@<')O=FES:6]N(&9O<B!I
M;F-O;64@=&%X97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#$S
M+#DY,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B@T+#8W.2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/E!R;W9I<VEO;B!F;W(@:6YC;VUE('1A>&5S/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF
M;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y#;VYS;VQI9&%T960@;F5T(&QO<W,\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^*#$S+#DY,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B@T+#8W.2D\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!L;W-S(&%T=')I
M8G5T960@=&\@;F]N8V]N=')O;&QI;F<@:6YT97)E<W0@:6X@=F%R:6%B;&4@
M:6YT97)E<W0@96YT:71Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XY+#`S.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C0L-CDW/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^3F5T(&EN8V]M92`H;&]S<RD@871T<FEB=71E9"!T
M;R!086-I9FEC($5T:&%N;VPL($EN8RX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6T^*#0L.34S*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O8VL@9&EV:61E;F1S
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@S,34I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,S$R*3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE
M="!L;W-S(&%V86EL86)L92!T;R!C;VUM;VX@<W1O8VMH;VQD97)S/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B0@*#4L,C8X*3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^)"`H,CDT*3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T
M(&QO<W,@<&5R('-H87)E+"!B87-I8R!A;F0@9&EL=71E9"`H:6X@1&]L;&%R
M<R!P97(@<VAA<F4I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B0@
M*#`N,#8I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XD("@P+C`R*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^5V5I9VAT960M879E<F%G92!S:&%R97,@;W5T<W1A
M;F1I;F<L(&)A<VEC(&%N9"!D:6QU=&5D("AI;B!3:&%R97,I/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XX-BPR,C(\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,RPU.#(\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y
M/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S(Q-C%B960R7SAB,C5?
M-&0Q.%\Y8S!F7S5B-60Y,#!F-F0U90T*0V]N=&5N="U,;V-A=&EO;CH@9FEL
M93HO+R]#.B\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64O
M5V]R:W-H965T<R]3:&5E=#`U+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC
M;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H
M=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*
M("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS
M1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E
M>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@
M5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@
M("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%-4U!1SX-"B`@("`@
M(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W
M<W!A;CTS1#(^/'-T<F]N9SY#3TY33TQ)1$%4140@4U1!5$5-14Y44R!/1B!#
M05-(($9,3U=3("A54T0@)"D\8G(^26X@5&AO=7-A;F1S+"!U;FQE<W,@;W1H
M97)W:7-E('-P96-I9FEE9#PO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C
M;&%S<STS1'1H(&-O;'-P86X],T0R/C,@36]N=&AS($5N9&5D/"]T:#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H
M/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^/'-T<F]N9SY/<&5R871I;F<@06-T:79I=&EE<SH\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]N<V]L:61A
M=&5D(&YE="!L;W-S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B0@
M*#$S+#DY,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B0@*#0L-C<Y*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY!9&IU<W1M96YT<R!T;R!R96-O
M;F-I;&4@8V]N<V]L:61A=&5D(&YE="!L;W-S('1O(&-A<V@@=7-E9"!I;B!O
M<&5R871I;F<@86-T:79I=&EE<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1&5P<F5C:6%T:6]N(&%N9"!A;6]R=&EZ871I
M;VX@;V8@:6YT86YG:6)L97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C,L,3,T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,RPQ,S8\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D9A:7(@=F%L=64@861J=7-T;65N=',@;VX@8V]N
M=F5R=&EB;&4@9&5B="!A;F0@=V%R<F%N=',\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C,S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;3XH.3(V*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^26YV96YT;W)Y('9A;'5A=&EO;CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,BD\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%M;W)T:7IA=&EO;B!O
M9B!D969E<G)E9"!F:6YA;F-I;F<@9F5E<SPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,38T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,34Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y.;VYC87-H(&-O;7!E;G-A=&EO;CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,CDV/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-S8Y/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y'86EN(&]N(&1E
M<FEV871I=F5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q,S4I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH
M,C@I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y"860@9&5B="!E>'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XR/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XH,3,P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#:&%N9V5S(&EN(&]P97)A=&EN9R!A
M<W-E=',@86YD(&QI86)I;&ET:65S.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y!8V-O=6YT<R!R96-E:79A8FQE/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Y.#0I/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH-BPS-30I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y);G9E;G1O
M<FEE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PV.38\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q+#$W
M-RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E!R97!A:60@97AP96YS97,@86YD(&]T:&5R(&%S<V5T<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PS.34\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-C,\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R97!A:60@:6YV
M96YT;W)Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#`T,#QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0S
M-#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^06-C;W5N=',@<&%Y86)L92!A;F0@86-C<G5E9"!E>'!E;G-E<SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,RPV,#`\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#4R.3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!C
M87-H('5S960@:6X@;W!E<F%T:6YG(&%C=&EV:71I97,\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6T^*#(L-S4R*3QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#4L.3`T*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY);G9E
M<W1I;F<@06-T:79I=&EE<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^061D:71I;VYS('1O('!R;W!E<G1Y(&%N9"!E<75I
M<&UE;G0\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#@Y-BD\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R.#`I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^3F5T(&-A<V@@=7-E9"!I;B!I;G9E<W1I;F<@86-T:79I=&EE<SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH.#DV*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#(X,"D\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^
M1FEN86YC:6YG($%C=&EV:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E!R969E<G)E9"!S=&]C:R!D:79I9&5N9',@
M<&%I9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,S$U*3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T
M('!R;V-E961S(&9R;VT@8F]R<F]W:6YG<SPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,S`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XU+#@Y.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!C87-H("AU<V5D(&EN*2!P<F]V
M:61E9"!B>2!F:6YA;F-I;F<@86-T:79I=&EE<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;3XH,C@U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C4L.#DX/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&1E8W)E87-E(&EN(&-A
M<V@@86YD(&-A<V@@97%U:79A;&5N=',\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6T^*#,L.3,S*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^*#(X-BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-A<V@@86YD(&-A<V@@97%U:79A;&5N
M=',@870@8F5G:6YN:6YG(&]F('!E<FEO9#PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^."PY,30\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XX+#<S-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V%S:"!A;F0@8V%S:"!E<75I=F%L
M96YT<R!A="!E;F0@;V8@<&5R:6]D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XT+#DX,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C@L-#4P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-U<'!L96UE;G1A;"!);F9O
M<FUA=&EO;CH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^26YT97)E<W0@<&%I9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,BPW.#D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XR+#8X,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY.;VYC87-H(&9I;F%N8VEN9R!A
M;F0@:6YV97-T:6YG(&%C=&EV:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/E)E8VQA<W,@;V8@=V%R<F%N="!L:6%B
M:6QI='D@=&\@97%U:71Y('5P;VX@8V%S:&QE<W,@;F5T(&5X97)C:7-E/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,3(\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R969E<G)E9"!S
M=&]C:R!D:79I9&5N9',@86-C<G5E9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,S$U/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,S$R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y$96)T(&5X=&EN9W5I<VAE9"!W:71H(&ES<W5A
M;F-E(&]F(&-O;6UO;B!S=&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^)"`W+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?
M3F5X=%!A<G1?,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E
M#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S(Q-C%B960R7SAB,C5?
M-&0Q.%\Y8S!F7S5B-60Y,#!F-F0U92]7;W)K<VAE971S+U-H965T,#8N:'1M
M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L
M90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI
M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS
M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU
M=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H
M;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP
M=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R
M="!I9#TS1$E$,$5!1#X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SXQ+B!/4D=!
M3DE:051)3TX@04Y$($)!4TE3($]&(%!215-%3E1!5$E/3BX\8G(^/"]S=')O
M;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^
M,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,CQB<CX\+W1H
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3W)G86YI>F%T:6]N+"!#
M;VYS;VQI9&%T:6]N(&%N9"!0<F5S96YT871I;VX@;V8@1FEN86YC:6%L(%-T
M871E;65N=',@1&ES8VQO<W5R92!;5&5X="!";&]C:UT\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L
M;'-P86-I;F<],T0P('=I9'1H/3-$,3`P)2!S='EL93TS1"=F;VYT.B`Q,'!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XM=&]P.B`Q
M,G!T.R!M87)G:6XM8F]T=&]M.B`P)SX-"B`-"B`@("`@(#QT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@=&]P)SX-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,"<^#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@
M("`@("`@,2X-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D/@T*("`@(`T*("`@("`@("`@(#QF;VYT('-T>6QE/3-$)V9O;G0M=F%R
M:6%N=#H@<VUA;&PM8V%P<R<^3U)'04Y)6D%424]./"]F;VYT/B!!3D0-"B`@
M("`@#0H@("`@("`@("`@0D%325,@3T8@4%)%4T5.5$%424].+@T*("`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@(#PO
M=&%B;&4^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L
M:6=N.B!J=7-T:69Y)SX-"B`@#0H@("`@("`\:3X\=3Y/<F=A;FEZ871I;VX@
M86YD($)U<VEN97-S/"]U/CPO:3X@)B,X,C$Q.R!4:&4-"B`-"B`@("`@(&-O
M;G-O;&ED871E9"!F:6YA;F-I86P@<W1A=&5M96YT<R!I;F-L=61E('1H92!A
M8V-O=6YT<R!O9@T*("`@(`T*("`@("`@4&%C:69I8R!%=&AA;F]L+"!);F,N
M+"!A($1E;&%W87)E(&-O<G!O<F%T:6]N("@F(S@R,C`[4&%C:69I8PT*("`-
M"B`@("`@($5T:&%N;VPF(S@R,C$[*2P@86YD(&ET<R!W:&]L;'DM;W=N960@
M<W5B<VED:6%R:65S+"!I;F-L=61I;F<-"B`@#0H@("`@("!+:6YE<F=Y($UA
M<FME=&EN9R!,3$,L(&%N($]R96=O;B!L:6UI=&5D(&QI86)I;&ET>2!C;VUP
M86YY#0H@("`@(`T*("`@("`@*"8C.#(R,#M+:6YE<F=Y)B,X,C(Q.RDL(&%N
M9"!086-I9FEC($%G+B!0<F]D=6-T<RP@3$Q#+"!A#0H@(`T*("`@("`@0V%L
M:69O<FYI82!L:6UI=&5D(&QI86)I;&ET>2!C;VUP86YY("@F(S@R,C`[4$%0
M)B,X,C(Q.RDL(&9O<@T*(`T*("`@("`@86QL('!E<FEO9',@<')E<V5N=&5D
M+"!A;F0@9F]R('1H92!P97)I;V1S('-P96-I9FEE9"!B96QO=RP-"B`-"B`@
M("`@($YE=R!012!(;VQD8V\L('=H:6-H(&]W;G,@=&AE(%!L86YT($]W;F5R
M<R`H96%C:"!A<R!D969I;F5D#0H@#0H@("`@("!B96QO=RD@*&-O;&QE8W1I
M=F5L>2P@=&AE("8C.#(R,#M#;VUP86YY)B,X,C(Q.RDN#0H@("`@#0H@("`@
M/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T(#`@,#L@=&5X="UA;&EG
M;CH@:G5S=&EF>3L@=&5X="UI;F1E;G0Z(#!I;B<^#0H@#0H@("`@("!4:&4@
M0V]M<&%N>2!I<R!T:&4@;&5A9&EN9R!M87)K971E<B!A;F0@<')O9'5C97(@
M;V8@;&]W#0H@(`T*("`@("`@8V%R8F]N(')E;F5W86)L92!F=65L<R!I;B!T
M:&4@5V5S=&5R;B!5;FET960@4W1A=&5S+B!4:&4-"B`@(`T*("`@("`@0V]M
M<&%N>2!A;'-O('-E;&QS(&5T:&%N;VP@8V\M<')O9'5C=',L(&EN8VQU9&EN
M9R!W970-"B`@("`@#0H@("`@("!D:7-T:6QL97)S(&=R86EN("@F(S@R,C`[
M5T1')B,X,C(Q.RDL(&%N9"!P<F]V:61E<PT*("`@("`-"B`@("`@('1R86YS
M<&]R=&%T:6]N+"!S=&]R86=E(&%N9"!D96QI=F5R>2!O9B!E=&AA;F]L('1H
M<F]U9V@-"B`@#0H@("`@("!T:&ER9"UP87)T>2!S97)V:6-E('!R;W9I9&5R
M<R!I;B!T:&4@5V5S=&5R;B!5;FET960@4W1A=&5S+`T*(`T*("`@("`@<')I
M;6%R:6QY(&EN($-A;&EF;W)N:6$L($%R:7IO;F$L($YE=F%D82P@571A:"P@
M3W)E9V]N+`T*("`-"B`@("`@($-O;&]R861O+"!)9&%H;R!A;F0@5V%S:&EN
M9W1O;BX@5&AE($-O;7!A;GD@<V5L;',@971H86YO;`T*("`@(`T*("`@("`@
M<')O9'5C960@8GD@=&AE(%!A8VEF:6,@171H86YO;"!0;&%N=',@*&%S(&1E
M9FEN960@8F5L;W<I(&%N9`T*("`@#0H@("`@("!U;G)E;&%T960@=&AI<F0@
M<&%R=&EE<R!T;R!G87-O;&EN92!R969I;FEN9R!A;F0@9&ES=')I8G5T:6]N
M#0H@("`-"B`@("`@(&-O;7!A;FEE<R!A;F0@<V5L;',@:71S(%=$1R!T;R!D
M86ER>2!O<&5R871O<G,@86YD(&%N:6UA;`T*("`@(`T*("`@("`@9F5E9"!D
M:7-T<FEB=71O<G,N#0H@("`@(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE/3-$
M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,3)P="`P(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@#0H@
M("`@("!4:&4@0V]M<&%N>2!M86YA9V5S('1H92!P<F]D=6-T:6]N(&%N9"!O
M<&5R871I;VX@;V8@=&AE(&9O=7(-"B`@#0H@("`@("!E=&AA;F]L('!R;V1U
M8W1I;VX@9F%C:6QI=&EE<RP@;F%M96QY+"!086-I9FEC($5T:&%N;VP@36%D
M97)A#0H@("`-"B`@("`@($Q,0RP@4&%C:69I8R!%=&AA;F]L($-O;'5M8FEA
M+"!,3$,L(%!A8VEF:6,@171H86YO;"!3=&]C:W1O;BP-"B`@(`T*("`@("`@
M3$Q#(&%N9"!086-I9FEC($5T:&%N;VP@36%G:6,@5F%L;&5Y+"!,3$,@*&-O
M;&QE8W1I=F5L>2P@=&AE#0H@(`T*("`@("`@)B,X,C(P.U!A8VEF:6,@171H
M86YO;"!0;&%N=',F(S@R,C$[*2!A;F0@4&%C:69I8R!%=&AA;F]L#0H@(`T*
M("`@("`@2&]L9&EN9R!#;RX@3$Q#("@F(S@R,C`[3F5W(%!%($AO;&1C;RPF
M(S@R,C$[(&%N9"!T;V=E=&AE<@T*("`@#0H@("`@("!W:71H('1H92!086-I
M9FEC($5T:&%N;VP@4&QA;G1S+"!T:&4@)B,X,C(P.U!L86YT#0H@("`@(`T*
M("`@("`@3W=N97)S)B,X,C(Q.RDN(%1H97-E(&9O=7(@9F%C:6QI=&EE<R!H
M879E(&%N(&%G9W)E9V%T90T*(`T*("`@("`@86YN=6%L('!R;V1U8W1I;VX@
M8V%P86-I='D@;V8@=7`@=&\@,C`P(&UI;&QI;VX@9V%L;&]N<RX@07,-"B`-
M"B`@("`@(&]F($UA<F-H(#,Q+"`R,#$R+"!T:')E92!O9B!T:&4@9F%C:6QI
M=&EE<R!W97)E(&]P97)A=&EN9R!A;F0-"B`@(`T*("`@("`@;VYE(&]F('1H
M92!F86-I;&ET:65S('=A<R!I9&QE9"X@5VAE;B!M87)K970@8V]N9&ET:6]N
M<PT*("`-"B`@("`@('!E<FUI="P@86YD('=I=&@@87!P<F]V86P@;V8@3F5W
M(%!%($AO;&1C;RP@=&AE($-O;7!A;GD-"B`@#0H@("`@("!I;G1E;F1S('1O
M(')E<W5M92!O<&5R871I;VYS(&%T('1H92!-861E<F$L($-A;&EF;W)N:6$-
M"B`-"B`@("`@(&9A8VEL:71Y+@T*(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE
M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,3)P="`P(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@
M#0H@("`@("!/;B!/8W1O8F5R(#8L(#(P,3`L('1H92!#;VUP86YY('!U<F-H
M87-E9"!A(#(P)2!O=VYE<G-H:7`-"B`@("`-"B`@("`@(&EN=&5R97-T(&EN
M($YE=R!012!(;VQD8V\L(&$@=F%R:6%B;&4@:6YT97)E<W0@96YT:71Y#0H@
M("`@(`T*("`@("`@*"8C.#(R,#M6244F(S@R,C$[*2P@9G)O;2!A(&YU;6)E
M<B!O9B!.97<@4$4@2&]L9&-O)B,X,C$W.W,-"B`@(`T*("`@("`@;W=N97)S
M+B!!="!T:&%T('1I;64L('1H92!#;VUP86YY(&1E=&5R;6EN960@:70@=V%S
M('1H90T*("`-"B`@("`@('!R:6UA<GD@8F5N969I8VEA<GD@;V8@3F5W(%!%
M($AO;&1C;RP@86YD(&%S('-U8V@L(&AA<PT*(`T*("`@("`@8V]N<V]L:61A
M=&5D('1H92!R97-U;'1S(&]F($YE=R!012!(;VQD8V\@<VEN8V4@=&AE;BX@
M4V5E#0H@("`@#0H@("`@("!.;W1E(#(@)B,X,C$Q.R!687)I86)L92!);G1E
M<F5S="!%;G1I='DN($]N(&5A8V@@;V8@3F]V96UB97(-"B`-"B`@("`@(#(Y
M+"`R,#$Q(&%N9"!$96-E;6)E<B`Q.2P@,C`Q,2P@=&AE($-O;7!A;GD@<'5R
M8VAA<V5D(&%N#0H@("`-"B`@("`@(&%D9&ET:6]N86P@-R4@;W=N97)S:&EP
M(&EN=&5R97-T(&EN($YE=R!012!(;VQD8V\L(&)R:6YG:6YG#0H@#0H@("`@
M("!T:&4@0V]M<&%N>28C.#(Q-SMS('1O=&%L(&]W;F5R<VAI<"!I;G1E<F5S
M="!I;B!.97<@4$4@2&]L9&-O#0H@(`T*("`@("`@=&\@,S0E+B!!<R!O9B!-
M87)C:"`S,2P@,C`Q,BP@=&AE($-O;7!A;GD@:&5L9"!A(#,T)0T*("`@(`T*
M("`@("`@;W=N97)S:&EP(&EN=&5R97-T(&EN($YE=R!012!(;VQD8V\N#0H@
M("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T
M97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@/&D^/'4^3&EQ=6ED
M:71Y/"]U/CPO:3X@)B,X,C$Q.R!4:&4@0V]M<&%N>2!B96QI979E<R!T:&%T
M#0H@(`T*("`@("`@8W5R<F5N="!A;F0@9G5T=7)E(&%V86EL86)L92!C87!I
M=&%L(')E<V]U<F-E<RP@<F5V96YU97,-"B`@(`T*("`@("`@9V5N97)A=&5D
M(&9R;VT@;W!E<F%T:6]N<RP@86YD(&]T:&5R(&5X:7-T:6YG('-O=7)C97,@
M;V8-"B`@(`T*("`@("`@;&EQ=6ED:71Y+"!I;F-L=61I;F<@:71S(&-R961I
M="!F86-I;&ET:65S+"!W:6QL(&)E(&%D97%U871E#0H@(`T*("`@("`@=&\@
M;65E="!I=',@86YT:6-I<&%T960@=V]R:VEN9R!C87!I=&%L(&%N9"!C87!I
M=&%L#0H@("`-"B`@("`@(&5X<&5N9&ET=7)E(')E<75I<F5M96YT<R!F;W(@
M870@;&5A<W0@=&AE(&YE>'0@='=E;'9E(&UO;G1H<RX-"B`@(`T*("`@("`@
M268L(&AO=V5V97(L('1H92!#;VUP86YY)B,X,C$W.W,@8V%P:71A;"!R97%U
M:7)E;65N=',@;W(@8V%S:`T*("`-"B`@("`@(&9L;W<@=F%R>2!M871E<FEA
M;&QY(&9R;VT@:71S(&-U<G)E;G0@<')O:F5C=&EO;G,L(&EF#0H@("`@(`T*
M("`@("`@=6YF;W)E<V5E;B!C:7)C=6US=&%N8V5S(&]C8W5R+"!O<B!I9B!T
M:&4@0V]M<&%N>2!R97%U:7)E<R!A#0H@(`T*("`@("`@<VEG;FEF:6-A;G0@
M86UO=6YT(&]F(&-A<V@@=&\@9G5N9"!F=71U<F4@86-Q=6ES:71I;VYS+"!T
M:&4-"B`-"B`@("`@($-O;7!A;GD@;6%Y(')E<75I<F4@861D:71I;VYA;"!F
M:6YA;F-I;F<N(%1H92!#;VUP86YY)B,X,C$W.W,-"B`@#0H@("`@("!F86EL
M=7)E('1O(')A:7-E(&-A<&ET86PL(&EF(&YE961E9"P@8V]U;&0@<F5S=')I
M8W0@:71S#0H@(`T*("`@("`@9W)O=W1H+"!O<B!H:6YD97(@:71S(&%B:6QI
M='D@=&\@8V]M<&5T92X-"B`@(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE/3-$
M)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,3)P="`P(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@#0H@
M("`@("`\:3X\=3Y!8V-O=6YT<R!296-E:79A8FQE(&%N9"!!;&QO=V%N8V4@
M9F]R($1O=6)T9G5L#0H@#0H@("`@("!!8V-O=6YT<SPO=3X\+VD^("8C.#(Q
M,3L@5')A9&4@86-C;W5N=',@<F5C96EV86)L92!A<F4-"B`@#0H@("`@("!P
M<F5S96YT960@870@9F%C92!V86QU92P@;F5T(&]F('1H92!A;&QO=V%N8V4@
M9F]R(&1O=6)T9G5L#0H@("`@(`T*("`@("`@86-C;W5N=',N(%1H92!#;VUP
M86YY('-E;&QS(&5T:&%N;VP@=&\@9V%S;VQI;F4@<F5F:6YI;F<@86YD#0H@
M(`T*("`@("`@9&ES=')I8G5T:6]N(&-O;7!A;FEE<R!A;F0@<V5L;',@5T1'
M('1O(&1A:7)Y(&]P97)A=&]R<R!A;F0-"B`-"B`@("`@(&%N:6UA;"!F965D
M(&1I<W1R:6)U=&]R<R!G96YE<F%L;'D@=VET:&]U="!R97%U:7)I;F<-"B`@
M("`-"B`@("`@(&-O;&QA=&5R86PN#0H@("`-"B`@("`\+W`^/&)R+SX\<"!S
M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-
M"B`@(`T*("`@("`@5&AE($-O;7!A;GD@;6%I;G1A:6YS(&%N(&%L;&]W86YC
M92!F;W(@9&]U8G1F=6P@86-C;W5N=',@9F]R#0H@(`T*("`@("`@8F%L86YC
M97,@=&AA="!A<'!E87(@=&\@:&%V92!S<&5C:69I8R!C;VQL96-T:6]N(&ES
M<W5E<RX@5&AE#0H@(`T*("`@("`@8V]L;&5C=&EO;B!P<F]C97-S(&ES(&)A
M<V5D(&]N('1H92!A9V4@;V8@=&AE(&EN=F]I8V4@86YD#0H@("`@#0H@("`@
M("!R97%U:7)E<R!A='1E;7!T960@8V]N=&%C=',@=VET:"!T:&4@8W5S=&]M
M97(@870@<W!E8VEF:65D#0H@("`@(`T*("`@("`@:6YT97)V86QS+B!)9BP@
M869T97(@82!S<&5C:69I960@;G5M8F5R(&]F(&1A>7,L('1H92!#;VUP86YY
M#0H@(`T*("`@("`@:&%S(&)E96X@=6YS=6-C97-S9G5L(&EN(&ET<R!C;VQL
M96-T:6]N(&5F9F]R=',L(&$@8F%D(&1E8G0-"B`-"B`@("`@(&%L;&]W86YC
M92!I<R!R96-O<F1E9"!F;W(@=&AE(&)A;&%N8V4@:6X@<75E<W1I;VXN($1E
M;&EN<75E;G0-"B`@(`T*("`@("`@86-C;W5N=',@<F5C96EV86)L92!A<F4@
M8VAA<F=E9"!A9V%I;G-T('1H92!A;&QO=V%N8V4@9F]R#0H@("`@#0H@("`@
M("!D;W5B=&9U;"!A8V-O=6YT<R!O;F-E('5N8V]L;&5C=&EB:6QI='D@:&%S
M(&)E96X@9&5T97)M:6YE9"X-"B`@#0H@("`@("!4:&4@9F%C=&]R<R!C;VYS
M:61E<F5D(&EN(')E86-H:6YG('1H:7,@9&5T97)M:6YA=&EO;B!A<F4@=&AE
M#0H@("`-"B`@("`@(&%P<&%R96YT(&9I;F%N8VEA;"!C;VYD:71I;VX@;V8@
M=&AE(&-U<W1O;65R(&%N9"!T:&4-"B`@("`-"B`@("`@($-O;7!A;GDF(S@R
M,3<[<R!S=6-C97-S(&EN(&-O;G1A8W1I;F<@86YD(&YE9V]T:6%T:6YG('=I
M=&@-"B`@("`-"B`@("`@('1H92!C=7-T;VUE<BX@268@=&AE(&9I;F%N8VEA
M;"!C;VYD:71I;VX@;V8@=&AE#0H@("`@#0H@("`@("!#;VUP86YY)B,X,C$W
M.W,@8W5S=&]M97)S('=E<F4@=&\@9&5T97)I;W)A=&4L(')E<W5L=&EN9R!I
M;@T*("`@("`-"B`@("`@(&%N(&EM<&%I<FUE;G0@;V8@86)I;&ET>2!T;R!M
M86ME('!A>6UE;G1S+"!A9&1I=&EO;F%L#0H@("`@(`T*("`@("`@86QL;W=A
M;F-E<R!M87D@8F4@<F5Q=6ER960N#0H@("`@#0H@("`@/"]P/CQB<B\^/'`@
M<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`Q,G!T(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^
M#0H@("`-"B`@("`@($]F('1H92!A8V-O=6YT<R!R96-E:79A8FQE(&)A;&%N
M8V4L(&%P<')O>&EM871E;'D@)#(T+#8R.2PP,#`-"B`@(`T*("`@("`@86YD
M("0R,RPW,34L,#`P(&%T($UA<F-H(#,Q+"`R,#$R(&%N9"!$96-E;6)E<B`S
M,2P@,C`Q,2P-"B`@(`T*("`@("`@<F5S<&5C=&EV96QY+"!W97)E('5S960@
M87,@8V]L;&%T97)A;"!U;F1E<B!+:6YE<F=Y)B,X,C$W.W,-"B`@("`@#0H@
M("`@("!W;W)K:6YG(&-A<&ET86P@;&EN92!O9B!C<F5D:70N(%1H92!A;&QO
M=V%N8V4@9F]R(&1O=6)T9G5L#0H@("`@(`T*("`@("`@86-C;W5N=',@=V%S
M("0R-BPP,#`@86YD("0R-"PP,#`@87,@;V8@36%R8V@@,S$L(#(P,3(@86YD
M#0H@("`@#0H@("`@("!$96-E;6)E<B`S,2P@,C`Q,2P@<F5S<&5C=&EV96QY
M+B!4:&4@0V]M<&%N>2!R96-O<F1E9"!A(&)A9`T*(`T*("`@("`@9&5B="!E
M>'!E;G-E(&]F("0R+#`P,"!A;F0@82!B860@9&5B="!R96-O=F5R>2!O9B`D
M,3,P+#`P,`T*("`@("`-"B`@("`@(&9O<B!T:&4@=&AR964@;6]N=&AS(&5N
M9&5D($UA<F-H(#,Q+"`R,#$R(&%N9"`R,#$Q+`T*("`@#0H@("`@("!R97-P
M96-T:79E;'DN(%1H92!#;VUP86YY(&1O97,@;F]T(&AA=F4@86YY(&]F9BUB
M86QA;F-E('-H965T#0H@("`-"B`@("`@(&-R961I="!E>'!O<W5R92!R96QA
M=&5D('1O(&ET<R!C=7-T;VUE<G,N#0H@("`-"B`@("`\+W`^/&)R+SX\<"!S
M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-
M"B`@(`T*("`@("`@/&D^/'4^0F%S:7,@;V8@4')E<V5N=&%T:6]N/"]U/CPO
M:3X\=3XF(S@R,3$[/&D^26YT97)I;0T*("`-"B`@("`@($9I;F%N8VEA;"!3
M=&%T96UE;G1S/"]I/CPO=3X@/&9O;G0@<W1Y;&4],T0G9F]N=#H@,3!P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@8V]L;W(Z(&)L86-K)SX\
M+V9O;G0^)B,X,C$Q.PT*("`-"B`@("`@(%1H92!A8V-O;7!A;GEI;F<@=6YA
M=61I=&5D(&-O;G-O;&ED871E9"!F:6YA;F-I86P@<W1A=&5M96YT<PT*("`-
M"B`@("`@(&%N9"!R96QA=&5D(&YO=&5S(&AA=F4@8F5E;B!P<F5P87)E9"!I
M;B!A8V-O<F1A;F-E('=I=&@-"B`@#0H@("`@("!A8V-O=6YT:6YG('!R:6YC
M:7!L97,@9V5N97)A;&QY(&%C8V5P=&5D(&EN('1H92!5;FET960@4W1A=&5S
M#0H@("`-"B`@("`@(&9O<B!I;G1E<FEM(&9I;F%N8VEA;"!I;F9O<FUA=&EO
M;B!A;F0@=&AE(&EN<W1R=6-T:6]N<R!T;PT*("`@(`T*("`@("`@1F]R;2`Q
M,"U1(&%N9"!2=6QE)B,Q-C`[,3`M,#$@;V8@4F5G=6QA=&EO;B8C,38P.U,M
M6"X@4F5S=6QT<PT*(`T*("`@("`@9F]R(&EN=&5R:6T@<&5R:6]D<R!S:&]U
M;&0@;F]T(&)E(&-O;G-I9&5R960@:6YD:6-A=&EV92!O9@T*("`@("`-"B`@
M("`@(')E<W5L=',@9F]R(&$@9G5L;"!Y96%R+B!4:&5S92!I;G1E<FEM(&-O
M;G-O;&ED871E9"!F:6YA;F-I86P-"B`@(`T*("`@("`@<W1A=&5M96YT<R!S
M:&]U;&0@8F4@<F5A9"!I;B!C;VYJ=6YC=&EO;B!W:71H('1H90T*(`T*("`@
M("`@8V]N<V]L:61A=&5D(&9I;F%N8VEA;"!S=&%T96UE;G1S(&%N9"!R96QA
M=&5D(&YO=&5S(&-O;G1A:6YE9`T*("`@#0H@("`@("!I;B!T:&4@0V]M<&%N
M>28C.#(Q-SMS($%N;G5A;"!297!O<G0@;VX@1F]R;2`Q,"U+(&9O<B!T:&4-
M"B`@(`T*("`@("`@>65A<B!E;F1E9"!$96-E;6)E<B8C,38P.S,Q+"`R,#$Q
M+B!4:&4@86-C;W5N=&EN9R!P;VQI8VEE<PT*("`@(`T*("`@("`@=7-E9"!I
M;B!P<F5P87)I;F<@=&AE<V4@8V]N<V]L:61A=&5D(&9I;F%N8VEA;"!S=&%T
M96UE;G1S(&%R90T*("`@#0H@("`@("!T:&4@<V%M92!A<R!T:&]S92!D97-C
M<FEB960@:6X@3F]T92`Q('1O('1H92!C;VYS;VQI9&%T960-"B`@("`-"B`@
M("`@(&9I;F%N8VEA;"!S=&%T96UE;G1S(&EN('1H92!#;VUP86YY)B,X,C$W
M.W,@06YN=6%L(%)E<&]R="!O;@T*(`T*("`@("`@1F]R;2`Q,"U+(&9O<B!T
M:&4@>65A<B!E;F1E9"!$96-E;6)E<B`S,2P@,C`Q,2X@26X@=&AE#0H@#0H@
M("`@("!O<&EN:6]N(&]F(&UA;F%G96UE;G0L(&%L;"!A9&IU<W1M96YT<R`H
M8V]N<VES=&EN9R!O9B!N;W)M86P-"B`@#0H@("`@("!R96-U<G)I;F<@861J
M=7-T;65N=',I(&-O;G-I9&5R960@;F5C97-S87)Y(&9O<B!A(&9A:7(-"B`-
M"B`@("`@('-T871E;65N="!O9B!T:&4@<F5S=6QT<R!F;W(@:6YT97)I;2!P
M97)I;V1S(&AA=F4@8F5E;@T*(`T*("`@("`@:6YC;'5D960N($%L;"!S:6=N
M:69I8V%N="!I;G1E<F-O;7!A;GD@86-C;W5N=',@86YD#0H@("`-"B`@("`@
M('1R86YS86-T:6]N<R!H879E(&)E96X@96QI;6EN871E9"!I;B!C;VYS;VQI
M9&%T:6]N+@T*("`@#0H@("`@/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@
M,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q
M,G!T(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`-"B`@("`@(%1H
M92!P<F5P87)A=&EO;B!O9B!T:&4@8V]N<V]L:61A=&5D(&9I;F%N8VEA;"!S
M=&%T96UE;G1S(&EN#0H@#0H@("`@("!C;VYF;W)M:71Y('=I=&@@86-C;W5N
M=&EN9R!P<FEN8VEP;&5S(&=E;F5R86QL>2!A8V-E<'1E9"!I;@T*(`T*("`@
M("`@=&AE(%5N:71E9"!3=&%T97,@<F5Q=6ER97,@;6%N86=E;65N="!T;R!M
M86ME(&5S=&EM871E<R!A;F0-"B`-"B`@("`@(&%S<W5M<'1I;VYS('1H870@
M869F96-T('1H92!R97!O<G1E9"!A;6]U;G1S(&]F(&%S<V5T<R!A;F0-"B`@
M("`@#0H@("`@("!L:6%B:6QI=&EE<R!A;F0@9&ES8VQO<W5R92!O9B!C;VYT
M:6YG96YT(&%S<V5T<R!A;F0-"B`@(`T*("`@("`@;&EA8FEL:71I97,@870@
M=&AE(&1A=&4@;V8@=&AE(&9I;F%N8VEA;"!S=&%T96UE;G1S(&%N9"!T:&4-
M"B`-"B`@("`@(')E<&]R=&5D(&%M;W5N=',@;V8@<F5V96YU97,@86YD(&5X
M<&5N<V5S(&1U<FEN9R!T:&4-"B`@("`-"B`@("`@(')E<&]R=&EN9R!P97)I
M;V0N(%-I9VYI9FEC86YT(&5S=&EM871E<R!A<F4@<F5Q=6ER960@87,@<&%R
M=`T*("`-"B`@("`@(&]F(&1E=&5R;6EN:6YG('1H92!C;VYS;VQI9&%T:6]N
M(&]F(%9)17,L(&9A:7(@=F%L=64@;V8-"B`@#0H@("`@("!C;VYV97)T:6)L
M92!N;W1E<R!A;F0@=V%R<F%N=',L(&%L;&]W86YC92!F;W(@9&]U8G1F=6P-
M"B`-"B`@("`@(&%C8V]U;G1S+"!E<W1I;6%T960@;&EV97,@;V8@<')O<&5R
M='D@86YD(&5Q=6EP;65N="!A;F0-"B`@#0H@("`@("!I;G1A;F=I8FQE<RP@
M;&]N9RUL:79E9"!A<W-E="!I;7!A:7)M96YT<RP@=F%L=6%T:6]N#0H@("`@
M#0H@("`@("!A;&QO=V%N8V5S(&]N(&1E9F5R<F5D(&EN8V]M92!T87AE<R!A
M;F0@=&AE('!O=&5N=&EA;"!O=71C;VUE#0H@("`-"B`@("`@(&]F(&9U='5R
M92!T87@@8V]N<V5Q=65N8V5S(&]F(&5V96YT<R!R96-O9VYI>F5D(&EN('1H
M90T*(`T*("`@("`@0V]M<&%N>28C.#(Q-SMS(&9I;F%N8VEA;"!S=&%T96UE
M;G1S(&]R('1A>"!R971U<FYS+B!!8W1U86P-"B`@("`@#0H@("`@("!R97-U
M;'1S(&%N9"!O=71C;VUE<R!M87D@;6%T97)I86QL>2!D:69F97(@9G)O;0T*
M("`@(`T*("`@("`@;6%N86=E;65N="8C.#(Q-SMS(&5S=&EM871E<R!A;F0@
M87-S=6UP=&EO;G,N#0H@#0H@("`@/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N
M=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`Q,G!T(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`-"B`@("`@
M(%)E8VQA<W-I9FEC871I;VYS(&]F('!R:6]R('EE87(F(S@R,3<[<R!D871A
M(&AA=F4@8F5E;B!M861E#0H@("`@(`T*("`@("`@=&\@8V]N9F]R;2!T;R`R
M,#$R(&-L87-S:69I8V%T:6]N<RX@4W5C:"!C;&%S<VEF:6-A=&EO;G,@:&%D
M#0H@(`T*("`@("`@;F\@969F96-T(&]N(&YE="!L;W-S(')E<&]R=&5D(&EN
M('1H92!C;VYS;VQI9&%T960@<W1A=&5M96YT<PT*("`@#0H@("`@("!O9B!O
M<&5R871I;VYS+@T*(`T*("`@(#PO<#X\8G(O/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT
M;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,C$V,6)E9#)?.&(R-5\T9#$X7SEC
M,&9?-6(U9#DP,&8V9#5E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z
M+S(Q-C%B960R7SAB,C5?-&0Q.%\Y8S!F7S5B-60Y,#!F-F0U92]7;W)K<VAE
M971S+U-H965T,#<N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@
M<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H
M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%
M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O
M:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A
M<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O
M;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L
M92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5!1#X-"B`@("`@(#QT<CX-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^
M/'-T<F]N9SXR+B!605))04),12!)3E1%4D535"!%3E1)5%DN/&)R/CPO<W1R
M;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q
M/C,@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3(\8G(^/"]T
M:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-O;G-O;&ED871I;VXL
M(%9A<FEA8FQE($EN=&5R97-T($5N=&ET>2P@4&]L:6-Y(%M0;VQI8WD@5&5X
M="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQT86)L
M92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P
M)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XM=&]P.B`Q,G!T.R!M87)G:6XM8F]T=&]M.B`P)SX-
M"B`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ('1O<"<^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`G/@T*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`P+C(U:6XG/@T*(`T*("`@("`@("`@(#(N#0H@("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("!6
M05))04),12!)3E1%4D535"!%3E1)5%DN#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S
M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-
M"B`@#0H@("`@("!4:&4@0V]M<&%N>2!C;VYC;'5D960@=&AA="!A="!A;&P@
M=&EM97,@<VEN8V4@3F5W(%!%#0H@("`@#0H@("`@("!(;VQD8V\F(S@R,3<[
M<R!I;F-E<'1I;VXL($YE=R!012!(;VQD8V\@:&%S(&)E96X@82!6244-"B`@
M("`@#0H@("`@("!B96-A=7-E('1H92!O=VYE<G,@;V8@3F5W(%!%($AO;&1C
M;RP@9'5E('1O('1H90T*("`@(`T*("`@("`@0V]M<&%N>28C.#(Q-SMS(&EN
M=F]L=F5M96YT('1H<F]U9V@@:71S(&-O;G1R86-T=6%L#0H@(`T*("`@("`@
M87)R86YG96UE;G1S+"!H879E(&%T(&%L;"!T:6UE<R!L86-K960@=&AE('!O
M=V5R('1O(&1I<F5C=`T*("`@("`-"B`@("`@('1H92!A8W1I=FET:65S('1H
M870@;6]S="!S:6=N:69I8V%N=&QY(&EM<&%C=&5D(&ET<R!E8V]N;VUI8PT*
M("`-"B`@("`@('!E<F9O<FUA;F-E+B!3;VUE(&]F('1H97-E(&%C=&EV:71I
M97,@:6YC;'5D92!E9F9I8VEE;G0-"B`@#0H@("`@("!M86YA9V5M96YT(&%N
M9"!O<&5R871I;VX@;V8@=&AE(%!A8VEF:6,@171H86YO;"!0;&%N=',L('-A
M;&4-"B`@#0H@("`@("!O9B!E=&AA;F]L+"!T:&4@<')O8W5R96UE;G0@;V8@
M9F5E9'-T;V-K+"!S86QE(&]F(&-O+7!R;V1U8W1S#0H@("`-"B`@("`@(&%N
M9"!I;7!L96UE;G1A=&EO;B!O9B!R:7-K(&UA;F%G96UE;G0@<W1R871E9VEE
M<RX@070@=&AE('1I;64-"B`@(`T*("`@("`@;V8@3F5W(%!%($AO;&1C;R8C
M.#(Q-SMS(&EN8V5P=&EO;BP@:&]W979E<BP@=&AE($-O;7!A;GD@9&ED#0H@
M#0H@("`@("!N;W0@:&%V92!A;B!O8FQI9V%T:6]N('1O(&%B<V]R8B!L;W-S
M97,@;W(@<F5C96EV92!B96YE9FET<PT*(`T*("`@("`@=&AA="!C;W5L9"!P
M;W1E;G1I86QL>2!B92!S:6=N:69I8V%N="!T;R!.97<@4$4@2&]L9&-O(&%N
M9"P-"B`-"B`@("`@(&%S(&$@<F5S=6QT+"!I="!W87,@9&5T97)M:6YE9"!T
M:&%T('1H92!#;VUP86YY('=A<R!N;W0@3F5W#0H@#0H@("`@("!012!(;VQD
M8V\F(S@R,3<[<R!P<FEM87)Y(&)E;F5F:6-I87)Y+B!5<&]N('1H90T*("`@
M#0H@("`@("!#;VUP86YY)B,X,C$W.W,@<'5R8VAA<V4@;V8@:71S(#(P)2!O
M=VYE<G-H:7`@:6YT97)E<W0@:6X@3F5W#0H@(`T*("`@("`@4$4@2&]L9&-O
M(&]N($]C=&]B97(@-BP@,C`Q,"P@=&AE($-O;7!A;GDL('1H<F]U9V@@:71S
M#0H@#0H@("`@("!O=VYE<G-H:7`@:6YT97)E<W0L(&AA9"!A;B!O8FQI9V%T
M:6]N('1O(&%B<V]R8B!L;W-S97,@86YD#0H@("`@(`T*("`@("`@<F5C96EV
M92!B96YE9FET<R!T:&%T(&-O=6QD('!O=&5N=&EA;&QY(&)E('-I9VYI9FEC
M86YT('1O($YE=PT*("`@#0H@("`@("!012!(;VQD8V\N($%S(&$@<F5S=6QT
M+"!T:&4@0V]M<&%N>2!T:&5N(&)E8V%M92!T:&4@<')I;6%R>0T*(`T*("`@
M("`@8F5N969I8VEA<GD@;V8@3F5W(%!%($AO;&1C;R!A;F0@8F5G86X@8V]N
M<V]L:61A=&EN9R!T:&4-"B`@(`T*("`@("`@9FEN86YC:6%L(')E<W5L=',@
M;V8@3F5W(%!%($AO;&1C;RX@3VX@3F]V96UB97(@,CDL(#(P,3$L('1H90T*
M("`@#0H@("`@("!#;VUP86YY('!U<F-H87-E9"!A;B!A9&1I=&EO;F%L(#<E
M(&]W;F5R<VAI<"!I;G1E<F5S="!I;B!.97<-"B`@#0H@("`@("!012!(;VQD
M8V\@9F]R("0T+#4P,BPP,#`@:6X@8V%S:"X@3VX@1&5C96UB97(@,3DL(#(P
M,3$L('1H90T*(`T*("`@("`@0V]M<&%N>2!P=7)C:&%S960@86YO=&AE<B`W
M)2!O=VYE<G-H:7`@:6YT97)E<W0@:6X@3F5W(%!%#0H@("`@#0H@("`@("!(
M;VQD8V\@9F]R("0T+#8Q-2PP,#`@:6X@8V%S:"X-"B`@#0H@("`@/"]P/CQB
M<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T(#`@,#L@=&5X="UA;&EG;CH@:G5S
M=&EF>2<^#0H@("`-"B`@("`@(%1H92!C87)R>6EN9R!V86QU97,@86YD(&-L
M87-S:69I8V%T:6]N(&]F(&%S<V5T<R!T:&%T(&%R90T*("`@(`T*("`@("`@
M8V]L;&%T97)A;"!F;W(@=&AE(&]B;&EG871I;VYS(&]F($YE=R!012!(;VQD
M8V\@8V]N<VES=&5D(&]F#0H@(`T*("`@("`@=&AE(&9O;&QO=VEN9R`H:6X@
M=&AO=7-A;F1S*3H-"B`-"B`@("`\+W`^/&)R+SX\=&%B;&4@8V5L;'!A9&1I
M;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P
M<V4Z(&-O;&QA<'-E.R!W:61T:#H@,3`P)3L@9F]N=#H@,3!P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9B<^#0H@("`@(`T*("`@("`@/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@#0H@("`@("`@
M(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G
M=&5X="UA;&EG;CH@<FEG:'0[(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S
M;VQI9"<^#0H@("`@#0H@("`@("`@("`@36%R8V@@,S$L(#(P,3(-"B`@("`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X]
M,T0S('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@#0H@("`@("`@("`@1&5C96UB
M97(@,S$L(#(P,3$-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG
M;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I
M)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`V-"4[('1E
M>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M;&5F=#H@-2XT<'0G/@T*("`-"B`@
M("`@("`@("!#87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#,E
M)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3,E
M.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@(#$L,CDS#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#,E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@
M("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,3,E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@
M(`T*("`@("`@("`@(#(L,#<P#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z
M(%=H:71E)SX-"B`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG
M;CH@;&5F=#L@<&%D9&EN9RUL969T.B`U+C1P="<^#0H@("`@(`T*("`@("`@
M("`@($]T:&5R(&-U<G)E;G0@87-S971S#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`Q,"PW-#(-
M"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@
M("`-"B`@("`@("`@("`Q-"PS,C`-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L
M,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F=#L@<&%D9&EN9RUL969T.B`U+C1P="<^#0H@("`@(`T*("`@
M("`@("`@(%!R;W!E<G1Y(&%N9"!E<75I<&UE;G0-"B`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@
M,34S+#$S-`T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG
M:'0G/@T*("`@("`-"B`@("`@("`@("`Q-34L-3(S#0H@("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L
M:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R!P861D:6YG+6QE9G0Z
M(#4N-'!T)SX-"B`-"B`@("`@("`@("!/=&AE<B!A<W-E=',-"B`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G
M/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K
M(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@
M("`Q+#0U-@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE
M9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L
M:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@,2PV.3,-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L
M,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F=#L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!P861D:6YG+6QE
M9G0Z(#$R+C9P="<^#0H@("`@#0H@("`@("`@("`@5&]T86P@87-S971S#0H@
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT
M)SX-"B`@("`@#0H@("`@("`@("`@,38V+#8R-0T*("`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T
M;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@
M)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B
M;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N
M.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#$W,RPV,#8-"B`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB<B\^/'1A8FQE(&-E;&QP861D
M:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA
M<'-E.B!C;VQL87!S93L@=VED=&@Z(#$P,"4[(&9O;G0Z(#$P<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/@T*("`@(`T*("`@("`@/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z(')G8B@R,S@L,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#8T)3L@=&5X="UA;&EG;CH@;&5F=#L@<&%D9&EN9RUL
M969T.B`U+C1P="<^#0H@(`T*("`@("`@("`@($-U<G)E;G0@;&EA8FEL:71I
M97,-"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#,E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@
M("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,3,E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*
M("`@("`@("`@(#0L.#@S#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#,E)SX-"B`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3,E.R!T97AT
M+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@(#,L,#8T#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@
M(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[
M(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E)SX-"B`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUL969T.B`U+C1P="<^#0H@(`T*("`@("`@("`@
M($QO;F<M=&5R;2!D96)T#0H@("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M
M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M
M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@-SDL,C4W#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E
M>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@
M("`@("`@("`@-S,L,C4V#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA
M;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR
M,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&QE9G0[('!A9&1I;F<M8F]T=&]M.B`Q<'0[('!A9&1I;F<M;&5F=#H@-2XT
M<'0G/@T*(`T*("`@("`@("`@($]T:&5R(&QI86)I;&ET:65S#0H@("`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T
M)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C
M:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@
M("`@,3<Q#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@
M;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S
M;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`Q-3@-
M"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E
M<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E
M)SX-"B`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F
M=#L@<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!P861D:6YG+6QE9G0Z(#$R+C9P
M="<^#0H@("`@#0H@("`@("`@("`@5&]T86P@;&EA8FEL:71I97,-"B`@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G/@T*
M("`@("`-"B`@("`@("`@("`X-"PS,3$-"B`@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N
M-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F
M(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E
M>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H
M="<^#0H@("`@(`T*("`@("`@("`@(#<V+#0W.`T*("`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`F
M(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*
M("`@#0H@("`@/"]T86)L93X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,3)P="`P
M(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`-"B`@("`@(%1H92!#;VUP
M86YY)B,X,C$W.W,@86-Q=6ES:71I;VX@;V8@:71S(&]W;F5R<VAI<"!I;G1E
M<F5S="!I;@T*(`T*("`@("`@3F5W(%!%($AO;&1C;R!D;V5S(&YO="!I;7!A
M8W0@=&AE($-O;7!A;GDF(S@R,3<[<R!R:6=H=',@;W(-"B`@("`@#0H@("`@
M("!O8FQI9V%T:6]N<R!U;F1E<B!A;GD@;V8@:71S(&-O;G1R86-T=6%L(&%G
M<F5E;65N=',N($9U<G1H97(L#0H@("`-"B`@("`@(&-R961I=&]R<R!O9B!.
M97<@4$4@2&]L9&-O(&1O(&YO="!H879E(')E8V]U<G-E('1O('1H90T*(`T*
M("`@("`@0V]M<&%N>2X@4VEN8V4@:71S(&%C<75I<VET:6]N+"!T:&4@0V]M
M<&%N>2!H87,@;F]T('!R;W9I9&5D#0H@(`T*("`@("`@86YY(&%D9&ET:6]N
M86P@<W5P<&]R="!T;R!.97<@4$4@2&]L9&-O(&)E>6]N9"!T:&4@=&5R;7,@
M;V8-"B`-"B`@("`@(&ET<R!C;VYT<F%C='5A;"!A9W)E96UE;G1S+@T*("`@
M(`T*("`@(#PO<#X\8G(O/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM
M+3U?3F5X=%!A<G1?,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V
M9#5E#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S(Q-C%B960R7SAB
M,C5?-&0Q.%\Y8S!F7S5B-60Y,#!F-F0U92]7;W)K<VAE971S+U-H965T,#@N
M:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT
M86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S
M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I
M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E
M=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS
M1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C
M<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E
M<&]R="!I9#TS1$E$,$5!1#X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SXS+B!)
M3E9%3E1/4DE%4RX\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^
M36%R+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^26YV96YT;W)Y($1I<V-L;W-U<F4@6U1E>'0@0FQO8VM=/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\=&%B;&4@8V5L;'!A9&1I;F<]
M,T0P(&-E;&QS<&%C:6YG/3-$,"!W:61T:#TS1#$P,"4@<W1Y;&4],T0G9F]N
M=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M+71O<#H@,3)P=#L@;6%R9VEN+6)O='1O;3H@,"<^#0H@("`@#0H@("`@("`\
M='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ('1O<"<^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`G/@T*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`P+C(U:6XG
M/@T*(`T*("`@("`@("`@(#,N#0H@("`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("!)3E9%3E1/4DE%4RX-
M"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`\+W1A8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T(#`@,#L@
M=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@(`T*("`@("`@26YV96YT;W)I97,@
M8V]N<VES=&5D('!R:6UA<FEL>2!O9B!B=6QK(&5T:&%N;VP@86YD('5N;&5A
M9&5D#0H@(`T*("`@("`@9G5E;"P@86YD(&%R92!V86QU960@870@=&AE(&QO
M=V5R+6]F+6-O<W0M;W(M;6%R:V5T+"!W:71H#0H@("`@#0H@("`@("!C;W-T
M(&1E=&5R;6EN960@;VX@82!F:7)S="UI;BP@9FER<W0M;W5T(&)A<VES+B!)
M;G9E;G1O<GD-"B`@("`-"B`@("`@(&)A;&%N8V5S(&-O;G-I<W1E9"!O9B!T
M:&4@9F]L;&]W:6YG("AI;B!T:&]U<V%N9',I.@T*("`@#0H@("`@/"]P/CQB
M<B\^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@<W1Y
M;&4],T0G8F]R9&5R+6-O;&QA<'-E.B!C;VQL87!S93L@=VED=&@Z(#$P,"4[
M(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/@T*
M("`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M)SX-"B`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O
M;'-P86X],T0S('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@#0H@("`@("`@("`@
M36%R8V@@,S$L(#(P,3(-"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@
M("`@#0H@("`@("`@("`@1&5C96UB97(@,S$L(#(P,3$-"B`@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O
M;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W=I9'1H.B`V-"4[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M
M;&5F=#H@,C8N,7!T)SX-"B`@(`T*("`@("`@("`@($9I;FES:&5D(&=O;V1S
M#0H@("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W=I9'1H.B`S)2<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@
M("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$S)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@
M("`@("`@("`X+#(S-@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^
M#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`S)2<^#0H@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$S)3L@=&5X="UA
M;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`Y+#0R.0T*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^#0H@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M;&5F=#H@,C8N,7!T
M)SX-"B`-"B`@("`@("`@("!7;W)K(&EN('!R;V=R97-S#0H@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@
M("`@-"PP-S,-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@
M("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H
M="<^#0H@("`@(`T*("`@("`@("`@(#0L,C@T#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$
M)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G
M8B@R,S@L,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=&5X="UA;&EG;CH@;&5F=#L@<&%D9&EN9RUL969T.B`R-BXQ<'0G/@T*(`T*
M("`@("`@("`@(%)A=R!M871E<FEA;',-"B`@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#$L,C(X
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@
M("`-"B`@("`@("`@("`Q+#,S-`T*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A
M;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^#0H@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[
M('!A9&1I;F<M;&5F=#H@,C8N,7!T)SX-"B`@("`-"B`@("`@("`@("!/=&AE
M<@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-
M"B`@("`@("`@("`Y,#`-"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA
M8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@
M("`@(#$L,#@T#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@
M;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@<&%D9&EN9RUL969T.B`T."XV
M<'0G/@T*(`T*("`@("`@("`@("8C,38P.R8C,38P.R8C,38P.R8C,38P.R8C
M,38P.R8C,38P.R8C,38P.U1O=&%L#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!"
M;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U
M8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#$T
M+#0S-PT*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE
M9G0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,BXU<'0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P
M="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@
M("`@,38L,3,Q#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA;&EG
M;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB
M<B\^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B
M;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R
M,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M
M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?
M-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE970P.2YH=&UL#0I#;VYT96YT
M+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT
M+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL
M/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4
M>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R
M:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$
M;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-
M"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P
M14%$/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS
M<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/C0N($1%4DE6051)5D53+CQB
M<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS
M<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R
M/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$97)I=F%T
M:79E($EN<W1R=6UE;G1S(&%N9"!(961G:6YG($%C=&EV:71I97,@1&ES8VQO
M<W5R92!;5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I
M9'1H/3-$,3`P)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF.R!M87)G:6XM=&]P.B`Q,G!T.R!M87)G:6XM8F]T
M=&]M.B`P)SX-"B`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG
M;CH@=&]P)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,"<^#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@("`@("`@-"X-"B`@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@
M("`@("`@($1%4DE6051)5D53+@T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S='EL
M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF
M.R!M87)G:6XZ(#$Q<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@
M#0H@("`@("!4:&4@8G5S:6YE<W,@86YD(&%C=&EV:71I97,@;V8@=&AE($-O
M;7!A;GD@97AP;W-E(&ET('1O(&$-"B`@("`-"B`@("`@('9A<FEE='D@;V8@
M;6%R:V5T(')I<VMS+"!I;F-L=61I;F<@<FES:W,@<F5L871E9"!T;R!C:&%N
M9V5S#0H@#0H@("`@("!I;B!C;VUM;V1I='D@<')I8V5S(&%N9"!I;G1E<F5S
M="!R871E<RX@5&AE($-O;7!A;GD@;6]N:71O<G,-"B`@#0H@("`@("!A;F0@
M;6%N86=E<R!T:&5S92!F:6YA;F-I86P@97AP;W-U<F5S(&%S(&%N(&EN=&5G
M<F%L('!A<G0@;V8-"B`@#0H@("`@("!I=',@<FES:R!M86YA9V5M96YT('!R
M;V=R86TN(%1H:7,@<')O9W)A;2!R96-O9VYI>F5S('1H90T*("`@#0H@("`@
M("!U;G!R961I8W1A8FEL:71Y(&]F(&9I;F%N8VEA;"!M87)K971S(&%N9"!S
M965K<R!T;R!R961U8V4@=&AE#0H@("`-"B`@("`@('!O=&5N=&EA;&QY(&%D
M=F5R<V4@969F96-T<R!T:&%T(&UA<FME="!V;VQA=&EL:71Y(&-O=6QD(&AA
M=F4-"B`@(`T*("`@("`@;VX@;W!E<F%T:6YG(')E<W5L=',N#0H@("`-"B`@
M("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$Q<'0@,"`P.R!T97AT+6%L
M:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@/&D^/'4^0V]M;6]D:71Y(%)I
M<VL\+W4^/"]I/B`\=3XF(S@R,3$[(#QI/D-A<V@@1FQO=PT*("`@(`T*("`@
M("`@2&5D9V5S/"]I/CPO=3X@)B,X,C$Q.R!4:&4@0V]M<&%N>2!U<V5S(&1E
M<FEV871I=F4-"B`@(`T*("`@("`@:6YS=')U;65N=',@=&\@<')O=&5C="!C
M87-H(&9L;W=S(&9R;VT@9FQU8W1U871I;VYS(&-A=7-E9"!B>0T*("`@#0H@
M("`@("!V;VQA=&EL:71Y(&EN(&-O;6UO9&ET>2!P<FEC97,@9F]R('!E<FEO
M9',@;V8@=7`@=&\@='=E;'9E#0H@("`@(`T*("`@("`@;6]N=&AS(&EN(&]R
M9&5R('1O('!R;W1E8W0@9W)O<W,@<')O9FET(&UA<F=I;G,@9G)O;0T*("`@
M(`T*("`@("`@<&]T96YT:6%L;'D@861V97)S92!E9F9E8W1S(&]F(&UA<FME
M="!A;F0@<')I8V4@=F]L871I;&ET>2!O;@T*("`@#0H@("`@("!E=&AA;F]L
M('-A;&4@86YD('!U<F-H87-E(&-O;6UI=&UE;G1S('=H97)E('1H92!P<FEC
M97,@87)E#0H@("`@(`T*("`@("`@<V5T(&%T(&$@9G5T=7)E(&1A=&4@86YD
M+V]R(&EF('1H92!C;VYT<F%C=',@<W!E8VEF>2!A#0H@#0H@("`@("!F;&]A
M=&EN9R!O<B!I;F1E>"UB87-E9"!P<FEC92!F;W(@971H86YO;"X@26X@861D
M:71I;VXL('1H90T*(`T*("`@("`@0V]M<&%N>2!H961G97,@86YT:6-I<&%T
M960@<V%L97,@;V8@971H86YO;"!T;R!M:6YI;6EZ92!I=',-"B`-"B`@("`@
M(&5X<&]S=7)E('1O('1H92!P;W1E;G1I86QL>2!A9'9E<G-E(&5F9F5C=',@
M;V8@<')I8V4-"B`@("`-"B`@("`@('9O;&%T:6QI='DN(%1H97-E(&1E<FEV
M871I=F5S(&UA>2!B92!D97-I9VYA=&5D(&%N9`T*("`@#0H@("`@("!D;V-U
M;65N=&5D(&%S(&-A<V@@9FQO=R!H961G97,@86YD(&5F9F5C=&EV96YE<W,@
M:7,@979A;'5A=&5D#0H@("`-"B`@("`@(&)Y(&%S<V5S<VEN9R!T:&4@<')O
M8F%B:6QI='D@;V8@=&AE(&%N=&EC:7!A=&5D('1R86YS86-T:6]N<PT*("`-
M"B`@("`@(&%N9"!R96=R97-S:6YG(&-O;6UO9&ET>2!F=71U<F5S('!R:6-E
M<R!A9V%I;G-T('1H90T*("`@#0H@("`@("!#;VUP86YY)B,X,C$W.W,@<'5R
M8VAA<V4@86YD('-A;&5S('!R:6-E<RX@26YE9F9E8W1I=F5N97-S+`T*("`@
M("`-"B`@("`@('=H:6-H(&ES(&1E9FEN960@87,@=&AE(&1E9W)E92!T;R!W
M:&EC:"!T:&4@9&5R:79A=&EV92!D;V5S#0H@#0H@("`@("!N;W0@;V9F<V5T
M('1H92!U;F1E<FQY:6YG(&5X<&]S=7)E+"!I<R!R96-O9VYI>F5D(&EM;65D
M:6%T96QY#0H@("`-"B`@("`@(&EN(&-O<W0@;V8@9V]O9',@<V]L9"X@1F]R
M('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@@,S$L#0H@#0H@("`@("`R
M,#$R(&%N9"`R,#$Q+"!T:&4@0V]M<&%N>2!D:60@;F]T(&1E<VEG;F%T92!A
M;GD@;V8@:71S#0H@(`T*("`@("`@9&5R:79A=&EV97,@87,@8V%S:"!F;&]W
M(&AE9&=E<RX-"B`@("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT
M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#$R<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@
M/&D^/'4^0V]M;6]D:71Y(%)I<VL@)B,X,C$Q.R!.;VXM1&5S:6=N871E9"!(
M961G97,\+W4^/"]I/@T*("`@#0H@("`@("`F(S@R,3$[(%1H92!#;VUP86YY
M('5S97,@9&5R:79A=&EV92!I;G-T<G5M96YT<R!T;R!L;V-K(&EN#0H@("`@
M#0H@("`@("!P<FEC97,@9F]R(&-E<G1A:6X@86UO=6YT<R!O9B!C;W)N(&%N
M9"!E=&AA;F]L(&)Y(&5N=&5R:6YG#0H@("`@(`T*("`@("`@:6YT;R!F;W)W
M87)D(&-O;G1R86-T<R!F;W(@=&AO<V4@8V]M;6]D:71I97,N(%1H97-E#0H@
M("`-"B`@("`@(&1E<FEV871I=F5S(&%R92!N;W0@9&5S:6=N871E9"!F;W(@
M<W!E8VEA;"!H961G92!A8V-O=6YT:6YG#0H@#0H@("`@("!T<F5A=&UE;G0N
M(%1H92!C:&%N9V5S(&EN(&9A:7(@=F%L=64@;V8@=&AE<V4@8V]N=')A8W1S
M(&%R90T*(`T*("`@("`@<F5C;W)D960@;VX@=&AE(&)A;&%N8V4@<VAE970@
M86YD(')E8V]G;FEZ960@:6UM961I871E;'D@:6X-"B`-"B`@("`@(&-O<W0@
M;V8@9V]O9',@<V]L9"X@5&AE($-O;7!A;GD@<F5C;V=N:7IE9"!G86EN<R!O
M9B`D,3,T+#`P,`T*("`-"B`@("`@(&%N9"`D,C@L,#`P(&%S('1H92!C:&%N
M9V4@:6X@=&AE(&9A:7(@=F%L=64@;V8@=&AE<V4-"B`@("`-"B`@("`@(&-O
M;G1R86-T<R!F;W(@=&AE('1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"`S,2P@
M,C`Q,B!A;F0@,C`Q,2P-"B`@(`T*("`@("`@<F5S<&5C=&EV96QY+B!4:&4@
M;F]T:6]N86P@8F%L86YC97,@<F5M86EN:6YG(&]N('1H97-E#0H@#0H@("`@
M("!C;VYT<F%C=',@=V5R92`D,2PV-S@L,#`P(&%N9"`D.2PQ.#8L,#`P(&%S
M(&]F($UA<F-H(#,Q+"`R,#$R#0H@("`-"B`@("`@(&%N9"!$96-E;6)E<B`S
M,2P@,C`Q,2P@<F5S<&5C=&EV96QY+@T*("`@#0H@("`@/"]P/CQB<B\^/'`@
M<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`Q,7!T(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*
M(`T*("`@("`@/&D^/'4^3F]N($1E<VEG;F%T960@1&5R:79A=&EV92!);G-T
M<G5M96YT<SPO=3X\+VD^("8C.#(Q,3L-"B`@("`-"B`@("`@(%1H92!C;&%S
M<VEF:6-A=&EO;B!A;F0@86UO=6YT<R!O9B!T:&4@0V]M<&%N>28C.#(Q-SMS
M#0H@("`@#0H@("`@("!D97)I=F%T:79E<R!N;W0@9&5S:6=N871E9"!A<R!H
M961G:6YG(&EN<W1R=6UE;G1S(&%R92!A<PT*("`@#0H@("`@("!F;VQL;W=S
M("AI;B!T:&]U<V%N9',I.@T*("`@("`-"B`@("`\+W`^/&)R+SX\=&%B;&4@
M8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D
M97(M8V]L;&%P<V4Z(&-O;&QA<'-E.R!W:61T:#H@,3`P)3L@9F]N=#H@,3!P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^#0H@("`@(`T*("`@
M("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G/@T*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M(&-O;'-P86X],T0W('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R
M9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@#0H@("`@("`@
M("`@4F5A;&EZ960@1V%I;G,@*$QO<W-E<RD-"B`@("`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#<@
M<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!"
M;&%C:R`Q<'0@<V]L:60G/@T*("`@("`-"B`@("`@("`@("!4:')E92!-;VYT
M:',@16YD960@36%R8V@@,S$L#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P
M="!S;VQI9"<^#0H@("`-"B`@("`@("`@("!4>7!E(&]F($EN<W1R=6UE;G0-
M"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L
M:6=N.B!C96YT97(G/@T*("`@#0H@("`@("`@("`@4W1A=&5M96YT<R!O9B!/
M<&5R871I;VYS($QO8V%T:6]N#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^
M#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W1E>'0M86QI
M9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-
M"B`@("`@#0H@("`@("`@("`@,C`Q,@T*("`@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L
M:60G/@T*("`@("`-"B`@("`@("`@("`R,#$Q#0H@("`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`S,24[('1E>'0M86QI9VXZ(&-E;G1E<CL@<&%D9&EN9RUB
M;W1T;VTZ(#%P=#L@<&%D9&EN9RUL969T.B`U+C1P="<^#0H@("`@(`T*("`@
M("`@("`@($-O;6UO9&ET>2!C;VYT<F%C=',-"B`@("`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#,E.R!P
M861D:6YG+6)O='1O;3H@,7!T)SX-"B`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W=I9'1H.B`S,"4[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M8F]T=&]M
M.B`Q<'0[('!A9&1I;F<M;&5F=#H@,3!P="<^#0H@(`T*("`@("`@("`@($-O
M<W0@;V8@9V]O9',@<V]L9`T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`S)3L@<&%D9&EN9RUB;W1T
M;VTZ(#%P="<^#0H@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[
M(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@
M;&5F="<^#0H@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$S)3L@8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!R:6=H="<^
M#0H@("`@#0H@("`@("`@("`@*#$P,@T*("`@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[('!A9&1I
M;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@("`@
M("`@("D-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#,E.R!P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@
M("`@("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,3,E.R!B;W)D97(M8F]T=&]M.B!";&%C
M:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`-"B`@("`@
M("`@("`Q,PT*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!P861D:6YG+6)O='1O;3H@,7!T.R!T
M97AT+6%L:6=N.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\
M='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N
M9"UC;VQO<CH@5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T
M97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`-
M"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A
M9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W!A9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G
M/@T*("`@("`-"B`@("`@("`@("`H,3`R#0H@("`@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("D-
M"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F
M(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E
M>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H
M="<^#0H@("`@(`T*("`@("`@("`@(#$S#0H@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@/"]T86)L93X\8G(O/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L
M;'-P86-I;F<],T0P('-T>6QE/3-$)V)O<F1E<BUC;VQL87!S93H@8V]L;&%P
M<V4[('=I9'1H.B`Q,#`E.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF)SX-"B`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!C;VQS<&%N/3-$-R!S='EL93TS
M1"=T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P
M="!S;VQI9"<^#0H@("`@(`T*("`@("`@("`@(%5N<F5A;&EZ960@1V%I;G,-
M"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*
M("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97(G
M/@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@
M("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D(&-O;'-P86X],T0W('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<CL@
M8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@#0H@("`@
M("`@("`@5&AR964@36]N=&AS($5N9&5D($UA<F-H(#,Q+`T*("`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M
M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60G/@T*("`@#0H@("`@("`@("`@5'EP
M92!O9B!);G-T<G5M96YT#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P
M="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`@(`T*("`@("`@("`@
M(%-T871E;65N=',@;V8@3W!E<F%T:6]N<R!,;V-A=&EO;@T*("`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!C;VQS<&%N/3-$,R!S
M='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L
M86-K(#%P="!S;VQI9"<^#0H@("`@(`T*("`@("`@("`@(#(P,3(-"B`@("`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X]
M,T0S('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@#0H@("`@("`@("`@,C`Q,0T*
M("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@
M8F%C:V=R;W5N9"UC;VQO<CH@<F=B*#(S."PR,S@L,C,X*2<^#0H@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,S$E.R!T97AT+6%L:6=N.B!C
M96YT97([('!A9&1I;F<M8F]T=&]M.B`Q<'0[('!A9&1I;F<M;&5F=#H@-2XT
M<'0G/@T*("`@("`-"B`@("`@("`@("!#;VUM;V1I='D@8V]N=')A8W1S#0H@
M("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`S)3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,S`E.R!T97AT+6%L:6=N.B!L969T
M.R!P861D:6YG+6)O='1O;3H@,7!T.R!P861D:6YG+6QE9G0Z(#$P<'0G/@T*
M("`-"B`@("`@("`@("!#;W-T(&]F(&=O;V1S('-O;&0-"B`@("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,R4[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L
M:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`D#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q,R4[(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X
M="UA;&EG;CH@<FEG:'0G/@T*("`@(`T*("`@("`@("`@(#(S-@T*("`@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#,E.R!P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O='1O;3H@
M0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@
M("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,3,E.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`-"B`@("`@("`@
M("`Q-0T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!P861D:6YG+6)O='1O;3H@,7!T.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT
M+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I
M;F<M8F]T=&]M.B`R+C5P="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G/@T*
M("`@("`-"B`@("`@("`@("`R,S8-"B`@("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU
M<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU
M<'0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D
M;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@
M,34-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB<B\^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@
M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D
M,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I
M;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP
M,&8V9#5E+U=O<FMS:&5E=',O4VAE970Q,"YH=&UL#0I#;VYT96YT+51R86YS
M9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z
M('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\
M:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O
M;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y
M<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@
M4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O
M9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14%$/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$
M,2!R;W=S<&%N/3-$,CX\<W1R;VYG/C4N($1%0E0N/&)R/CPO<W1R;VYG/CPO
M=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C,@36]N
M=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1E8G0@1&ES8VQO<W5R92!;5&5X
M="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQT86)L
M92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P
M)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XM=&]P.B`Q,G!T.R!M87)G:6XM8F]T=&]M.B`P)SX-
M"B`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P
M)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,"<^#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@("`@("`@-2X-"B`@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@
M($1%0E0N#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-
M"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#9P="`P
M(#$R<'0[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@(`T*("`@("`@3&]N
M9RUT97)M(&)O<G)O=VEN9W,@87)E('-U;6UA<FEZ960@87,@9F]L;&]W<R`H
M:6X-"B`@#0H@("`@("!T:&]U<V%N9',I.@T*("`@#0H@("`@/"]P/CQB<B\^
M/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@<W1Y;&4]
M,T0G8F]R9&5R+6-O;&QA<'-E.B!C;VQL87!S93L@=VED=&@Z(#$P,"4[(&9O
M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/@T*("`@
M("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M
M)SX-"B`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N
M=&5R)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L
M:60G/@T*("`@("`-"B`@("`@("`@("!-87)C:"`S,2P@,C`Q,@T*("`@("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS
M1#,@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M
M.B!";&%C:R`Q<'0@<V]L:60G/@T*("`@("`-"B`@("`@("`@("!$96-E;6)E
M<B`S,2P@,C`Q,0T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N
M.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L,C,X+#(S."DG
M/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#8T)3L@=&5X
M="UA;&EG;CH@;&5F=#L@<&%D9&EN9RUL969T.B`U+C1P="<^#0H@(`T*("`@
M("`@("`@($MI;F5R9WD@;W!E<F%T:6YG(&QI;F4@;V8@8W)E9&ET#0H@("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,R4G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[
M('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`D#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q,R4[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@
M,30L-#8Q#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`S)3L@8V]L;W(Z(&)L86-K
M)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&-O;&]R.B!B
M;&%C:SL@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)`T*
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,3,E.R!C;VQO<CH@8FQA8VL[('1E>'0M86QI9VXZ(')I9VAT
M)SX-"B`-"B`@("`@("`@("`R,"PT,S(-"B`@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!C;VQO<CH@
M8FQA8VL[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@
M("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M
M.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^#0H@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M;&5F=#H@-2XT
M<'0G/@T*("`@("`-"B`@("`@("`@("!.;W1E('!A>6%B;&4@=&\@<F5L871E
M9"!P87)T>0T*("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R
M:6=H="<^#0H@("`@(`T*("`@("`@("`@(#<U,`T*("`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@
M-S4P#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@
M)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-
M"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L,C,X+#(S."DG/@T*("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F=#L@<&%D
M9&EN9RUL969T.B`U+C1P="<^#0H@("`@(`T*("`@("`@("`@($YE=R!012!(
M;VQD8V\@=&5R;2!D96)T#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`U,2PR-SD-"B`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@
M("`@("`@("`U,2PR-SD-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L
M:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E)SX-"B`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F=#L@<&%D9&EN
M9RUB;W1T;VTZ(#%P=#L@<&%D9&EN9RUL969T.B`U+C1P="<^#0H@#0H@("`@
M("`@("`@3F5W(%!%($AO;&1C;R!O<&5R871I;F<@;&EN92!O9B!C<F5D:70-
M"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@
M#0H@("`@("`@("`@,C<L.3<X#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E
M>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L
M969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!"
M;&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@
M("`@("`@,C$L.3<X#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@<F=B*#(S."PR,S@L,C,X*2<^#0H@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F
M(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9#X-
M"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-
M"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^
M#0H@("`@(`T*("`@("`@("`@(#DT+#0V.`T*("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#DT+#0S
M.0T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@
M8F%C:V=R;W5N9"UC;VQO<CH@5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T
M.R!P861D:6YG+6QE9G0Z(#4N-'!T)SX-"B`-"B`@("`@("`@("!,97-S('-H
M;W)T+71E<FT@<&]R=&EO;@T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*
M("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA
M;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`H-S4P#0H@("`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@
M("`@("`@("`I#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[
M('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG
M:'0G/@T*("`-"B`@("`@("`@("`H-S4P#0H@("`@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`I
M#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@<&%D
M9&EN9RUL969T.B`U+C1P="<^#0H@("`@(`T*("`@("`@("`@($QO;F<M=&5R
M;2!D96)T#0H@("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@
M9&]U8FQE.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`D
M#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA
M;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`Y,RPW,3@-"B`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@
M("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R
M+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@
M("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T
M97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#DS+#8X.0T*
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*
M("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`\+W1R/@T*("`@#0H@("`@/"]T86)L93X\8G(O/CQP('-T>6QE
M/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,3)P="`P(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`-
M"B`@("`@(#QI/CQU/DMI;F5R9WD@3W!E<F%T:6YG($QI;F4@;V8@0W)E9&ET
M/"]U/CPO:3X@)B,X,C$Q.R!);B!-87D-"B`-"B`@("`@(#(P,3(L('1H92!#
M;VUP86YY(&5X=&5N9&5D($MI;F5R9WDF(S@R,3<[<R!O<&5R871I;F<@;&EN
M92!O9@T*(`T*("`@("`@8W)E9&ET+B!4:&4@<F5N97=A;"!O9B!+:6YE<F=Y
M)B,X,C$W.W,@8W)E9&ET(&9A8VEL:71Y(&ES(&9O<@T*("`-"B`@("`@(&%N
M(&%G9W)E9V%T92!A;6]U;G0@;V8@=7`@=&\@)#0P+C`@;6EL;&EO;BP@:6YC
M;'5D:6YG(&%N#0H@("`-"B`@("`@(&]P=&EO;F%L(&%C8V]R9&EO;B!F96%T
M=7)E(&9O<B!U<"!T;R!A;B!A9&1I=&EO;F%L("0Q,"XP#0H@("`-"B`@("`@
M(&UI;&QI;VXN(%1H92!P<FEO<B!C<F5D:70@9F%C:6QI='D@:6YC;'5D960@
M86X@86-C;W)D:6]N#0H@("`-"B`@("`@(&9E871U<F4@;V8@)#4N,"!M:6QL
M:6]N+B!4:&4@8W)E9&ET(&9A8VEL:71Y(&5X<&ER97,@;VX-"B`@#0H@("`@
M("!$96-E;6)E<B`S,2P@,C`Q-2X@26YT97)E<W0@86-C<G5E<R!U;F1E<B!T
M:&4@8W)E9&ET(&9A8VEL:71Y#0H@("`-"B`@("`@(&%T(&$@<F%T92!E<75A
M;"!T;R`H:2DF(S$V,#MT:&4@=&AR964M;6]N=&@@3&]N9&]N($EN=&5R8F%N
M:PT*(`T*("`@("`@3V9F97)E9"!2871E("A,24)/4BDL('!L=7,@*&EI*2!A
M('-P96-I9FEE9"!A<'!L:6-A8FQE(&UA<F=I;@T*("`@#0H@("`@("!R86YG
M:6YG(&)E='=E96X@,BXU,"4@86YD(#,N-3`E+B!4:&4@8W)E9&ET(&9A8VEL
M:71Y)B,X,C$W.W,-"B`-"B`@("`@(&UO;G1H;'D@=6YU<V5D(&QI;F4@9F5E
M(&ES(#`N-3`E(&]F('1H92!A;6]U;G0@8GD@=VAI8V@@=&AE#0H@#0H@("`@
M("!M87AI;75M(&-R961I="!U;F1E<B!T:&4@9F%C:6QI='D@97AC965D<R!T
M:&4@879E<F%G92!D86EL>0T*(`T*("`@("`@<')I;F-I<&%L(&)A;&%N8V4N
M($MI;F5R9WD@:7,@86QS;R!R97%U:7)E9"!T;R!P87D@8W5S=&]M87)Y#0H@
M(`T*("`@("`@9F5E<R!A;F0@97AP96YS97,@87-S;V-I871E9"!W:71H('1H
M92!C<F5D:70@9F%C:6QI='D@86YD#0H@("`@#0H@("`@("!I<W-U86YC97,@
M;V8@;&5T=&5R<R!O9B!C<F5D:70N($EN(&%D9&ET:6]N+"!+:6YE<F=Y(&ES
M#0H@(`T*("`@("`@<F5S<&]N<VEB;&4@9F]R(&$@)#,L,#`P(&UO;G1H;'D@
M<V5R=FEC:6YG(&9E92X@26X@861D:71I;VXL#0H@(`T*("`@("`@=&AE(&%M
M96YD960@9F%C:6QI='D@:6YC;'5D97,@=&AE(&%C8V]U;G1S(')E8V5I=F%B
M;&4@;V8@4$%0#0H@(`T*("`@("`@87,@861D:71I;VYA;"!C;VQL871E<F%L
M+@T*("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$R<'0@,"`P
M.R!T97AT+6%L:6=N.B!J=7-T:69Y.R!T97AT+6EN9&5N=#H@,&EN)SX-"B`-
M"B`@("`@(#QI/CQU/DYE=R!012!(;VQD8V\@5V]R:VEN9R!#87!I=&%L($QI
M;F4@;V8@0W)E9&ET/"]U/CPO:3X-"B`@("`-"B`@("`@("8C.#(Q,3L@1F]R
M('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@@,S$L(#(P,3(L($YE=R!0
M10T*("`@#0H@("`@("!(;VQD8V\@8F]R<F]W960@)#8L,#`P+#`P,"!O;B!I
M=',@=V]R:VEN9R!C87!I=&%L(&QI;F4@;V8-"B`@("`-"B`@("`@(&-R961I
M="X-"B`@("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$R<'0@
M,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@/&D^/'4^
M3F]T92!087EA8FQE('1O(%)E;&%T960@4&%R='D\+W4^/"]I/B`F(S@R,3$[
M($]N($UA<F-H#0H@("`@(`T*("`@("`@,S$L(#(P,#DL('1H92!#;VUP86YY
M)B,X,C$W.W,@0VAI968@17AE8W5T:79E($]F9FEC97(-"B`@("`-"B`@("`@
M('!R;W9I9&5D(&9U;F1S(&EN(&%N(&%G9W)E9V%T92!A;6]U;G0@;V8@)#$L
M,#`P+#`P,"!F;W(-"B`@#0H@("`@("!G96YE<F%L('=O<FMI;F<@8V%P:71A
M;"!P=7)P;W-E<RP@:6X@97AC:&%N9V4@9F]R(&%N#0H@("`@#0H@("`@("!U
M;G-E8W5R960@<')O;6ES<V]R>2!N;W1E(&ES<W5E9"!B>2!T:&4@0V]M<&%N
M>2X@26YT97)E<W0@;VX-"B`@#0H@("`@("!T:&4@=6YP86ED('!R:6YC:7!A
M;"!A;6]U;G0@86-C<G5E<R!A="!A(')A=&4@;V8@."XP,"4@<&5R#0H@("`@
M(`T*("`@("`@86YN=6TN(%1H92!#;VUP86YY(')E8V]R9&5D(&EN=&5R97-T
M('5N9&5R('1H:7,@;F]T92!O9@T*("`-"B`@("`@(&%P<')O>&EM871E;'D@
M)#$U+#`P,"!A;F0@)#(P+#`P,"!F;W(@=&AE('1H<F5E(&UO;G1H<R!E;F1E
M9`T*("`-"B`@("`@($UA<F-H(#,Q+"`R,#$R(&%N9"`R,#$Q+"!R97-P96-T
M:79E;'DN($%S(&]F($1E8V5M8F5R(#,Q+`T*("`@(`T*("`@("`@,C`Q,2P@
M=&AE(')E;6%I;FEN9R!A;6]U;G0@;V8@)#<U,"PP,#`@=V%S(&1U92!A;F0@
M<&%Y86)L92!O;@T*("`@#0H@("`@("!T:&4@97AT96YD960@;6%T=7)I='D@
M9&%T92!O9B!-87)C:"`S,2P@,C`Q,BX@3VX@36%R8V@@-RP-"B`@("`-"B`@
M("`@(#(P,3(L('1H92!M871U<FET>2!D871E('=A<R!F=7)T:&5R(&5X=&5N
M9&5D('1O($UA<F-H(#,Q+`T*("`@(`T*("`@("`@,C`Q,RX-"B`@#0H@("`@
M/"]P/CQB<B\^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X
M7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE970Q,2YH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P14%$/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T
M;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/C8N(%=!4E)!3E13
M+CQB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C
M;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y38VAE
M9'5L92!O9B!3=&]C:VAO;&1E<G,G($5Q=6ET>2!.;W1E+"!787)R86YT<R!O
M<B!2:6=H=',@6U1A8FQE(%1E>'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#X\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C
M:6YG/3-$,"!W:61T:#TS1#$P,"4@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN+71O<#H@,3)P=#L@
M;6%R9VEN+6)O='1O;3H@,"<^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@=&]P)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,"<^#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@("`@
M("`@-BX-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M/@T*("`@(`T*("`@("`@("`@(%=!4E)!3E13+@T*("`@("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@/"]T86)L93X\
M8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,3%P="`P(#`[('1E>'0M86QI9VXZ(&IU
M<W1I9GD[('1E>'0M:6YD96YT.B`P:6XG/@T*("`@("`-"B`@("`@($9O<B!T
M:&4@=&AR964@;6]N=&AS(&5N9&5D($UA<F-H(#,Q+"`R,#$R+"!C97)T86EN
M('=A<G)A;G0-"B`@("`@#0H@("`@("!H;VQD97)S(&5X97)C:7-E9"!W87)R
M86YT<R!W:71H(')E<W!E8W0@=&\@,C4R+#$P,2!S:&%R97,@;V8-"B`@#0H@
M("`@("!C;VUM;VX@<W1O8VL@;VX@82!C87-H;&5S<R!E>&5R8VES92!B87-I
M<RP@<F5S=6QT:6YG(&EN#0H@(`T*("`@("`@,3<R+#(V.2!N970@<VAA<F5S
M(&]F(&-O;6UO;B!S=&]C:R!I<W-U960@8GD@=&AE($-O;7!A;GDN#0H@("`@
M#0H@("`@/"]P/CQB<B\^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM
M/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D
M-64-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R
M-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE970Q,BYH
M=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A
M8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C
M:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV
M/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T
M/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$
M4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R
M:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P
M;W)T(&ED/3-$240P14%$/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/C<N($-/
M34U)5$U%3E13($%.1"!#3TY424Y'14Y#2453+CQB<CX\+W-T<F]N9SX\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H
M<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM:71M96YT<R!A;F0@0V]N=&EN
M9V5N8VEE<R!$:7-C;&]S=7)E(%M497AT($)L;V-K73PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL
M<W!A8VEN9STS1#`@=VED=&@],T0Q,#`E('-T>6QE/3-$)V9O;G0Z(#$P<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;BUT;W`Z(#$R
M<'0[(&UA<F=I;BUB;W1T;VTZ(#`G/@T*("`-"B`@("`@(#QT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@=&]P)SX-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,"<^#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@
M("`@("`@-RX-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D/@T*("`@(`T*("`@("`@("`@($-/34U)5$U%3E13($%.1"!#3TY424Y'
M14Y#2453+@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^
M#0H@("`-"B`@("`\+W1A8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T
M(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@(`T*("`@("`@/&D^/'4^
M4'5R8VAA<V4@0V]M;6ET;65N=',\+W4^/"]I/B`F(S@R,3$[($%T($UA<F-H
M(#,Q+"`R,#$R+`T*(`T*("`@("`@=&AE($-O;7!A;GD@:&%D(&9I>&5D+7!R
M:6-E('!U<F-H87-E(&-O;G1R86-T<R!W:71H(&ET<PT*("`-"B`@("`@('-U
M<'!L:65R<R!T;R!P=7)C:&%S92`D,30L-S4S+#`P,"!O9B!E=&AA;F]L(&%N
M9`T*("`@("`-"B`@("`@(&EN9&5X960M<')I8V4@8V]N=')A8W1S('1O('!U
M<F-H87-E(#(L-C`T+#`P,"!G86QL;VYS(&]F#0H@("`-"B`@("`@(&5T:&%N
M;VPN(%1H97-E(&-O;G1R86-T<R!W:6QL(&)E('-A=&ES9FEE9"!T:')O=6=H
M;W5T('1H90T*("`@(`T*("`@("`@<F5M86EN9&5R(&]F(#(P,3(N)B,Q-C`[
M#0H@("`@(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,3)P="`P
M(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@#0H@("`@("`\:3X\=3Y3
M86QE<R!#;VUM:71M96YT<SPO=3X\+VD^("8C.#(Q,3L@070@36%R8V@@,S$L
M(#(P,3(L#0H@("`-"B`@("`@('1H92!#;VUP86YY(&AA9"!E;G1E<F5D(&EN
M=&\@<V%L97,@8V]N=')A8W1S('=I=&@@:71S(&UA:F]R#0H@#0H@("`@("!C
M=7-T;VUE<G,@=&\@<V5L;"!C97)T86EN('%U86YT:71I97,@;V8@971H86YO
M;"!A;F0@5T1'+B!4:&4-"B`@#0H@("`@("!V;VQU;65S(&EN9&EC871E9"!I
M;B!T:&4@:6YD97AE9"UP<FEC92!C;VYT<F%C=',@=&%B;&4@=VEL;`T*(`T*
M("`@("`@8F4@<V]L9"!A="!P=6)L:6-L>2UI;F1E>&5D('-A;&5S('!R:6-E
M<R!D971E<FUI;F5D(&)Y(&UA<FME=`T*("`@#0H@("`@("!P<FEC97,@:6X@
M969F96-T(&]N('1H96ER(')E<W!E8W1I=F4@=')A;G-A8W1I;VX@9&%T97,@
M*&EN#0H@("`@(`T*("`@("`@=&AO=7-A;F1S*3H-"B`@(`T*("`@(#PO<#X\
M8G(O/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('-T
M>6QE/3-$)V)O<F1E<BUC;VQL87!S93H@8V]L;&%P<V4[('=I9'1H.B`Q,#`E
M.R!F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF)SX-
M"B`@("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O
M='1O;2<^#0H@("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$
M)W1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A
M;CTS1#,@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`@(`T*("`@
M("`@("`@($9I>&5D+5!R:6-E#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A
M;"UA;&EG;CH@8F]T=&]M)SX-"B`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS
M1#,@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`@(`T*("`@("`@
M("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!C;VQS<&%N/3-$,R!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([
M(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@(`T*("`@
M("`@("`@("8C,38P.T-O;G1R86-T<PT*("`@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@<F=B
M*#(S."PR,S@L,C,X*2<^#0H@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@
M("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@-S4E.R!T97AT+6%L:6=N.B!L969T.R!V97)T
M:6-A;"UA;&EG;CH@=&]P)SX-"B`@#0H@("`@("`@("`@171H86YO;`T*("`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$P)2<^#0H@("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@
M("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`Q,24[('1E>'0M86QI9VXZ(')I9VAT)SX-
M"B`@#0H@("`@("`@("`@-C<U#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z(%=H:71E)SX-"B`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F=#L@=F5R=&EC86PM86QI9VXZ('1O<"<^#0H@("`@(`T*("`@
M("`@("`@(%=$1PT*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@
M.3@W#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!R
M9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W1E>'0M86QI9VXZ(&QE9G0[('9E<G1I8V%L+6%L:6=N.B!T;W`[('!A9&1I
M;F<M;&5F=#H@,3%P="<^#0H@("`@(`T*("`@("`@("`@(%1O=&%L#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@
M("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R
M+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@
M("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T
M97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@(#$L-C8R#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@/"]T<CX-"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\=&%B;&4@8V5L
M;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D97(M
M8V]L;&%P<V4Z(&-O;&QA<'-E.R!W:61T:#H@,3`P)3L@9F]N=#H@,3!P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^#0H@("`@#0H@("`@("`\
M='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E
M;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@("`@
M#0H@("`@("`@("`@26YD97AE9"U0<FEC92!#;VYT<F%C=',\8G(@+SX-"B`-
M"B`@("`@("`@("`H5F]L=6UE*0T*("`@(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X
M+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H
M.B`W-R4[('1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M;&5F=#H@-"XS<'0G
M/@T*("`-"B`@("`@("`@("!%=&AA;F]L("AG86QL;VYS*0T*("`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#$P)2<^#0H@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[('1E
M>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,3$E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@
M(#$P,RPY-S,-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^
M#0H@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[
M('!A9&1I;F<M;&5F=#H@-"XS<'0G/@T*("`@("`-"B`@("`@("`@("!71$<@
M*'1O;G,I#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^
M#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^
M#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G
M/@T*("`@("`-"B`@("`@("`@("`W,`T*("`@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^
M#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S
M='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-
M"B`@#0H@("`@("`\:3X\=3Y,:71I9V%T:6]N("8C.#(Q,3L@1V5N97)A;#PO
M=3X@)B,X,C$Q.SPO:3X@5&AE($-O;7!A;GD-"B`@("`-"B`@("`@(&ES('-U
M8FIE8W0@=&\@=F%R:6]U<R!C;&%I;7,@86YD(&-O;G1I;F=E;F-I97,@:6X@
M=&AE#0H@("`@(`T*("`@("`@;W)D:6YA<GD@8V]U<G-E(&]F(&ET<R!B=7-I
M;F5S<RP@:6YC;'5D:6YG('1H;W-E(')E;&%T960@=&\-"B`-"B`@("`@(&QI
M=&EG871I;VXL(&)U<VEN97-S('1R86YS86-T:6]N<RP@96UP;&]Y964M<F5L
M871E9"!M871T97)S+`T*("`-"B`@("`@(&%N9"!O=&AE<G,N(%=H96X@=&AE
M($-O;7!A;GD@:7,@87=A<F4@;V8@82!C;&%I;2!O<B!P;W1E;G1I86P-"B`@
M(`T*("`@("`@8VQA:6TL(&ET(&%S<V5S<V5S('1H92!L:6ME;&EH;V]D(&]F
M(&%N>2!L;W-S(&]R(&5X<&]S=7)E+B!)9@T*("`@#0H@("`@("!I="!I<R!P
M<F]B86)L92!T:&%T(&$@;&]S<R!W:6QL(')E<W5L="!A;F0@=&AE(&%M;W5N
M="!O9B!T:&4-"B`@#0H@("`@("!L;W-S(&-A;B!B92!R96%S;VYA8FQY(&5S
M=&EM871E9"P@=&AE($-O;7!A;GD@=VEL;"!R96-O<F0@80T*(`T*("`@("`@
M;&EA8FEL:71Y(&9O<B!T:&4@;&]S<RX@268@=&AE(&QO<W,@:7,@;F]T('!R
M;V)A8FQE(&]R('1H90T*("`@("`-"B`@("`@(&%M;W5N="!O9B!T:&4@;&]S
M<R!C86YN;W0@8F4@<F5A<V]N86)L>2!E<W1I;6%T960L('1H90T*(`T*("`@
M("`@0V]M<&%N>2!D:7-C;&]S97,@=&AE(&-L86EM(&EF('1H92!L:6ME;&EH
M;V]D(&]F(&$@<&]T96YT:6%L#0H@(`T*("`@("`@;&]S<R!I<R!R96%S;VYA
M8FQY('!O<W-I8FQE(&%N9"!T:&4@86UO=6YT(&EN=F]L=F5D(&-O=6QD(&)E
M#0H@(`T*("`@("`@;6%T97)I86PN(%=H:6QE('1H97)E(&-A;B!B92!N;R!A
M<W-U<F%N8V5S+"!T:&4@0V]M<&%N>2!D;V5S#0H@(`T*("`@("`@;F]T(&5X
M<&5C="!T:&%T(&%N>2!O9B!I=',@<&5N9&EN9R!L96=A;"!P<F]C965D:6YG
M<R!W:6QL#0H@("`@#0H@("`@("!H879E(&$@;6%T97)I86P@9FEN86YC:6%L
M(&EM<&%C="!O;B!T:&4@0V]M<&%N>28C.#(Q-SMS#0H@#0H@("`@("!O<&5R
M871I;F<@<F5S=6QT<RX-"B`@("`@#0H@("`@/"]P/CQB<B\^/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D
M>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U
M7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I;VXZ(&9I
M;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E
M+U=O<FMS:&5E=',O4VAE970Q,RYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N
M8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O
M:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-
M"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0]
M,T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T
M97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E
M(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@
M("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14%$/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S
M<&%N/3-$,CX\<W1R;VYG/C@N($9!25(@5D%,544@345!4U5214U%3E13+CQB
M<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS
M<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R
M/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y&86ER(%9A
M;'5E($1I<V-L;W-U<F5S(%M497AT($)L;V-K73PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,7!T(#`@,#L@=&5X
M="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@#0H@("`@("`X+@E&04E2(%9!3%5%
M($U%05-54D5-14Y44RX-"B`@("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS
M1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#$Q<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@(`T*
M("`@("`@5&AE(&9A:7(@=F%L=64@:&EE<F%R8VAY('!R:6]R:71I>F5S('1H
M92!I;G!U=',@=7-E9"!I;@T*("`-"B`@("`@('9A;'5A=&EO;B!T96-H;FEQ
M=65S(&EN=&\@=&AR964@;&5V96QS(&%S(&9O;&QO=W,Z#0H@(`T*("`@(#PO
M<#X\8G(O/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P
M('=I9'1H/3-$,3`P)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XM=&]P.B`Q,7!T.R!M87)G:6XM
M8F]T=&]M.B`P)SX-"B`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A
M;"UA;&EG;CH@=&]P)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,"XU:6XG/@T*("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,"XR-6EN)SX-"B`-"B`@("`@
M("`@("`\9F]N=#XF(S$X,SL\+V9O;G0^#0H@("`@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@:G5S
M=&EF>2<^#0H@(`T*("`@("`@("`@($QE=F5L(#$@)B,X,C$Q.R!/8G-E<G9A
M8FQE(&EN<'5T<R`F(S@R,3$[('5N861J=7-T960-"B`-"B`@("`@("`@("!Q
M=6]T960@<')I8V5S(&EN(&%C=&EV92!M87)K971S(&9O<B!I9&5N=&EC86P@
M87-S971S(&%N9`T*("`-"B`@("`@("`@("!L:6%B:6QI=&EE<SL-"B`@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\
M+W1A8FQE/CQB<B\^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN
M9STS1#`@=VED=&@],T0Q,#`E('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;BUT;W`Z(#$Q<'0[(&UA
M<F=I;BUB;W1T;VTZ(#`G/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ('1O<"<^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#`N-6EN)SX-"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@
M("`@("`@("`@/&9O;G0^)B,Q.#,[/"]F;VYT/@T*("`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&IU<W1I9GDG/@T*("`-"B`@("`@("`@("!,979E;"`R("8C.#(Q,3L@3V)S
M97)V86)L92!I;G!U=',@;W1H97(@=&AA;B!Q=6]T960-"B`-"B`@("`@("`@
M("!P<FEC97,@:6YC;'5D960@:6X@3&5V96P@,2!T:&%T(&%R92!O8G-E<G9A
M8FQE(&9O<B!T:&4-"B`@("`@#0H@("`@("`@("`@87-S970@;W(@;&EA8FEL
M:71Y('1H<F]U9V@@8V]R<F]B;W)A=&EO;B!W:71H(&UA<FME=`T*("`@#0H@
M("`@("`@("`@9&%T83L@86YD#0H@("`@(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB<B\^/'1A8FQE
M(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@=VED=&@],T0Q,#`E
M('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;BUT;W`Z(#$Q<'0[(&UA<F=I;BUB;W1T;VTZ(#`G/@T*
M("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ('1O<"<^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N-6EN)SX-
M"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@("`@("`@/&9O;G0^)B,Q
M.#,[/"]F;VYT/@T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`-"B`@
M("`@("`@("!,979E;"`S("8C.#(Q,3L@56YO8G-E<G9A8FQE(&EN<'5T<R`F
M(S@R,3$[(&EN8VQU9&5S#0H@#0H@("`@("`@("`@86UO=6YT<R!D97)I=F5D
M(&9R;VT@=F%L=6%T:6]N(&UO9&5L<R!W:&5R92!O;F4@;W(@;6]R90T*(`T*
M("`@("`@("`@('-I9VYI9FEC86YT(&EN<'5T<R!A<F4@=6YO8G-E<G9A8FQE
M+B!&;W(@9F%I<B!V86QU90T*("`-"B`@("`@("`@("!M96%S=7)E;65N=',@
M=7-I;F<@<VEG;FEF:6-A;G0@=6YO8G-E<G9A8FQE(&EN<'5T<RP@80T*("`@
M(`T*("`@("`@("`@(&1E<V-R:7!T:6]N(&]F('1H92!I;G!U=',@86YD('1H
M92!I;F9O<FUA=&EO;B!U<V5D('1O#0H@("`@#0H@("`@("`@("`@9&5V96QO
M<"!T:&4@:6YP=71S(&ES(')E<75I<F5D(&%L;VYG('=I=&@@80T*("`@(`T*
M("`@("`@("`@(')E8V]N8VEL:6%T:6]N(&]F($QE=F5L(#,@=F%L=65S(&9R
M;VT@=&AE('!R:6]R(')E<&]R=&EN9PT*("`@#0H@("`@("`@("`@<&5R:6]D
M+@T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@
M(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$Q<'0@,"`P
M.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@#0H@("`@("!4:&4@0V]M<&%N
M>2!V86QU960@:71S('=A<G)A;G1S('5S:6YG(&$@36]N=&4@0V%R;&\@0FEN
M;VUI86P-"B`@#0H@("`@("!,871T:6-E+4)A<V5D('9A;'5A=&EO;B!M971H
M;V1O;&]G>2P@861J=7-T960@9F]R#0H@#0H@("`@("!M87)K971A8FEL:71Y
M(')E<W1R:6-T:6]N<RX@4VEG;FEF:6-A;G0@87-S=6UP=&EO;G,@=7-E9"!I
M;@T*(`T*("`@("`@=&AE('9A;'5A=&EO;G,@9F]R('1H92!D871E<R!N;W1E
M9"!A<F4@87,@9F]L;&]W<SH-"B`@#0H@("`@/"]P/CQB<B\^/'`@<W1Y;&4]
M,T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`Q,7!T(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`-
M"B`@("`@(#QB/CQI/CQU/E=A<G)A;G1S(&ES<W5E9"!I;B!/8W1O8F5R(#(P
M,3`Z/"]U/CPO:3X\+V(^#0H@#0H@("`@/"]P/CQB<B\^/'1A8FQE(&-E;&QS
M<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@<W1Y;&4],T0G=VED=&@Z(#$P
M,"4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&)O<F1E<BUC;VQL87!S93H@8V]L;&%P<V4G/@T*("`@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P)SX-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@-#8E.R!P861D:6YG+71O<#H@,3%P
M=#L@<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[
M(&9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!J=7-T:69Y.R!B;W)D
M97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60G/@T*("`-"B`@("`@("`@("!!
M<W-U;7!T:6]N<PT*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@-R4[('!A9&1I;F<M=&]P.B`Q,7!T.R!P
M861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@9F]N
M="UW96EG:'0Z(&)O;&0[('1E>'0M86QI9VXZ(&IU<W1I9GD[(&)O<F1E<BUB
M;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#(P)3L@<&%D9&EN9RUT;W`Z(#$Q<'0[('!A9&1I;F<M<FEG
M:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!F;VYT+7=E:6=H=#H@
M8F]L9#L@=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C
M:R`Q<'0@<V]L:60G/@T*(`T*("`@("`@("`@($UA<F-H(#,Q+"`R,#$R#0H@
M("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`W)3L@<&%D9&EN9RUT;W`Z(#$Q<'0[('!A9&1I;F<M<FEG
M:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!F;VYT+7=E:6=H=#H@
M8F]L9#L@=&5X="UA;&EG;CH@:G5S=&EF>3L@8F]R9&5R+6)O='1O;3H@0FQA
M8VL@,7!T('-O;&ED)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,C`E.R!P861D:6YG+71O<#H@,3%P=#L@<&%D9&EN9RUR:6=H=#H@-2XT<'0[
M('!A9&1I;F<M;&5F=#H@-2XT<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R!T97AT
M+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI
M9"<^#0H@#0H@("`@("`@("`@1&5C96UB97(@,S$L(#(P,3$-"B`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P.R!B86-K9W)O=6YD+6-O
M;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T
M.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@("`@#0H@("`@("`@("`@17AE
M<F-I<V4@<')I8V4-"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I
M;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@("`-
M"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D
M9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`@("`-
M"B`@("`@("`@("`D,"XT-0T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D
M:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A
M9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@("`@
M#0H@("`@("`@("`@)#`N-#4-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ('1O<#L@8F%C:V=R;W5N9"UC;VQO<CH@5VAI=&4G/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P
M861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@
M("`@#0H@("`@("`@("`@5F]L871I;&ET>0T*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N
M-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y
M)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@
M-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&-E;G1E
M<B<^#0H@("`@#0H@("`@("`@("`@-S8N,"4-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U
M+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF
M>2<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z
M(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C96YT
M97(G/@T*("`@(`T*("`@("`@("`@(#8X+C`E#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$
M)W9E<G1I8V%L+6%L:6=N.B!T;W`[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R
M,S@L,C,X+#(S."DG/@T*(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI
M9VXZ(&IU<W1I9GDG/@T*("`@("`-"B`@("`@("`@("!2:7-K(&9R964@:6YT
M97)E<W0@<F%T90T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG
M+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@("`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I
M;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@("`@#0H@
M("`@("`@("`@,2XS,R4-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN
M9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D
M:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C96YT97(G/@T*("`@(`T*
M("`@("`@("`@(#$N,#DE#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L
M:6=N.B!T;W`[(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E)SX-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D
M9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@
M(`T*("`@("`@("`@(%1E<FT@*'EE87)S*0T*("`@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@
M-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU<W1I
M9GDG/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT
M.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@8V5N
M=&5R)SX-"B`@("`-"B`@("`@("`@("`U+C8P#0H@("`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG
M:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J
M=7-T:69Y)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR
M:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ
M(&-E;G1E<B<^#0H@("`@#0H@("`@("`@("`@-2XY,`T*("`@("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ('1O<#L@8F%C:V=R;W5N9"UC;VQO
M<CH@<F=B*#(S."PR,S@L,C,X*2<^#0H@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@
M=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@(`T*("`@("`@("`@($UA<FME
M=&%B:6QI='D@9&ES8V]U;G0-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P
M861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT<'0[
M('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@
M("`@#0H@("`@("`@("`@-3`N,R4-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@
M<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T
M.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C96YT97(G/@T*
M("`@(`T*("`@("`@("`@(#0W+C0E#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@(#PO=&%B;&4^/&)R+SX\<"!S='EL
M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF
M.R!M87)G:6XZ(#$Q<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@
M#0H@("`@("!"87-E9"!O;B!T:&4@86)O=F4L('1H92!#;VUP86YY(&5S=&EM
M871E9"!T:&4@9F%I<B!V86QU92!O9@T*(`T*("`@("`@=&AE<V4@=V%R<F%N
M=',@=&\@8F4@)#$Q-2PP,#`@870@36%R8V@@,S$L(#(P,3(@86YD("0R,C8L
M,#`P#0H@(`T*("`@("`@870@1&5C96UB97(@,S$L(#(P,3$N#0H@("`-"B`@
M("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$Q<'0@,"`P.R!T97AT+6%L
M:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@/&(^/&D^/'4^5V%R<F%N=',@
M:7-S=65D(&EN($1E8V5M8F5R(#(P,3$Z/"]U/CPO:3X\+V(^#0H@(`T*("`@
M(#PO<#X\8G(O/CQT86)L92!C96QL<W!A8VEN9STS1#`@8V5L;'!A9&1I;F<]
M,T0P('-T>6QE/3-$)W=I9'1H.B`Q,#`E.R!F;VYT.B`Q,'!T(%1I;65S($YE
M=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!B;W)D97(M8V]L;&%P<V4Z(&-O;&QA
M<'-E)SX-"B`@("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ('1O<"<^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#0V)3L@<&%D9&EN9RUT;W`Z(#$Q<'0[('!A9&1I;F<M<FEG:'0Z(#4N-'!T
M.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!F;VYT+7=E:6=H=#H@8F]L9#L@=&5X
M="UA;&EG;CH@;&5F=#L@=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`@(`T*("`@("`@("`@($%S
M<W5M<'1I;VYS#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`W)3L@<&%D9&EN9RUT;W`Z(#$Q<'0[('!A
M9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!F;VYT
M+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@:G5S=&EF>3L@8F]R9&5R+6)O
M='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,C`E.R!P861D:6YG+71O<#H@,3%P=#L@<&%D9&EN9RUR:6=H
M=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[(&9O;G0M=V5I9VAT.B!B
M;VQD.R!T97AT+6%L:6=N.B!C96YT97([('9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VT[(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@(`T*
M("`@("`@("`@($UA<F-H(#,Q+"`R,#$R#0H@("`@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`W)3L@<&%D
M9&EN9RUT;W`Z(#$Q<'0[('!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG
M+6QE9G0Z(#4N-'!T.R!F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UA;&EG;CH@
M:G5S=&EF>3L@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED)SX-"B`-
M"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,C`E.R!P861D:6YG+71O<#H@
M,3%P=#L@<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT
M<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([('9E
M<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P
M="!S;VQI9"<^#0H@("`@(`T*("`@("`@("`@($1E8V5M8F5R(#,Q+"`R,#$Q
M#0H@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ('1O<#L@8F%C
M:V=R;W5N9"UC;VQO<CH@<F=B*#(S."PR,S@L,C,X*2<^#0H@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL
M969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@(`T*("`@
M("`@("`@($5X97)C:7-E('!R:6-E#0H@("`@(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N
M-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!J=7-T:69Y
M)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@
M-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&-E;G1E
M<B<^#0H@("`@#0H@("`@("`@("`@)#$N-3`-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U
M+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF
M>2<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z
M(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C96YT
M97(G/@T*("`@(`T*("`@("`@("`@("0Q+C4P#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$
M)W9E<G1I8V%L+6%L:6=N.B!T;W`[(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E
M)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT
M.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S
M=&EF>2<^#0H@("`@(`T*("`@("`@("`@(%9O;&%T:6QI='D-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG
M;CH@:G5S=&EF>2<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L
M:6=N.B!C96YT97(G/@T*("`@(`T*("`@("`@("`@(#<X+C,E#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI
M9VXZ(&IU<W1I9GDG/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA
M;&EG;CH@8V5N=&5R)SX-"B`@("`-"B`@("`@("`@("`V."XP)0T*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P.R!B86-K9W)O=6YD+6-O
M;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T
M.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@("`@#0H@("`@("`@("`@4FES
M:R!F<F5E(&EN=&5R97-T(')A=&4-"B`@("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U+C1P
M=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^
M#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG:'0Z(#4N
M-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C96YT97(G
M/@T*("`@(`T*("`@("`@("`@(#$N,#0E#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT
M<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU<W1I9GDG
M/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT.B`U
M+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@8V5N=&5R
M)SX-"B`@("`-"B`@("`@("`@("`P+C@S)0T*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@=&]P.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@
M-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU<W1I
M9GDG/@T*("`@("`-"B`@("`@("`@("!497)M("AY96%R<RD-"B`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L
M:6=N.B!J=7-T:69Y)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M
M86QI9VXZ(&-E;G1E<B<^#0H@("`@#0H@("`@("`@("`@-"XW,0T*("`@("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+7)I9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X
M="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W!A9&1I;F<M<FEG:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T
M97AT+6%L:6=N.B!C96YT97(G/@T*("`@(`T*("`@("`@("`@(#0N.38-"B`@
M("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*
M("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!T;W`[(&)A8VMG
M<F]U;F0M8V]L;W(Z(')G8B@R,S@L,C,X+#(S."DG/@T*(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H=#H@-2XT<'0[('!A9&1I;F<M;&5F
M=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@("`-"B`@("`@
M("`@("!-87)K971A8FEL:71Y(&1I<V-O=6YT#0H@("`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I9VAT
M.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@:G5S
M=&EF>2<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M<FEG
M:'0Z(#4N-'!T.R!P861D:6YG+6QE9G0Z(#4N-'!T.R!T97AT+6%L:6=N.B!C
M96YT97(G/@T*("`@(`T*("`@("`@("`@(#4V+C8E#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUR:6=H
M=#H@-2XT<'0[('!A9&1I;F<M;&5F=#H@-2XT<'0[('1E>'0M86QI9VXZ(&IU
M<W1I9GDG/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+7)I
M9VAT.B`U+C1P=#L@<&%D9&EN9RUL969T.B`U+C1P=#L@=&5X="UA;&EG;CH@
M8V5N=&5R)SX-"B`@("`-"B`@("`@("`@("`U,BXP)0T*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB
M<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`Q,7!T(#`@,#L@=&5X="UA;&EG;CH@:G5S
M=&EF>2<^#0H@(`T*("`@("`@0F%S960@;VX@=&AE(&%B;W9E+"!T:&4@0V]M
M<&%N>2!E<W1I;6%T960@=&AE(&9A:7(@=F%L=64@;V8-"B`-"B`@("`@('1H
M97-E('=A<G)A;G1S('1O(&)E("0Q+#<R-RPP,#`@870@36%R8V@@,S$L(#(P
M,3(@86YD#0H@("`@(`T*("`@("`@)#$L-CDU+#`P,"!A="!$96-E;6)E<B`S
M,2P@,C`Q,2X-"B`@("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT
M.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#$Q<'0@,"`P.R!T97AT+6%L:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@
M/&D^/'4^3W1H97(@1&5R:79A=&EV92!);G-T<G5M96YT<SPO=3X\+VD^("8C
M.#(Q,3L@5&AE#0H@("`@#0H@("`@("!#;VUP86YY)B,X,C$W.W,@;W1H97(@
M9&5R:79A=&EV92!I;G-T<G5M96YT<R!C;VYS:7-T(&]F#0H@#0H@("`@("!C
M;VUM;V1I='D@<&]S:71I;VYS+B!4:&4@9F%I<B!V86QU92!O9B!T:&4@8V]M
M;6]D:71Y#0H@("`@#0H@("`@("!P;W-I=&EO;G,@87)E(&)A<V5D(&]N('%U
M;W1E9"!P<FEC97,@;VX@=&AE(&-O;6UO9&ET>0T*("`@("`-"B`@("`@(&5X
M8VAA;F=E<R!A;F0@87)E(&1E<VEG;F%T960@87,@3&5V96P@,2X-"B`@#0H@
M("`@/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T(#`G/@T*("`@("`-
M"B`@("`@(%1H92!F;VQL;W=I;F<@=&%B;&4@<W5M;6%R:7IE<R!F86ER('9A
M;'5E(&UE87-U<F5M96YT<R!B>0T*("`@(`T*("`@("`@;&5V96P@870@36%R
M8V@@,S$L(#(P,3(@*&EN('1H;W5S86YD<RDZ#0H@#0H@("`@/"]P/CQB<B\^
M/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A8VEN9STS1#`@<W1Y;&4]
M,T0G8F]R9&5R+6-O;&QA<'-E.B!C;VQL87!S93L@=VED=&@Z(#$P,"4[(&9O
M;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/@T*("`@
M("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M
M)SX-"B`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)V9O;G0M=V5I9VAT
M.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L
M86-K(#%P="!S;VQI9"<^#0H@("`@#0H@("`@("`@("`@3&5V96P@,0T*("`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B
M;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K
M(#%P="!S;VQI9"<^#0H@("`@#0H@("`@("`@("`@3&5V96P@,@T*("`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G9F]N
M="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD
M.R!T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P
M="!S;VQI9"<^#0H@("`@#0H@("`@("`@("`@3&5V96P@,PT*("`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G9F]N="UW
M96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*(`T*("`@("`@
M("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T
M97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S
M;VQI9"<^#0H@("`@#0H@("`@("`@("`@5&]T86P-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M<F=B*#(S."PR,S@L,C,X*2<^#0H@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UD96-O<F%T:6]N.B!U;F1E<FQI
M;F4[('1E>'0M:6YD96YT.B`M,6EN.R!P861D:6YG+6QE9G0Z(#%I;B<^#0H@
M#0H@("`@("`@("`@3&EA8FEL:71I97,Z#0H@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T
M97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA
M;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^#0H@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`T,"4[('!A9&1I;F<M;&5F
M=#H@-2XT<'0G/@T*("`@(`T*("`@("`@("`@(%=A<G)A;G1S*#$I#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`S)2<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@
M=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("0-"B`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED
M=&@Z(#$P)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`F
M(S@R,3([)B,Q-C`[)B,Q-C`[#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@
M;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`S)2<^
M#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG
M;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$P)3L@
M=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`F(S@R,3([)B,Q
M-C`[)B,Q-C`[#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`S)2<^#0H@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^
M#0H@("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$P)3L@=&5X="UA;&EG
M;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`Q+#@T,@T*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@
M=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W=I9'1H.B`S)2<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("0-"B`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$P)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@
M("`Q+#@T,@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A
M;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S
M."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`Q<'0[('!A9&1I;F<M;&5F=#H@-2XT)SX-"B`-"B`@("`@("`@
M("!#;VUM;V1I='D@8V]N=')A8W1S*#(I#0H@("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[
M('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@,C$-"B`@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-
M"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T
M('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI
M9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@)B,X,C$R.R8C,38P.R8C,38P
M.PT*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P
M="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L
M86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@;&5F="<^#0H@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T
M97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@("8C.#(Q,CLF(S$V
M,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@
M;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S
M;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`R,0T*
M("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!7:&ET92<^
M#0H@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[
M('!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UI;F1E;G0Z(#@N-G!T.R!P
M861D:6YG+6QE9G0Z(#`N-6EN)SX-"B`@(`T*("`@("`@("`@(%1O=&%L($QI
M86)I;&ET:65S#0H@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T
M(&1O=6)L93L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@
M)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M
M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@,C$-"B`@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU
M<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@
M("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X
M="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`F(S@R,3([)B,Q
M-C`[)B,Q-C`[#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA;&EG
M;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K
M(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@
M("`@("`@("`Q+#@T,@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA
M;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L
M86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-
M"B`@("`@("`@("`Q+#@V,PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X
M="UA;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A
M8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P(#`@,"`P+C(U:6X[('1E>'0M
M:6YD96YT.B`Y<'0G/@T*("`@#0H@("`@("!?7U]?7U]?7U]?#0H@(`T*("`@
M(#PO<#X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"`P(#`@,"XR-6EN.R!T97AT
M+6EN9&5N=#H@.7!T)SX-"B`@("`-"B`@("`@("@Q*2!);F-L=61E9"!I;B!O
M=&AE<B!L:6%B:6QI=&EE<R!I;B!T:&4@8V]N<V]L:61A=&5D(&)A;&%N8V4-
M"B`@(`T*("`@("`@<VAE971S+@T*("`@(`T*("`@(#PO<#X\8G(O/CQP('-T
M>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"`P(#`@,"XR-6EN.R!T97AT+6EN9&5N=#H@.7!T)SX-
M"B`@("`-"B`@("`@("@R*2!);F-L=61E9"!I;B!A8V-R=65D(&QI86)I;&ET
M:65S(&EN('1H92!C;VYS;VQI9&%T960-"B`@#0H@("`@("!B86QA;F-E('-H
M965T<RX-"B`@#0H@("`@/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T
M(#`G/@T*("`@("`-"B`@("`@(%1H92!F;VQL;W=I;F<@=&%B;&5S('-U;6UA
M<FEZ92!F86ER('9A;'5E(&UE87-U<F5M96YT<R!B>0T*("`@(`T*("`@("`@
M;&5V96P@870@1&5C96UB97(@,S$L(#(P,3$@*&EN('1H;W5S86YD<RDZ#0H@
M("`@#0H@("`@/"]P/CQB<B\^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL
M<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.B!C;VQL87!S
M93L@=VED=&@Z(#$P,"4[(&9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68G/@T*("`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@(`T*("`@("`@("`\=&0^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I
M;F<M8F]T=&]M.B`Q<'0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T
M>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([
M(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@#0H@("`@
M("`@("`@3&5V96P@,0T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M
M8F]T=&]M.B`Q<'0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE
M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O
M<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@#0H@("`@("`@
M("`@3&5V96P@,@T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T
M=&]M.B`Q<'0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$
M)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O<F1E
M<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@#0H@("`@("`@("`@
M3&5V96P@,PT*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O;&0[('!A9&1I;F<M8F]T=&]M
M.B`Q<'0G/@T*(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P86X],T0S('-T>6QE/3-$)V9O
M;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB
M;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@#0H@("`@("`@("`@5&]T
M86P-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@
M8F%C:V=R;W5N9"UC;VQO<CH@<F=B*#(S."PR,S@L,C,X*2<^#0H@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@=&5X="UD
M96-O<F%T:6]N.B!U;F1E<FQI;F4[('1E>'0M:6YD96YT.B`M,6EN.R!P861D
M:6YG+6QE9G0Z(#%I;B<^#0H@#0H@("`@("`@("`@07-S971S.@T*("`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG
M:'0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@-#`E
M.R!P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6EN9&5N=#H@+3%I;CL@<&%D
M9&EN9RUL969T.B`Q:6XG/@T*("`-"B`@("`@("`@("!#;VUM;V1I='D@8V]N
M=')A8W1S*#$I#0H@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,R4[('!A9&1I;F<M8F]T=&]M.B`Q<'0G
M/@T*("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B;W)D97(M
M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*
M("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[(&)O<F1E<BUB;W1T;VTZ
M($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@(`T*
M("`@("`@("`@(#(T-`T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T;VTZ
M(#%P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#,E.R!P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R9&5R+6)O='1O;3H@0FQA
M8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$P)3L@8F]R9&5R+6)O='1O;3H@0FQA8VL@
M,7!T('-O;&ED.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@#0H@("`@("`@
M("`@)B,X,C$R.R8C,38P.R8C,38P.PT*("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[('!A9&1I;F<M
M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`S)3L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@
M("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)O<F1E<BUB;W1T
M;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[(&)O<F1E<BUB;W1T;VTZ
M($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@(`T*
M("`@("`@("`@("8C.#(Q,CLF(S$V,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!P
M861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,R4[('!A9&1I;F<M8F]T=&]M.B`Q
M<'0G/@T*("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B;W)D
M97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G
M/@T*("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,"4[(&)O<F1E<BUB;W1T
M;VTZ($)L86-K(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@
M(`T*("`@("`@("`@(#(T-`T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@<&%D9&EN9RUB;W1T
M;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@
M(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[
M(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L,C,X+#(S."DG/@T*("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F=#L@<&%D9&EN
M9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6EN9&5N=#H@."XV<'0[('!A9&1I;F<M
M;&5F=#H@,"XU:6XG/@T*("`@#0H@("`@("`@("`@5&]T86P@07-S971S#0H@
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT
M)SX-"B`@("`@#0H@("`@("`@("`@,C0T#0H@("`@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ
M(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@
M("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[
M('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R
M:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C.#(Q,CLF(S$V,#LF(S$V,#L-
M"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!"
M;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U
M8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C
M.#(Q,CLF(S$V,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T
M97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@
M("`@(`T*("`@("`@("`@(#(T-`T*("`@(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P
M=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@
M("`\+W1A8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P(#`@,"`P+C(U:6X[
M('1E>'0M:6YD96YT.B`Y<'0G/@T*("`@#0H@("`@("!?7U]?7U]?7U]?#0H@
M(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"`P(#`@,"XR-6EN
M.R!T97AT+6EN9&5N=#H@.7!T)SX-"B`@("`-"B`@("`@("@Q*2!);F-L=61E
M9"!I;B!O=&AE<B!C=7)R96YT(&%S<V5T<R!I;B!T:&4@8V]N<V]L:61A=&5D
M#0H@("`-"B`@("`@(&)A;&%N8V4@<VAE971S+@T*("`-"B`@("`\+W`^/&)R
M+SX\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL
M93TS1"=B;W)D97(M8V]L;&%P<V4Z(&-O;&QA<'-E.R!W:61T:#H@,3`P)3L@
M9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^#0H@
M("`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VTG/@T*("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^
M#0H@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G9F]N="UW96EG
M:'0Z(&)O;&0[('1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@
M0FQA8VL@,7!T('-O;&ED)SX-"B`@("`-"B`@("`@("`@("!,979E;"`Q#0H@
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=F;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G9F]N="UW96EG:'0Z
M(&)O;&0[('1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA
M8VL@,7!T('-O;&ED)SX-"B`@("`-"B`@("`@("`@("!,979E;"`R#0H@("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=F
M;VYT+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O
M;&0[('1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA8VL@
M,7!T('-O;&ED)SX-"B`@("`-"B`@("`@("`@("!,979E;"`S#0H@("`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=F;VYT
M+7=E:6=H=#H@8F]L9#L@<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G9F]N="UW96EG:'0Z(&)O;&0[
M('1E>'0M86QI9VXZ(&-E;G1E<CL@8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T
M('-O;&ED)SX-"B`@("`-"B`@("`@("`@("!4;W1A;`T*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+61E8V]R871I;VXZ('5N9&5R
M;&EN93L@=&5X="UI;F1E;G0Z("TQ:6X[('!A9&1I;F<M;&5F=#H@,6EN)SX-
M"B`-"B`@("`@("`@("!,:6%B:6QI=&EE<SH-"B`@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G/@T*
M("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T)SX-
M"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T
M97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T
M97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L
M+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(%=H:71E)SX-"B`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#0P)3L@<&%D9&EN9RUL
M969T.B`U+C1P="<^#0H@("`@#0H@("`@("`@("`@5V%R<F%N=',H,2D-"B`@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#,E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,3`E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@
M("8C.#(Q,CLF(S$V,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#,E
M)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3`E
M.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@("8C.#(Q,CLF
M(S$V,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#,E)SX-"B`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3`E.R!T97AT+6%L
M:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@(#$L.3(Q#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#,E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,3`E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@
M("`@(#$L.3(Q#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L969T)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L
M,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUB;W1T;VTZ(#%P=#L@<&%D9&EN9RUL969T.B`U+C0G/@T*(`T*("`@("`@
M("`@($-O;6UO9&ET>2!C;VYT<F%C=',H,BD-"B`@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI
M9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`U,#`-"B`@
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^
M#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K
M(#%P="!S;VQI9#L@=&5X="UA;&EG;CH@;&5F="<^#0H@#0H@("`@("`@("`@
M)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT
M+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@("8C.#(Q,CLF(S$V,#LF
M(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(&QE9G0G/@T*(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI
M9#L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`F(S@R,3([
M)B,Q-C`[)B,Q-C`[#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@
M-3`P#0H@("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!7
M:&ET92<^#0H@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&QE9G0[('!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UI;F1E;G0Z(#@N
M-G!T.R!P861D:6YG+6QE9G0Z(#`N-6EN)SX-"B`@(`T*("`@("`@("`@(%1O
M=&%L($QI86)I;&ET:65S#0H@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*
M("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K
M(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@
M("`@("`@)`T*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[
M('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@-3`P#0H@
M("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!"
M;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U
M8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C
M.#(Q,CLF(S$V,#LF(S$V,#L-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T.R!T
M97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@
M("`@(`T*("`@("`@("`@(#$L.3(Q#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T
M.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M
M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^
M#0H@("`@(`T*("`@("`@("`@(#(L-#(Q#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N
M-7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@(`T*
M("`@(#PO=&%B;&4^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`@,"`P(#`N,C5I
M;CL@=&5X="UI;F1E;G0Z(#EP="<^#0H@("`-"B`@("`@(%]?7U]?7U]?7U\-
M"B`@#0H@("`@/"]P/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P(#`@,"`P+C(U
M:6X[('1E>'0M:6YD96YT.B`Y<'0G/@T*("`@(`T*("`@("`@*#$I($EN8VQU
M9&5D(&EN(&]T:&5R(&QI86)I;&ET:65S(&EN('1H92!C;VYS;VQI9&%T960@
M8F%L86YC90T*("`@#0H@("`@("!S:&5E=',N#0H@("`@#0H@("`@/"]P/CQB
M<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`P(#`@,"`P+C(U:6X[('1E>'0M:6YD96YT
M.B`Y<'0G/@T*("`@(`T*("`@("`@*#(I($EN8VQU9&5D(&EN(&%C8W)U960@
M;&EA8FEL:71I97,@:6X@=&AE(&-O;G-O;&ED871E9`T*("`-"B`@("`@(&)A
M;&%N8V4@<VAE971S+@T*("`-"B`@("`\+W`^/&)R+SX\<"!S='EL93TS1"=F
M;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#$R<'0@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@#0H@("`@("!4
M:&4@8VAA;F=E<R!I;B!T:&4@9F%I<B!V86QU92!O9B!T:&4@0V]M<&%N>28C
M.#(Q-SMS($QE=F5L(#,-"B`-"B`@("`@(&EN<'5T<R!A<F4@87,@9F]L;&]W
M<R`H:6X@=&AO=7-A;F1S*3H-"B`@("`-"B`@("`\+W`^/&)R+SX\=&%B;&4@
M8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D
M97(M8V]L;&%P<V4Z(&-O;&QA<'-E.R!W:61T:#H@,3`P)3L@9F]N=#H@,3!P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^#0H@("`@(`T*("`@
M("`@/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG
M<F]U;F0M8V]L;W(Z(')G8B@R,S@L,C,X+#(S."DG/@T*("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=VED=&@Z(#<P)3L@<&%D9&EN9RUL969T.B`T+C-P
M="<^#0H@("`@#0H@("`@("`@("`@0F%L86YC92P@1&5C96UB97(@,S$L(#(P
M,3$-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$P)2<^#0H@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@
M("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W=I9'1H.B`Q."4[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@
M("`@("`@("`@,2PY,C$-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G
M/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@5VAI
M=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T.R!P861D:6YG+6QE9G0Z(#0N,W!T)SX-"B`@("`@#0H@("`@("`@("`@
M5V%R<F%N="!E>&5R8VES97,-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M
M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M
M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@*#$Q,@T*("`@("`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T
M97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`I#0H@(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD
M+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F<M8F]T=&]M.B`Q
M<'0[('!A9&1I;F<M;&5F=#H@-"XS<'0G/@T*(`T*("`@("`@("`@($%D:G5S
M=&UE;G1S('1O(&9A:7(@=F%L=64@9F]R('1H92!P97)I;V0-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N.B!L969T)SX-
M"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@
M,S,-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0[('1E>'0M86QI9VXZ(&QE9G0G
M/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@5VAI
M=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,BXU<'0[('!A9&1I;F<M;&5F=#H@-"XS<'0G/@T*("`@("`-"B`@("`@
M("`@("!"86QA;F-E+"!-87)C:"`S,2P@,C`Q,@T*("`@(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*("`@("`@("`\+W1D/@T*("`@
M("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K
M(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@
M("`@("`@("`Q+#@T,@T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P=#L@=&5X="UA
M;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`\+W1A8FQE
M/CQB<B\^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO
M=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R
M=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E
M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC
M,&9?-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE970Q-"YH=&UL#0I#;VYT
M96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT
M96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH
M=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N
M="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\
M<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO
M*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A
M9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$
M240P14%$/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C
M;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/CDN($5!4DY)3D=3(%!%
M4B!32$%212X\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R
M+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^16%R;FEN9W,@4&5R(%-H87)E(%M497AT($)L;V-K73PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C
M96QL<W!A8VEN9STS1#`@=VED=&@],T0Q,#`E('-T>6QE/3-$)V9O;G0Z(#$P
M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;BUT;W`Z
M(#$R<'0[(&UA<F=I;BUB;W1T;VTZ(#`G/@T*(`T*("`@("`@/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!T;W`G/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`P)SX-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,"XR-6EN)SX-"B`-"B`@
M("`@("`@("`Y+@T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0^#0H@("`@#0H@("`@("`@("`@14%23DE.1U,@4$52(%-(05)%+@T*
M("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@
M#0H@("`@/"]T86)L93X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM
M97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,3)P="`P(#`[
M('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`-"B`@("`@(%1H92!F;VQL;W=I
M;F<@=&%B;&5S(&-O;7!U=&4@8F%S:6,@86YD(&1I;'5T960@96%R;FEN9W,@
M<&5R#0H@#0H@("`@("!S:&%R92`H:6X@=&AO=7-A;F1S+"!E>&-E<'0@<&5R
M('-H87)E(&1A=&$I.@T*(`T*("`@(#PO<#X\8G(O/CQT86)L92!C96QL<&%D
M9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('-T>6QE/3-$)V)O<F1E<BUC;VQL
M87!S93H@8V]L;&%P<V4[('=I9'1H.B`Q,#`E.R!F;VYT.B`Q,'!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF)SX-"B`@("`@#0H@("`@("`\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D(&-O;'-P86X],T0Q,2!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT
M97([(&)O<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@#0H@("`@
M("`@("`@5&AR964@36]N=&AS($5N9&5D($UA<F-H)B,Q-C`[,S$L(#(P,3(-
M"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-
M"B`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R
M)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T
M)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60G
M/@T*("`@("`-"B`@("`@("`@("!,;W-S/&)R("\^#0H@(`T*("`@("`@("`@
M($YU;65R871O<@T*("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N
M=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60G/@T*("`@("`-
M"B`@("`@("`@("!3:&%R97,@1&5N;VUI;F%T;W(-"B`@("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O
M='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4]
M,T0G=&5X="UA;&EG;CH@8V5N=&5R.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q
M<'0@<V]L:60G/@T*("`@("`-"B`@("`@("`@("!097(M4VAA<F4@06UO=6YT
M#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`T-B4[('1E>'0M86QI9VXZ(&IU
M<W1I9GDG/@T*("`@(`T*("`@("`@("`@($YE="!L;W-S#0H@("`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#4E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)`T*("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,3$E.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@(`T*("`@("`@("`@("@T+#DU
M,PT*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@
M("`@("`@("`I#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`U)2<^#0H@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@
M("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,24[('1E>'0M86QI9VXZ(')I9VAT
M)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#4E)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED
M=&@Z(#$Q)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`F
M(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-
M"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@5VAI=&4G/@T*("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!J=7-T:69Y)SX-
M"B`@#0H@("`@("`@("`@3&5S<SH@4')E9F5R<F5D('-T;V-K(&1I=FED96YD
M<PT*("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q
M-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@
M#0H@("`@("`@("`@*#,Q-0T*("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T
M97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@*0T*("`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X
M="UA;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@
M(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-
M"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@
M("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@
M=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@
M("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K
M9W)O=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@
M("`@/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N
M.B!L969T.R!T97AT+6EN9&5N=#H@+3@N,#5P=#L@<&%D9&EN9RUL969T.B`X
M+C`U<'0G/@T*("`-"B`@("`@("`@("!"87-I8R!A;F0@9&EL=71E9"!L;W-S
M('!E<B!S:&%R93H-"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!R:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F
M="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG
M:'0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M5VAI=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N
M.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M:6YD96YT.B`M
M-RXW-7!T.R!P861D:6YG+6QE9G0Z(#<N-S5P="<^#0H@#0H@("`@("`@("`@
M3&]S<R!A=F%I;&%B;&4@=&\@8V]M;6]N('-T;V-K:&]L9&5R<PT*("`@#0H@
M("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI
M9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@
M("`@(`T*("`@("`@("`@("@U+#(V.`T*("`-"B`@("`@("`@/"]T9#X-"B`@
M("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,BXU
M<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`I#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L
M:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT
M)SX-"B`@("`@#0H@("`@("`@("`@.#8L,C(R#0H@(`T*("`@("`@("`\+W1D
M/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`R+C5P="<^#0H@("`@#0H@("`@("`@
M("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE
M.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`-"B`@("`@("`@("`D#0H@(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG;CH@
M<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`H,"XP-@T*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`R+C5P=#L@=&5X="UA;&EG;CH@;&5F="<^#0H@(`T*("`@("`@("`@
M("D-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@/"]T<CX-"B`@
M(`T*("`@(#PO=&%B;&4^/&)R+SX\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E
M;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D97(M8V]L;&%P<V4Z(&-O;&QA
M<'-E.R!W:61T:#H@,3`P)3L@9F]N=#H@,3!P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9B<^#0H@("`@#0H@("`@("`\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W1E>'0M86QI9VXZ(&-E;G1E<B<^#0H@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D(&-O;'-P
M86X],T0Q,2!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB
M;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@#0H@("`@("`@("`@5&AR964@
M36]N=&AS($5N9&5D($UA<F-H)B,Q-C`[,S$L(#(P,3$-"B`@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@(`T*("`@("`@
M("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R)SX-"B`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@
M("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@
M("`\=&0@8V]L<W!A;CTS1#,@<W1Y;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R
M.R!B;W)D97(M8F]T=&]M.B!";&%C:R`Q<'0@<V]L:60G/@T*("`@("`-"B`@
M("`@("`@("!);F-O;64@*$QO<W,I($YU;65R871O<@T*("`@(`T*("`@("`@
M("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!C;VQS<&%N/3-$,R!S='EL
M93TS1"=T97AT+6%L:6=N.B!C96YT97([(&)O<F1E<BUB;W1T;VTZ($)L86-K
M(#%P="!S;VQI9"<^#0H@("`@(`T*("`@("`@("`@(%-H87)E<R!$96YO;6EN
M871O<@T*("`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`-"B`@("`@("`@
M("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT
M9"!C;VQS<&%N/3-$,R!S='EL93TS1"=T97AT+6%L:6=N.B!C96YT97([(&)O
M<F1E<BUB;W1T;VTZ($)L86-K(#%P="!S;VQI9"<^#0H@("`@(`T*("`@("`@
M("`@(%!E<BU3:&%R92!!;6]U;G0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@/"]T<CX-"B`@(`T*("`@("`@/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(')G8B@R,S@L
M,C,X+#(S."DG/@T*("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#0V)3L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@("`@#0H@("`@("`@("`@
M3F5T(&EN8V]M90T*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`U)2<^#0H@(`T*("`@("`@("`@("8C,38P
M.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`Q)3L@=&5X="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@
M("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$Q)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*
M("`-"B`@("`@("`@("`Q.`T*("`@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO
M=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#4E)SX-
M"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!T97AT+6%L:6=N
M.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$Q
M)3L@=&5X="UA;&EG;CH@<FEG:'0G/@T*("`-"B`@("`@("`@("`F(S$V,#L-
M"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@("`@
M("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@-24G/@T*("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`@("`-"B`@
M("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3$E.R!T97AT+6%L:6=N.B!R:6=H
M="<^#0H@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*
M("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@=&5X="UA
M;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@
M("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@(#QT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD
M+6-O;&]R.B!7:&ET92<^#0H@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E
M>'0M86QI9VXZ(&IU<W1I9GD[('!A9&1I;F<M8F]T=&]M.B`Q<'0G/@T*("`@
M#0H@("`@("`@("`@3&5S<SH@4')E9F5R<F5D('-T;V-K(&1I=FED96YD<PT*
M("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[
M#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@0FQA8VL@,7!T('-O;&ED.R!T97AT+6%L:6=N
M.B!L969T)SX-"B`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!";&%C:R`Q<'0@<V]L:60[('1E>'0M86QI9VXZ(')I9VAT)SX-"B`@#0H@
M("`@("`@("`@*#,Q,@T*("`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@
M("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!T97AT
M+6%L:6=N.B!L969T)SX-"B`@("`@#0H@("`@("`@("`@*0T*("`-"B`@("`@
M("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,7!T)SX-"B`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA
M;&EG;CH@<FEG:'0G/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,7!T.R!T97AT+6%L:6=N.B!L969T)SX-"B`@("`@#0H@
M("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@
M("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P="<^#0H@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*
M("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@
M("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@
M#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*
M("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#%P=#L@=&5X
M="UA;&EG;CH@;&5F="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*
M("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-"B`@("`@
M(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!R9V(H,C,X+#(S."PR,S@I)SX-"B`@("`-"B`@("`@("`@
M/'1D('-T>6QE/3-$)V9O;G0M=V5I9VAT.B!B;VQD.R!T97AT+6%L:6=N.B!L
M969T.R!T97AT+6EN9&5N=#H@+3@N,#5P=#L@<&%D9&EN9RUL969T.B`X+C`U
M<'0G/@T*("`-"B`@("`@("`@("!"87-I8R!A;F0@9&EL=71E9"!L;W-S('!E
M<B!S:&%R93H-"B`@("`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@
M(#QT9#X-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R
M:6=H="<^#0H@("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ
M(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*(`T*("`@("`@("`\
M+W1D/@T*("`@("`-"B`@("`@("`@/'1D/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("8C
M,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T
M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@
M)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@
M<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@
M)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^
M#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@;&5F="<^
M#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@(#PO=&0^#0H@
M("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=&5X="UA;&EG;CH@<FEG:'0G
M/@T*("`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T
M)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@("`\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@5VAI
M=&4G/@T*("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L
M969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0[('1E>'0M:6YD96YT.B`M-RXW
M-7!T.R!P861D:6YG+6QE9G0Z(#<N-S5P="<^#0H@#0H@("`@("`@("`@3&]S
M<R!A=F%I;&%B;&4@=&\@8V]M;6]N('-T;V-K:&]L9&5R<PT*("`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUB;W1T;VTZ(#(N-7!T)SX-"B`@("`-"B`@("`@("`@("`F(S$V,#L-"B`-
M"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ
M(&QE9G0G/@T*("`@(`T*("`@("`@("`@("0-"B`@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^#0H@("`@
M(`T*("`@("`@("`@("@R.30-"B`@("`@#0H@("`@("`@(#PO=&0^#0H@("`@
M(`T*("`@("`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#(N-7!T
M.R!T97AT+6%L:6=N.B!L969T)SX-"B`@#0H@("`@("`@("`@*0T*("`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@(`T*("`@("`@("`@("8C,38P.PT*
M(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@=&5X="UA;&EG
M;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)B,Q-C`[#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@0FQA8VL@,BXU<'0@9&]U8FQE.R!T97AT+6%L:6=N.B!R:6=H="<^
M#0H@("`@(`T*("`@("`@("`@(#$S+#4X,@T*("`-"B`@("`@("`@/"]T9#X-
M"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`F(S$V
M,#L-"B`-"B`@("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,BXU<'0G/@T*("`@(`T*("`@("`@("`@
M("8C,38P.PT*(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ($)L86-K(#(N-7!T(&1O=6)L93L@
M=&5X="UA;&EG;CH@;&5F="<^#0H@("`@#0H@("`@("`@("`@)`T*("`-"B`@
M("`@("`@/"]T9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!";&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I
M9VAT)SX-"B`@("`@#0H@("`@("`@("`@*#`N,#(-"B`-"B`@("`@("`@/"]T
M9#X-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,BXU<'0[('1E>'0M86QI9VXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`I
M#0H@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@(#PO='(^#0H@("`-
M"B`@("`\+W1A8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N=#H@,3!P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`Q,G!T(#`@,#L@
M=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@(`T*("`@("`@5&AE<F4@=V5R92!A
M;B!A9V=R96=A=&4@;V8@,RPR,3,L,#`P(&%N9"`X+#$P."PP,#`-"B`@#0H@
M("`@("!P;W1E;G1I86QL>2!D:6QU=&EV92!W96EG:'1E9"UA=F5R86=E('-H
M87)E<R!F<F]M(&-O;G9E<G1I8FQE#0H@("`-"B`@("`@('-E8W5R:71I97,@
M;W5T<W1A;F1I;F<@87,@;V8@36%R8V@@,S$L(#(P,3(@86YD(#(P,3$L#0H@
M("`@(`T*("`@("`@<F5S<&5C=&EV96QY+B!4:&5S92!C;VYV97)T:6)L92!S
M96-U<FET:65S('=E<F4@;F]T#0H@("`-"B`@("`@(&-O;G-I9&5R960@:6X@
M8V%L8W5L871I;F<@9&EL=71E9"!N970@;&]S<R!P97(@<VAA<F4@9F]R('1H
M90T*("`-"B`@("`@('1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"`S,2P@,C`Q
M,B!A;F0@,C`Q,2P@87,@=&AE:7(@969F96-T#0H@#0H@("`@("!W;W5L9"!H
M879E(&)E96X@86YT:2UD:6QU=&EV92X-"B`@#0H@("`@/"]P/CQB<B\^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@
M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D
M,E\X8C(U7S1D,3A?.6,P9E\U8C5D.3`P9C9D-64-"D-O;G1E;G0M3&]C871I
M;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP
M,&8V9#5E+U=O<FMS:&5E=',O4VAE970Q-2YH=&UL#0I#;VYT96YT+51R86YS
M9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z
M('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\
M:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O
M;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y
M<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@
M4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O
M9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14%$/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$
M,2!R;W=S<&%N/3-$,CX\<W1R;VYG/C$P+B!214Q!5$5$(%!!4E19(%1204Y3
M04-424].4RX\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R
M+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^4F5L871E9"!087)T>2!4<F%N<V%C=&EO;G,@1&ES8VQO<W5R92!;5&5X
M="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQT86)L
M92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P
M)2!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XM=&]P.B`Q,G!T.R!M87)G:6XM8F]T=&]M.B`P)SX-
M"B`@("`-"B`@("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P
M)SX-"B`@("`@#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,"<^#0H@
M#0H@("`@("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#`N,C5I;B<^#0H@#0H@("`@("`@("`@,3`N#0H@("`@#0H@("`@
M("`@(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@
M("`@4D5,051%1"!005)462!44D%.4T%#5$E/3E,N#0H@("`-"B`@("`@("`@
M/"]T9#X-"B`@("`@#0H@("`@("`\+W1R/@T*("`@#0H@("`@/"]T86)L93X\
M8G(O/CQP('-T>6QE/3-$)V9O;G0Z(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,3%P="`P(#`[('1E>'0M86QI9VXZ(&IU
M<W1I9GDG/@T*("`-"B`@("`@(#QI/CQU/E!R969E<G)E9"!$:79I9&5N9',@
M)B,X,C$Q.SPO=3X\+VD^(%1H92!#;VUP86YY(&AA9`T*("`-"B`@("`@(&%C
M8W)U960@86YD('!A:60@8V%S:"!D:79I9&5N9',@:6X@<F5S<&5C="!O9B!I
M=',@4V5R:65S($(-"B`@("`@#0H@("`@("!0<F5F97)R960@4W1O8VL@;V8@
M)#,Q-2PP,#`@9F]R('1H92!T:')E92!M;VYT:',@96YD960@36%R8V@-"B`@
M#0H@("`@("`S,2P@,C`Q,B!A;F0@86-C<G5E9"!B=70@9&ED(&YO="!P87D@
M8V%S:"!D:79I9&5N9',@;V8-"B`-"B`@("`@("0S,3(L,#`P(&9O<B!T:&4@
M=&AR964@;6]N=&AS(&5N9&5D($UA<F-H(#,Q+"`R,#$Q+B!4:&4-"B`@#0H@
M("`@("!#;VUP86YY(&AA9"!A8V-R=65D(&%N9"!U;G!A:60@9&EV:61E;F1S
M(&EN(')E<W!E8W0@;V8@:71S#0H@("`@(`T*("`@("`@4V5R:65S($(@4')E
M9F5R<F5D(%-T;V-K(&]F("0W+#,Q-2PP,#`@87,@;V8@36%R8V@@,S$L(#(P
M,3(-"B`-"B`@("`@(&%N9"!$96-E;6)E<B`S,2P@,C`Q,2X-"B`@("`-"B`@
M("`\+W`^/&)R+SX\<"!S='EL93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#$R<'0@,"`P.R!T97AT+6%L
M:6=N.B!J=7-T:69Y)SX-"B`@(`T*("`@("`@/&D^/'4^3F]T92!087EA8FQE
M('1O(%)E;&%T960@4&%R='D@)B,X,C$Q.SPO=3X\+VD^(%1H90T*("`@("`-
M"B`@("`@($-O;7!A;GD@:&%D(&$@;F]T92!P87EA8FQE('1O(&ET<R!#:&EE
M9B!%>&5C=71I=F4@3V9F:6-E<@T*("`@(`T*("`@("`@=&]T86QI;F<@)#<U
M,"PP,#`@87,@;V8@36%R8V@@,S$L(#(P,3(@86YD($1E8V5M8F5R(#,Q+"`R
M,#$Q+@T*("`@#0H@("`@("!4:&ES(&YO=&4@;6%T=7)E<R!O;B!-87)C:"`S
M,2P@,C`Q,RX-"B`@(`T*("`@(#PO<#X\8G(O/CQP('-T>6QE/3-$)V9O;G0Z
M(#$P<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@
M,3)P="`P(#`[('1E>'0M86QI9VXZ(&IU<W1I9GDG/@T*("`@#0H@("`@("`\
M:3X\=3Y#;VYS=6QT:6YG($%G<F5E;65N="`F(S@R,3$[($UI8VAA96P@2V%N
M9')I<PT*("`@#0H@("`@("`F(S@R,3$[/"]U/CPO:3X@3VX@1&5C96UB97(@
M,S`L(#(P,3$L('1H92!#;VUP86YY(&5N=&5R960-"B`@("`@#0H@("`@("!I
M;G1O(&%N($EN9&5P96YD96YT($-O;G1R86-T;W(@4V5R=FEC97,@06=R965M
M96YT('=I=&@-"B`-"B`@("`@($UI8VAA96P@2V%N9')I<RP@82!M96UB97(@
M;V8@=&AE($-O;7!A;GDF(S@R,3<[<R!";V%R9"!O9@T*("`@#0H@("`@("!$
M:7)E8W1O<G,L(&%P<&]I;G1I;F<@:&EM(&%S(&$@8V]N<W5L=&%N="!T;R!T
M:&4@0V]M<&%N>2!W:71H#0H@("`-"B`@("`@('-U<&5R=FES;W)Y(')E<W!O
M;G-I8FEL:71Y(&9O<B!E=&AA;F]L('!L86YT(&]P97)A=&EO;G,L#0H@("`-
M"B`@("`@('5N9&5R('1H92!D:7)E8W1I;VX@;V8@=&AE($-O;7!A;GDF(S@R
M,3<[<R!#:&EE9B!%>&5C=71I=F4-"B`@("`-"B`@("`@($]F9FEC97(N(%1H
M92!A9W)E96UE;G0@8F5C86UE(&5F9F5C=&EV92!A<R!O9B!*86YU87)Y(#$L
M#0H@("`-"B`@("`@(#(P,3(N(#QI/CPO:3Y-<BX@2V%N9')I<R!I<R!T;R!R
M96-E:79E(&-O;7!E;G-A=&EO;B!A<R!S970-"B`@#0H@("`@("!F;W)T:"!I
M;B!E86-H('-T871E;65N="!O9B!W;W)K+B!4:&4@8W5R<F5N="!S=&%T96UE
M;G0@;V8-"B`@("`-"B`@("`@('=O<FL@<')O=FED97,@=&AA="!-<BX@2V%N
M9')I<R!S:&%L;"!R96-E:79E(&)I+7=E96ML>0T*(`T*("`@("`@<&%Y;65N
M=',@:6X@=&AE(&%M;W5N="!O9B!A<'!R;WAI;6%T96QY("0X+#4P,"X@5&AE
M(&%G<F5E;65N=`T*("`@#0H@("`@("!H87,@86X@:6YI=&EA;"!T97)M(&]F
M(&]N92!Y96%R+"!A;F0@;6%Y(&)E(')E;F5W960@8GD@;75T=6%L#0H@("`-
M"B`@("`@(&%G<F5E;65N="!F;W(@<W5C8V5S<VEV92!O;F4M>65A<B!T97)M
M<RX-"B`@#0H@("`@/"]P/CQB<B\^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*
M+2TM+2TM/5].97AT4&%R=%\R,38Q8F5D,E\X8C(U7S1D,3A?.6,P9E\U8C5D
M.3`P9C9D-64-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,C$V,6)E
M9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E+U=O<FMS:&5E=',O4VAE
M970Q-BYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M
M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB
M=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P
M+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C
M:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@
M<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J
M+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S
M/3-$<F5P;W)T(&ED/3-$240P14%$/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG
M/C$Q+B!354)315%514Y4($5614Y4+CQB<CX\+W-T<F]N9SX\+W1H/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E
M9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@
M8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y3=6)S97%U96YT($5V96YT<R!;5&5X="!";&]C
M:UT\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQT86)L92!C96QL
M<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('=I9'1H/3-$,3`P)2!S='EL
M93TS1"=F;VYT.B`Q,'!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF
M.R!M87)G:6XM=&]P.B`Q,7!T.R!M87)G:6XM8F]T=&]M.B`P)SX-"B`-"B`@
M("`@(#QT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@=&]P)SX-"B`@("`@
M#0H@("`@("`@(#QT9"!S='EL93TS1"=W:61T:#H@,"<^#0H@#0H@("`@("`@
M(#PO=&0^#0H@("`@(`T*("`@("`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#`N
M,C5I;B<^#0H@#0H@("`@("`@("`@,3$N#0H@("`@#0H@("`@("`@(#PO=&0^
M#0H@("`@(`T*("`@("`@("`\=&0^#0H@("`@#0H@("`@("`@("`@4U5"4T51
M545.5"!%5D5.5"X-"B`@(`T*("`@("`@("`\+W1D/@T*("`@("`-"B`@("`@
M(#PO='(^#0H@("`-"B`@("`\+W1A8FQE/CQB<B\^/'`@<W1Y;&4],T0G9F]N
M=#H@,3!P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`Q,G!T(#`@,#L@=&5X="UA;&EG;CH@:G5S=&EF>2<^#0H@(`T*("`@("`@
M07,@9&ES8W5S<V5D(&EN($YO=&4@-2P@=&AE($-O;7!A;GD@86UE;F1E9"!+
M:6YE<F=Y)B,X,C$W.W,-"B`@("`@#0H@("`@("!O<&5R871I;F<@;&EN92!O
M9B!C<F5D:70@969F96-T:79E($UA>2`T+"`R,#$R+@T*("`@(`T*("`@(#PO
M<#X\8G(O/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\
M+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A
M<G1?,C$V,6)E9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E#0I#;VYT
M96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S(Q-C%B960R7SAB,C5?-&0Q.%\Y
M8S!F7S5B-60Y,#!F-F0U92]7;W)K<VAE971S+V9I;&5L:7-T+GAM;`T*0V]N
M=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N
M=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\
M>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC<F]S;V9T+6-O;3IO9F9I
M8V4Z;V9F:6-E(CX-"B`\;SI-86EN1FEL92!(4F5F/3-$(BXN+U=O<FMB;V]K
M+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P,2YH=&UL(B\^#0H@
M/&\Z1FEL92!(4F5F/3-$(E-H965T,#(N:'1M;"(O/@T*(#QO.D9I;&4@2%)E
M9CTS1")3:&5E=#`S+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P
M-"YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#4N:'1M;"(O/@T*
M(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`V+FAT;6PB+SX-"B`\;SI&:6QE($A2
M968],T0B4VAE970P-RYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T
M,#@N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`Y+FAT;6PB+SX-
M"B`\;SI&:6QE($A2968],T0B4VAE970Q,"YH=&UL(B\^#0H@/&\Z1FEL92!(
M4F5F/3-$(E-H965T,3$N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E
M=#$R+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q,RYH=&UL(B\^
M#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,30N:'1M;"(O/@T*(#QO.D9I;&4@
M2%)E9CTS1")3:&5E=#$U+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE
M970Q-BYH=&UL(B\^#0H\+WAM;#X-"BTM+2TM+3U?3F5X=%!A<G1?,C$V,6)E
B9#)?.&(R-5\T9#$X7SEC,&9?-6(U9#DP,&8V9#5E+2T-"@``
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>3. INVENTORIES.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureTextBlock', window );">Inventory Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          3.

        </td>

        <td>

          INVENTORIES.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      Inventories consisted primarily of bulk ethanol and unleaded

      fuel, and are valued at the lower-of-cost-or-market, with

      cost determined on a first-in, first-out basis. Inventory

      balances consisted of the following (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td>

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          March 31, 2012

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          December 31, 2011

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 64%; text-align: left; padding-left: 26.1pt">

          Finished goods

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          8,236

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          9,429

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-left: 26.1pt">

          Work in progress

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          4,073

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          4,284

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-left: 26.1pt">

          Raw materials

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          1,228

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          1,334

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="padding-bottom: 1pt; padding-left: 26.1pt">

          Other

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          900

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          1,084

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="padding-bottom: 2.5pt; padding-left: 48.6pt">

          &#160;&#160;&#160;&#160;&#160;&#160;&#160;Total

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          14,437

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          16,131

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a, b, c<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWKAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CurrentAssetsAbstract', window );"><strong>Current Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 4,981<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 8,914<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net (net of allowance for doubtful accounts of $26 and $24, respectively)</a></td>
        <td class="nump">29,122<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">28,140<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
        <td class="nump">14,437<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">16,131<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventory', window );">Prepaid inventory</a></td>
        <td class="nump">7,199<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,239<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">2,473<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,324<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">58,212<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">66,748<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">157,610<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">159,617<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsAbstract', window );"><strong>Other Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
        <td class="nump">4,227<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,458<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">1,600<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,653<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Total other assets</a></td>
        <td class="nump">5,827<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,111<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets**</a></td>
        <td class="nump">221,649<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">232,476<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CurrentLiabilitiesAbstract', window );"><strong>Current Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable &#x2013; trade</a></td>
        <td class="nump">8,497<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,519<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">2,852<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,713<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Current portion &#x2013; long-term debt due to related party</a></td>
        <td class="nump">750<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">750<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">12,099<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,982<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion</a></td>
        <td class="nump">93,718<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">93,689<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDividendsPayableCurrent', window );">Accrued preferred dividends</a></td>
        <td class="nump">7,315<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,315<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities</a></td>
        <td class="nump">3,151<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,226<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities**</a></td>
        <td class="nump">116,283<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">113,212<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies (Notes 4, 5 and 7)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2012 and December 31, 2011; liquidation preference of $25,390 as of March 31, 2012</a></td>
        <td class="nump">1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 300,000,000 shares authorized; 86,803,932 and 86,631,664 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively</a></td>
        <td class="nump">87<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">87<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">557,279<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">556,871<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(515,253)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(509,985)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Pacific Ethanol, Inc. Stockholders&#x2019; Equity</a></td>
        <td class="nump">42,114<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">46,974<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInJointVentures', window );">Noncontrolling interest in variable interest entity</a></td>
        <td class="nump">63,252<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">72,290<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total Stockholders&#x2019; Equity</a></td>
        <td class="nump">105,366<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">119,264<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Stockholders&#x2019; Equity</a></td>
        <td class="nump">$ 221,649<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 232,476<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="5"></td>
      </tr>
      <tr>
        <td colspan="5">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Assets of the consolidated variable interest entity that can only be used to settle obligations of that entity were $166,625 and $173,606 as of March 31, 2012 and December 31, 2011, respectively.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Liabilities of the consolidated variable interest entity for which creditors do not have recourse to the general credit of the Company were $84,311 and $76,478 as of March 31, 2012 and December 31, 2011, respectively.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_CurrentAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_CurrentAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_CurrentLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_CurrentLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDividendsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of (a) interest payable on all forms of debt, including trade payables, that has been incurred, and (b) dividends declared but unpaid on equity securities issued by the entity and outstanding (also includes dividends collected on behalf of another owner of securities that are being held by the entity). Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndDividendsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInJointVentures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInJointVentures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of inventories of a nature not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 9<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInventory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          1.

        </td>

        <td>

          <font style="font-variant: small-caps">ORGANIZATION</font> AND

          BASIS OF PRESENTATION.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Organization and Business</u></i> &#8211; The

      consolidated financial statements include the accounts of

      Pacific Ethanol, Inc., a Delaware corporation (&#8220;Pacific

      Ethanol&#8221;), and its wholly-owned subsidiaries, including

      Kinergy Marketing LLC, an Oregon limited liability company

      (&#8220;Kinergy&#8221;), and Pacific Ag. Products, LLC, a

      California limited liability company (&#8220;PAP&#8221;), for

      all periods presented, and for the periods specified below,

      New PE Holdco, which owns the Plant Owners (each as defined

      below) (collectively, the &#8220;Company&#8221;).

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">

      The Company is the leading marketer and producer of low

      carbon renewable fuels in the Western United States. The

      Company also sells ethanol co-products, including wet

      distillers grain (&#8220;WDG&#8221;), and provides

      transportation, storage and delivery of ethanol through

      third-party service providers in the Western United States,

      primarily in California, Arizona, Nevada, Utah, Oregon,

      Colorado, Idaho and Washington. The Company sells ethanol

      produced by the Pacific Ethanol Plants (as defined below) and

      unrelated third parties to gasoline refining and distribution

      companies and sells its WDG to dairy operators and animal

      feed distributors.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The Company manages the production and operation of the four

      ethanol production facilities, namely, Pacific Ethanol Madera

      LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton,

      LLC and Pacific Ethanol Magic Valley, LLC (collectively, the

      &#8220;Pacific Ethanol Plants&#8221;) and Pacific Ethanol

      Holding Co. LLC (&#8220;New PE Holdco,&#8221; and together

      with the Pacific Ethanol Plants, the &#8220;Plant

      Owners&#8221;). These four facilities have an aggregate

      annual production capacity of up to 200 million gallons. As

      of March 31, 2012, three of the facilities were operating and

      one of the facilities was idled. When market conditions

      permit, and with approval of New PE Holdco, the Company

      intends to resume operations at the Madera, California

      facility.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      On October 6, 2010, the Company purchased a 20% ownership

      interest in New PE Holdco, a variable interest entity

      (&#8220;VIE&#8221;), from a number of New PE Holdco&#8217;s

      owners. At that time, the Company determined it was the

      primary beneficiary of New PE Holdco, and as such, has

      consolidated the results of New PE Holdco since then. See

      Note 2 &#8211; Variable Interest Entity. On each of November

      29, 2011 and December 19, 2011, the Company purchased an

      additional 7% ownership interest in New PE Holdco, bringing

      the Company&#8217;s total ownership interest in New PE Holdco

      to 34%. As of March 31, 2012, the Company held a 34%

      ownership interest in New PE Holdco.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Liquidity</u></i> &#8211; The Company believes that

      current and future available capital resources, revenues

      generated from operations, and other existing sources of

      liquidity, including its credit facilities, will be adequate

      to meet its anticipated working capital and capital

      expenditure requirements for at least the next twelve months.

      If, however, the Company&#8217;s capital requirements or cash

      flow vary materially from its current projections, if

      unforeseen circumstances occur, or if the Company requires a

      significant amount of cash to fund future acquisitions, the

      Company may require additional financing. The Company&#8217;s

      failure to raise capital, if needed, could restrict its

      growth, or hinder its ability to compete.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Accounts Receivable and Allowance for Doubtful

      Accounts</u></i> &#8211; Trade accounts receivable are

      presented at face value, net of the allowance for doubtful

      accounts. The Company sells ethanol to gasoline refining and

      distribution companies and sells WDG to dairy operators and

      animal feed distributors generally without requiring

      collateral.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The Company maintains an allowance for doubtful accounts for

      balances that appear to have specific collection issues. The

      collection process is based on the age of the invoice and

      requires attempted contacts with the customer at specified

      intervals. If, after a specified number of days, the Company

      has been unsuccessful in its collection efforts, a bad debt

      allowance is recorded for the balance in question. Delinquent

      accounts receivable are charged against the allowance for

      doubtful accounts once uncollectibility has been determined.

      The factors considered in reaching this determination are the

      apparent financial condition of the customer and the

      Company&#8217;s success in contacting and negotiating with

      the customer. If the financial condition of the

      Company&#8217;s customers were to deteriorate, resulting in

      an impairment of ability to make payments, additional

      allowances may be required.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      Of the accounts receivable balance, approximately $24,629,000

      and $23,715,000 at March 31, 2012 and December 31, 2011,

      respectively, were used as collateral under Kinergy&#8217;s

      working capital line of credit. The allowance for doubtful

      accounts was $26,000 and $24,000 as of March 31, 2012 and

      December 31, 2011, respectively. The Company recorded a bad

      debt expense of $2,000 and a bad debt recovery of $130,000

      for the three months ended March 31, 2012 and 2011,

      respectively. The Company does not have any off-balance sheet

      credit exposure related to its customers.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Basis of Presentation</u></i><u>&#8211;<i>Interim

      Financial Statements</i></u> <font style="font: 10pt Times New Roman, Times, Serif; color: black"></font>&#8211;

      The accompanying unaudited consolidated financial statements

      and related notes have been prepared in accordance with

      accounting principles generally accepted in the United States

      for interim financial information and the instructions to

      Form 10-Q and Rule&#160;10-01 of Regulation&#160;S-X. Results

      for interim periods should not be considered indicative of

      results for a full year. These interim consolidated financial

      statements should be read in conjunction with the

      consolidated financial statements and related notes contained

      in the Company&#8217;s Annual Report on Form 10-K for the

      year ended December&#160;31, 2011. The accounting policies

      used in preparing these consolidated financial statements are

      the same as those described in Note 1 to the consolidated

      financial statements in the Company&#8217;s Annual Report on

      Form 10-K for the year ended December 31, 2011. In the

      opinion of management, all adjustments (consisting of normal

      recurring adjustments) considered necessary for a fair

      statement of the results for interim periods have been

      included. All significant intercompany accounts and

      transactions have been eliminated in consolidation.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The preparation of the consolidated financial statements in

      conformity with accounting principles generally accepted in

      the United States requires management to make estimates and

      assumptions that affect the reported amounts of assets and

      liabilities and disclosure of contingent assets and

      liabilities at the date of the financial statements and the

      reported amounts of revenues and expenses during the

      reporting period. Significant estimates are required as part

      of determining the consolidation of VIEs, fair value of

      convertible notes and warrants, allowance for doubtful

      accounts, estimated lives of property and equipment and

      intangibles, long-lived asset impairments, valuation

      allowances on deferred income taxes and the potential outcome

      of future tax consequences of events recognized in the

      Company&#8217;s financial statements or tax returns. Actual

      results and outcomes may materially differ from

      management&#8217;s estimates and assumptions.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      Reclassifications of prior year&#8217;s data have been made

      to conform to 2012 classifications. Such classifications had

      no effect on net loss reported in the consolidated statements

      of operations.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668296&amp;loc=d3e288-107754<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 15<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph 8, C1, C7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 4, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6228881-111685<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 2-6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.1.0.1
 *
 */

var moreDialog = null;
var Show = {
    Default:'raw',

    more:function( obj ){
        var bClosed = false;
        if( moreDialog != null )
        {
			try
			{
				bClosed = moreDialog.closed;
			}
			catch(e)
			{
				//Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control
				// that somtimes causes it to throw when checking the closed property on a child window that has been
				//closed.  So if the exception occurs we assume the window is closed and move on from there.
				bClosed = true;
			}

			if( !bClosed ){
				moreDialog.close();
			}
        }

        obj = obj.parentNode.getElementsByTagName( 'pre' )[0];
		var hasHtmlTag = false;
		var objHtml = '';
		var raw = '';

		//Check for raw HTML
		var nodes = obj.getElementsByTagName( '*' );
		if( nodes.length ){
			objHtml = obj.innerHTML;
		}else{
			if( obj.innerText ){
				raw = obj.innerText;
			}else{
				raw = obj.textContent;
			}

			var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g );
			if( matches && matches.length ){
				objHtml = raw;

				//If there is an html node it will be 1st or 2nd,
				//   but we can check a little further.
				var n = Math.min( 5, matches.length );
				for( var i = 0; i < n; i++ ){
					var el = matches[ i ].toString().toLowerCase();
					if( el.indexOf( '<html' ) >= 0 ){
						hasHtmlTag = true;
						break;
					}
				}
			}
		}

        if( objHtml.length ){
			var html = '';

			if( hasHtmlTag ){
				html = objHtml;
			}else{
				html = '<html>'+
					"\n"+'<head>'+
					"\n"+'    <title>Report Preview Details</title>'+
					"\n"+'    <style type="text/css">'+
					"\n"+'    body {'+
					"\n"+'    }'+
					"\n"+'    table {'+
					"\n"+'    }'+
					"\n"+'    </style>'+
					"\n"+'</head>'+
					"\n"+'<body>'+
						objHtml +
					"\n"+'</body>'+
					"\n"+'</html>';
			}

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write( html );
			moreDialog.document.close();

			if( !hasHtmlTag ){
				moreDialog.document.body.style.margin = '0.5em';
			}
        }
        else
        {
			//default view logic
			var lines = raw.split( "\n" );
			var longest = 0;

			if( lines.length > 0 ){
				for( var p = 0; p < lines.length; p++ ){
					longest = Math.max( longest, lines[p].length );
				}
			}

			//Decide on the default view
			this.Default = longest < 120 ? 'raw' : 'formatted';

			//Build formatted view
			var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ;
			var formatted = '';

			if( text.length > 0 ){
				if( text.length == 1 ){
					text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ;
					formatted = "<p>"+ text.join( "<br /><br />\n" ) +"</p>";
				}else{
					for( var p = 0; p < text.length; p++ ){
						formatted += "<p>" + text[p] + "</p>\n";
					}
				}
			}else{
				formatted = '<p>' + raw + '</p>';
			}

			html = '<html>'+
				"\n"+'<head>'+
				"\n"+'    <title>Report Preview Details</title>'+
				"\n"+'    <style type="text/css">'+
				"\n"+'    body {'+
				"\n"+'       background-color: #f0f9ee;'+
				"\n"+'       font-family: Arial, san-serif; font-size: 0.8em;'+
				"\n"+'    }'+
				"\n"+'    table {'+
				"\n"+'       font-size: 1em;'+
				"\n"+'    }'+
				"\n"+'    </style>'+
				"\n"+'</head>'+
				"\n"+'<body>'+
				"\n"+'    <table border="0" width="100%">'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            formatted: <a href="javascript:void(0);" onclick="opener.Show.toggle( window, this );">'+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +'</a>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <div id="formatted" style="display: none;">'+formatted+'</div>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <pre id="raw" style="display: none; font-size: 1.2em;">'+raw+'</pre>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    </table>'+
				"\n"+'</body>'+
				"\n"+'</html>';

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write(html);
			moreDialog.document.close();

			this.toggle( moreDialog );
        }

		moreDialog.document.title = 'Report Preview Details';
    },

    toggle:function( win, domLink ){
        var domId = this.Default;

        var doc = win.document;
        var domEl = doc.getElementById( domId );
        domEl.style.display = 'block';

        this.Default = domId == 'raw' ? 'formatted' : 'raw';

        if( domLink ){
            domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed';
        }

        var domElOpposite = doc.getElementById( this.Default );
        domElOpposite.style.display = 'none';
    },

	LastAR : null,
	showAR : function ( link, id, win ){
		if( Show.LastAR ){
			Show.hideAR();
		}

		var ref = link;
		do {
			ref = ref.nextSibling;
		} while (ref && ref.nodeName != 'TABLE');

		if (!ref || ref.nodeName != 'TABLE') {
			var tmp = win ?
				win.document.getElementById(id) :
				document.getElementById(id);

			if( tmp ){
				ref = tmp.cloneNode(true);
				ref.id = '';
				link.parentNode.appendChild(ref);
			}
		}

		if( ref ){
			ref.style.display = 'block';
			Show.LastAR = ref;
		}
	},

	toggleNext : function( link ){
		var ref = link;

		do{
			ref = ref.nextSibling;
		}while( ref.nodeName != 'DIV' );

		if( ref.style &&
			ref.style.display &&
			ref.style.display == 'none' ){
			ref.style.display = 'block';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '+', '-' );
			}else{
				link.innerText = link.innerText.replace( '+', '-' );
			}
		}else{
			ref.style.display = 'none';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '-', '+' );
			}else{
				link.innerText = link.innerText.replace( '-', '+' );
			}
		}
	},

	hideAR : function(){
		Show.LastAR.style.display = 'none';
	}
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationVariableInterestEntityPolicy', window );">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          2.

        </td>

        <td>

          VARIABLE INTEREST ENTITY.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The Company concluded that at all times since New PE

      Holdco&#8217;s inception, New PE Holdco has been a VIE

      because the owners of New PE Holdco, due to the

      Company&#8217;s involvement through its contractual

      arrangements, have at all times lacked the power to direct

      the activities that most significantly impacted its economic

      performance. Some of these activities include efficient

      management and operation of the Pacific Ethanol Plants, sale

      of ethanol, the procurement of feedstock, sale of co-products

      and implementation of risk management strategies. At the time

      of New PE Holdco&#8217;s inception, however, the Company did

      not have an obligation to absorb losses or receive benefits

      that could potentially be significant to New PE Holdco and,

      as a result, it was determined that the Company was not New

      PE Holdco&#8217;s primary beneficiary. Upon the

      Company&#8217;s purchase of its 20% ownership interest in New

      PE Holdco on October 6, 2010, the Company, through its

      ownership interest, had an obligation to absorb losses and

      receive benefits that could potentially be significant to New

      PE Holdco. As a result, the Company then became the primary

      beneficiary of New PE Holdco and began consolidating the

      financial results of New PE Holdco. On November 29, 2011, the

      Company purchased an additional 7% ownership interest in New

      PE Holdco for $4,502,000 in cash. On December 19, 2011, the

      Company purchased another 7% ownership interest in New PE

      Holdco for $4,615,000 in cash.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The carrying values and classification of assets that are

      collateral for the obligations of New PE Holdco consisted of

      the following (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td>

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: right; border-bottom: Black 1pt solid">

          March 31, 2012

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          December 31, 2011

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 64%; text-align: left; padding-left: 5.4pt">

          Cash and cash equivalents

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          1,293

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          2,070

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-left: 5.4pt">

          Other current assets

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          10,742

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          14,320

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-left: 5.4pt">

          Property and equipment

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          153,134

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          155,523

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">

          Other assets

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          1,456

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          1,693

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt">

          Total assets

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          166,625

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          173,606

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 64%; text-align: left; padding-left: 5.4pt">

          Current liabilities

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          4,883

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          3,064

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="padding-left: 5.4pt">

          Long-term debt

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          79,257

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          73,256

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">

          Other liabilities

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          171

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          158

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12.6pt">

          Total liabilities

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          84,311

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          76,478

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The Company&#8217;s acquisition of its ownership interest in

      New PE Holdco does not impact the Company&#8217;s rights or

      obligations under any of its contractual agreements. Further,

      creditors of New PE Holdco do not have recourse to the

      Company. Since its acquisition, the Company has not provided

      any additional support to New PE Holdco beyond the terms of

      its contractual agreements.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationVariableInterestEntityPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 24<br><br> -Subparagraph e<br><br> -Appendix D<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22B<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22E<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5728-111685<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2AA<br><br> -Subparagraph a<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759068-111685<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConsolidationVariableInterestEntityPolicy</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E12AE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for doubtful accounts (in Dollars)</a></td>
        <td class="nump">$ 26<span></span></td>
        <td class="nump">$ 24<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value (in Dollars per share)</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock par value (in Dollars per share)</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock shares authorized</a></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="nump">300,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock shares issued</a></td>
        <td class="nump">86,803,932<span></span></td>
        <td class="nump">86,631,664<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock shares outstanding</a></td>
        <td class="nump">86,803,932<span></span></td>
        <td class="nump">86,631,664<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonredeemable Preferred Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series A Preferred Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">1,684,375<span></span></td>
        <td class="nump">1,684,375<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series B Preferred Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">1,580,790<span></span></td>
        <td class="nump">1,580,790<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreferenceValue', window );">Preferred stock Series B liquidation preference (in Dollars)</a></td>
        <td class="nump">$ 25,390<span></span></td>
        <td class="nump">$ 25,390<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreferenceValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of the difference between preference in liquidation and the par or stated values of the preferred shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreferenceValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>21
<FILENAME>0001019687-12-001720-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001019687-12-001720-xbrl.zip
M4$L#!!0````(`)&"JT#,$SI=7D<``+<%`P`1`!P`<&5I>"TR,#$R,#,S,2YX
M;6Q55`D``Y)TK4^2=*U/=7@+``$$)0X```0Y`0``[%UM<]LXDOY^5?L?<)Z;
MJ9DJRQ))O3J.JA2_9#V3V%[;27;ORQ1,0A)V*$(#DK8UO_X:("F1("62(IQX
M]B95B6,2['ZZT=UHO)_\=ZN%WA./<!P0!SVL$#W],5C\A%KHE"V6=S9%EUX`
M;^V`/A)XYCT2#K_#^WD0+(_;[:>GIR,;BOHVY<1G(;>)+QZ@5FN,Q)^__=>)
M8'+*B6!QC"XX11_Q"AD&,CO'1O>X,T"?[D_A%\.,/H(OGA^XBYX7KN>_/4@Q
M$H^/&)^US4[':E//#[!GDX.HY+%X2VN4=\BFM"SI$_MHQA[;\*(MX+0Z1LLR
MTN0=Y8N8=K\=O4R*AGYKAO%R77:*_0=9-GY10-VEWF\[L(O7#]C?R.KN*/S/
M#U`ZA258+8E?"$:^*4!#?=8UC<$N948ED@]B$UA_4&022=DEH<\9RDMLTRFU
M23#''G.//!)(2!TKI?R<?IXL"<88C49M^79=U"\J!Z"-]C\_?KBSYV2!6VM;
M&(.Y(70B"!S[\MTMF2))\%AHY^V!3Q=+5RA>/IMS,GU[($1H)1B/GGWGH!T3
MLAGXRW.`J//VP.[\.O&OIY;Q$7-1^&`<.83X]X1X`0U6X_4#>$0=\7!*P;\D
M%)(1)+'.T\M?#L8=^#,8#(U^]Z2]^2Q-O[UAD#Q:$DZ9DV4I]1",(Q.PP`1.
MVLFS-:7-=Y&,[5C(A%)6:",6^HS80-5XW4(;+9!;@]!FMJ9_O6(>)PX!<WIP
MR0W8#.'P^UW`[-\^DL4#X0?CKZ85(.>3V8)LI)//HI!U3)Z7+K5I$,%"#H6"
M/F7>VX,X6!W?!1"YQ>>G+O9!2BG%Y)GZ!^.D2*FX)^U"=AF9VVN4W]R&K:P-
M_U6=WZ8Z=7EG5_'.._B:^)-M%?D?4X\[Y-Q>@Z_1'WN*/_Y5@5^I`G5Y8+_0
M`]_]/ZG`0CG_7!XX*/3`ORKP3^.!PU\O.%L8/V-/6,4]>\V]$A"4!V=0-^.D
M:]H!!6R>HHP)$,])E8VL/7FVI[)&:649&V6]QMY,1EE&#649FI1E=#*QH7.0
M9OE*E)1RJ(XFAS*,3)MFO'*Q#5W=^ZBK:W0^XM4F?+Q:L2$B]%I&I[G8<9>P
M\W/H_3EJN]^R]A([]&@D<^@[Z6[M@F`_Y&0<C_P=?[H[.VDG#]&&GO@^]7N:
MW`WA_AQSXJ=2!(<^@LP9.<0G5^%"#$JS='-:!<2FZ56I9.F?$8\MJ)>\*^(A
MQY./(\`%DFZXJ+36NM[(5J*;M58476^!4$A,#D].&0L\%A`Q`IP9Q80:AC!/
MG&0<DS.7[!C>%:_EH'.JIC(,,L238=XZQ!-"R3<N?B#NVX-IX`6_=N18+CSR
M9H#<:WVZ.QA/?)\$/F)3%,P)`J/UF4L=.6WQB#D5(Q6(BKD*X@<H<A<HB0-D
M8P\QSUVA!X)"'XH'#`&I`,JS!Y?.<``Y84P8KS]]`D+H?XQ^_[!O]A#V'/AE
M8!WV.WV$96&(^O8<6<9A-',A2D#[%Z6:\5/X%]`LB9P\<5=')^V,"E.^]?54
M:Q2H]@-HC[HT@$2WGGZGC*.G.04]V)`:4[!_'SD,`6\TQX\$I+<!O$^$R@75
MF9QI<N/2"2\QTX2]1.7#[J%E&)'&!_W#[F"H5>%9E;O,SF@;?A=>K"CNU\CV
M6KGQ_,R<P'=;B[7SC!-($YX%`#(F5.&_)94=EVA/L1VTU$J?0@);#CU@&Y=C
MW"'\[8%1A+>FHM0Y@"V*4HN]!D5M@:Y942F7*S6KG66_I<JJ"+'6FZ%?;R56
MMK/LJ]%;F;UMT9L2VD1[O\G@XK&+4^S/)YXC?IS_'M)'[$+<]B?!*>9\1;W9
M9^R&T"9"&G$K-";R/11G@_)!ODX=8M,%=OVW!RWK8-P=#0U(74_:M1CJAYE3
M81;F<&1T-<"<V-"80;E;:'3@&V@/KTAP&G(.'S=0HCDR3#,#;Q>CL1Y,)1HS
MAU)C>V)R7?8DYM8O&#]CX4,P#=W\YQH4U\\BK,-VK-:M+LQEBNWJPWSI/<)3
MQE=0$PW4:'2[UB"#*DUXTW>IR[9$$T;?L(P:;*\A4^3K(@WD'1BC489OEK*J
MY>I\2P0>F59MOE%.HL%5N@,KSSM#/=TKW0M"B?A=2[']2A!T*:`W-`TER&8Y
M[\>U1.9^?]`=5N9ZP]F2\&!U`WVS`)HGT30MQ>1!0__N#?I&-ICOXJ3:X;ZH
MRMR_-^H;@[U177H!=&`I!,=(HU#D_-EV0P=:[_>,.4_4=9LD-J:IAL1R?F.]
M$,O\J=L;-H68<L$KYMF-O<P0+?(6']\P:`JBM&'I;8UU54`TBS*#;:SW8U@6
M8`S#J,@PYB4&&[>/"31H84RCWQT5Q+I\&ET`)"=F@PP+VIE!OQ*0.-&ZP2L]
M">FP.QH4)LU9#AJ`E.B@US-&>P+A(7%2W5,-J<>PE^O=%#/)YWQ[X2FSCX%A
M[8OG+"3W[):X8E#T!G,]"AKTLC%S.Y."_&@_1"4J:H1(J_%`SJ8DZT75U(!_
MZ<C!T"QEGU<!\V;WA"_.R$.@I5T=60,CV]@7L\A;;'TH9;T8JS\<[07E,IX[
M@,SN3$Z+>8Z^T#NPC)Z:#95P*T@I&^`K<ZGF^&33GK(_+98%L`H2B$(N10E,
M;3@E:K),95"G,IST%)9,+7:/33<(24;?'%K;@D*N2=V-2V/>8QB6VL7=A>N4
M+18T6,AQ3\\Y!4;032">+7#64<ZS?^Q1]^U!`&UH/#RM@T]^4+R$3W9]7M.!
M;4/IF.9H-P905IM-`4`[?<WE\D9'EK\A_$ZL(LA@VBS'J*P=P-8YZH@%9O7X
MYL8ZM('=H<D7`2M+^),PF#-._R#.!F0AO/H;@PI,(?ZS30X54D%.TDB&^KMA
M7I\,=;:`Y$84AEUKT*L)7A_T.IL?O@[T2]\/7U+C)6@C]A6\M!+.!NK5A?,Z
M#,0J/3%4]\V4FL*@%?'+J;<>XLKN5F>K2FY4>]@9C.J&.7W0ZVS2^#K0*WE@
M`XV/S/ZH:Y:B3CQ1&^0&FGX!R-6]\>55G?%*O>!?7NDUP'^@OX=B?21E7O0"
M>C6D-.]OH'^S9^WTS^V`2CQU/TD:5(9&243_DGE:.GW#[."]2KFX;UN5=]E`
M8P/>7Z^K5X%I0=JN"VJMCEYCJ#5;WK)QMDY1#V@'N[$N8&4C;KJ!56H]RSRQ
M/^Q8(\O<C6G=0&H`5.:>_;YE]/M=+8"JMW=:U)1MTG1!TZ*P'=`FCD-%_,?N
M#:;.I7>*ES3`3=9T]'H#<Z!,BQ8ST8"E=(*V/QP8^V"Y)0&F'G'.,?=`;?[$
MML-%**?FSLA4;$)NH*)6S^B9RNJ)<H8%<;09RA+EM7J=T6C8:XY26N*<N0XT
M.&*Q4=!D66'7-)15QGGRXR;\R]8#]4>#FOP_4@]B>K!*YJ(NO9\9]8+/Q`M"
M7G,>0%F78IG*K'\)+]7,&T`KFXDS327WK`DMK]9++UYF=<.X<.%)$'#Z$`9B
M=/2>B2DKP,>9ZT*1A$FCR8F>U>^75/4^F$K-4[>@I5-:T&LKLVD-@J;FR2:>
MHS4J%"R+*N.V>TU%;8#UETOM`?`.N\2_)8_$"TG)NM#MQU"HM3\:#)1E3`H;
MU5ZK@]A^O(,*8F`9RA+>W2!.F1]<3\5Z2_\.E*9%$V:G9XSZ2BJ58;,_B!J:
MZ/2&:CZW"\1[SGS_AK/I[L:^LA9:@^X@VTM.<5"#=$7FE:4W>TH@RO#.FB&1
ML28Z5-4%#YHX"^I1/^!8[$H]?UX2S]\Y5E!9)98U4&RS$N\B!VX,NK(JN\90
M$^CKI=C;+^.ZS1;D`]2('DLS.L->-K\L8%6P1:4>GLH::QE]=>]$,1R)1AQ-
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MQ,,Q[[!/;3VFU#/[.VJS',6+BE'=D4TE']Q#BHP0R71",F4L2\DM&VX8D.S`
MRK9IZTJ58`+XSE&GOX%>PEK-"'0@K:3G&*FY-](OA,[F\'P"'2D\(U>A6"%R
M/96?IB8$MPJPOY(OKR[$S*1IIL#OAR9O[B\B5:4*D5(95F_X`E)-%F)0_0_9
MY%U/U1WFFH*WI9R)LI.G3HPU8KG5WPNC'$E8'_$AAA/D)WIBMKD9K,BSR,UA
M9Q!?0(?#L\$"Q!"N+RW`CW8(Z^F6]W=5Z7;F^0W)&E!7SV=Z(SVH9=]?I(3B
M?"FMHS\%F^.R?(I&.ZHCJ:RJ0;_@*)N=2#YYG&!7+"!ZCZDGFN-K[XQP^BC'
M>+5U]+*)8`E3?1!K9"C#>@B+.L>/5)QB7W!DE*;9)J6_NI5=P5$Q>T&K,1!N
MJ<M&=Z(KZ%^#NGUR1J*?EU[^L"U-_6=EJJP*YWSWN!'8ZEKM6[U]T);!31JE
MDJV>-5H5)?[M9*D-7PWK-`:Y882=`,L00E=QB:E8P20[C'%DA;:GXNDQU55K
MC=3MZ?M@*==Y4XGJS%%H$:A$'EDVWK"OL3[,CG+\8A7.FL%6G]"URJ)'$=8:
MP3D^%T',#.?.:M'3!U'/K=H/2[GY-Y6HQGH%,S<YH4$B<>8GI'BRV76(\V[U
MR2<.U&\R'3T1!V_KJY>6.5"6$58'4#@BI0%\]>8`NA.YT:B]P4,MR2GH>S:Q
M?P\I)UM/R].B^:'2U%9GGTL*M0"O;OC#CB;@6VI+M.#^2]BZJO+J_'.9A![H
M-3LU>J`G]74]W3)@#E6VV1/V<G,(>^`H[JS9A#AR%DDV@F+1B!Z\N8Y0GE'1
M#L::>"K;0&\X&E9!5,5.UT,MVIL39==`=?Y57:PF]/W5VP!Z\>GG-_):(#5-
MT+0N;&1EL_$Z$%X,?YWXUF\"OP+Z.H?=J[>MY;:26E70%IQVKQNH>C]:[KA,
MY9S!/8$FBV3$OBE=B\_-P;!XH5W,I!&*ZLE,?ZCV2[:@D+,`M\2.KK&,UR0F
MB?SJGD4K]S\MF2>TZQ(_.AZ8<)OZ9/V!IL$$(S4ST1Q37M6RM8TV6YZ%7&S]
MD)XGS4,V-7K&N-5-L:5L4PF`0^AQM`SDELSD4F8ON,(+4E6EXQMLTRFUT7DP
MQQYS#Q'$E:.3]C:ZXQ3?,V:'(G>Y7RVK\S,ZK7]$Y-.?CS,"Q3WX"^K;V/T7
MP?P\NC>R,I-6<O/B+FIC58--=JFJ=Q7F9X.''6,TLM*:+=FFFJ_BF_#!I?:%
MR_#NW4[J#8(I,)UHW#TRN$+**;5,H'H<4447+IY55OX4&)&(>(;`."?/*;SA
MV+WT'/+\"UE5YB#0)]<8;J4VSNLOMH1;LA03;MY,[-4/_<IL_R6NQBNC5EAQ
MGYD;>@'FJPOJ$EZ=XQ5+,U2H%'*2KT[!NF?B$HFJ?.[`..`[M)8EN2HMS3Y#
M>ES`^PMQW5\\]N3=03["/$@310SC>TJ[A=HX'W\VGGT!3ZIK5_R;#44*I:V\
MHH!<C]L_C")>*4H9@TU*1>_KQC_Q;W(+ZU9J^>ED/L->/`]]NKZ63VQUE%U0
M'PADYZBQN[[7VA>SU"X3MT;>`\)WKN@O5X7[@QN\D0L<D0V5OL2.B(!O?_@]
M9,&;3O1#OO&7V,Z_>:).,(^?&9W.]_%C/UBY)'X\!2#'R.@L`W1/%]!5NB)/
MZ)8ML'<8/3A$XE29Z1NTP'Q&O5;`EE#>7`;K)P\L"-CB&,5<?YC!W^^>G3=2
MA>*/%()GV,H='%#)+>S2F7>,@*KZ=>)&*1I.AH:4;@?;Z*-VX.Q!\\CL46\[
M882,HX1B37:9MVF*XK6HC5SUM.3=CZ*:?!&,6C9>^AMHU[?O)U>7_SNYO[R^
MD@#$)^(%FER=%<%`Z-WD[O(.75^@F]OSN_.K>_EM77FBESS],GH5O1`V*]_!
M;P^\G?QWV<CX(L-#'=1Y@X3[)-8C=@?1Z2IG06FL-($02JVE'%I>8_DN]*D'
M^:]$'R9EV_(K]`->+-]\-S0-XPVZGY.L-=CI:SJGB?N#G(G_(RKW1Q-YT29.
M)N/9-&<%A0GG(<+HC+CX29S18S,.S5"$^L<$E=EY$W^IB!W369<SWOQT*(6E
MP/]ISEQWU8)6!&#[X8-/'8K%I.AAC!?"B4+O%]`0GZW$+:"_$=D6?OAP*BBB
M:PY-GX=<NJ!""V[2PP#`LK',FT\:?4PWCS-1R&1VA&XX<T([`'@14P7;*9C"
ME'&/XNTHLBJ;W&09PM?9B@5?0]%-S3Y:1D&>.!$P<>FJJ,WDM;CO5%P8[:`'
MXK*GPRPA8=4WY^COS'5L=AC?U@J*]R4-.0J.KJ$>(/WYD6!XAWW(2Z?B,(TL
M(4G\)_2C#5677+!Z*(FD!(OSD[1P1XJI2=->?FWWC!]23URO#3%V>X"]3]U(
M2R,MN03+SL9"VAZD3J(:EM(FX!<V1:`9Q21LS!_`*"$3)4^R"9V&Q!7>*`E^
M@3X\X1[ZY$ECD<VU?[1Q[Y1IQ4@@>1>W%D-CBTCD66!8K>7:+M=N@YY(D+=X
M!_J*U)5)[HQCFG7@+V?O\^:_C$86_3PMT>GT14(J0\$AU!H3BTSE5PYQP3`@
MQ06E)#B#.6?A;*XH*)A3[K26F(.+^(0_4ILD//EN/2D&ON30A^+478F/-IYX
MB":<_L$\^,\5><0._/P4X/EA'"X.51=F+DCA@(=<.GC.I#!?L#\'C0;,.\I8
M1:8:<H$TM@OPQE7D8MG`&KD<.-O&SQ+7`IYJ]8<>C^[=B/2%EM'U&^(^Y1D6
MD=\3ERP#%5'SL@+$H(#8F`)5HQ*+(I'X7)2,I!#1&.I?$'0P%16WC"Y,CPI!
M<6CV<S)."4FQ@L)'JIE\&R_/IW%%7@W4P5XCUXX]*&F)6;+!)[F;>LI"KIA*
M8M>I3Z=0Q]&,^2'R\$)&1K7>/V*P;*SBDNV)6A2,,5P\"!LN?"V')H*-#:>)
M99JN#>L9_/99="97DF9!%%>SEES[KAAP.F(4,57HB?8GZL`>10!2#+)-5(JP
MI!NP&1&C:ZJP3S28[W"P7-,D'^>C6=3V91HL82Q^5/6IFHUN-(=\`\]F$$+`
M*946V_-"G+$*R)7AZT`&PW`I7,SL=-`"XK!X.X/J@.SM"$W\+*'<5>="%$[(
MVB0WD.2-Z2Q9/U`40*"'7O0=%K=1N,0Y0E_FQ(L;-I%-1H>0^4KM`0=(:Z*&
M0>H=+T6L!G&!MI)AI&YT5ZB(V^,]1P8OR&B@Y[MQ-X@V@?PR\I+#5"#/*B<6
M8G64?OS:@LTU)*5VP,3%]'U9A9V,6M`RA.K%/L10#&^_%^F8V))#E[E`2Y,M
MR]"V*7K&2';-1&ZQ+D7D$,WNA/?SY;F2>T+_'ZAY<I-(KD+7W8_!&S]G7!(W
M6+"H.U&!H,2LI(Y(EQ:RD:.!-+M\J(D:\!6T@IX\J@U'Z8,JKFB-(-D-;6C#
M07D[^D$"@#`P5_9TLH00]+1LV1N"1OV.D)S&KUA`D)GI=7U.]+S>0!X-A1V)
MBI8YL^#"'N59MUE<YDC6OR'AGQ%;%D%&_'2K5>2:;KP^'1`-4O:RRSX>Q!3%
MNA^U2;LVWIFJ6?!)<:)A!<)J&L>0U?U>!+'BN+41;TY<8>]0.J?S"FR5$8+7
MYO'Y3GYTAK'PQ@J=^K62(!.DY%'F)CA05)U<KR3[@*$XFP[A9$NC:&ODF92@
M/&BV;"$9C\ZHRGGM3)Y*(0<,A.=O8G#D9$S.H)%G*I?JH)A<:L@@H>,F$J9[
M'R*?M#F!QYFD2%YV^@"`'?)[N&XZTU:T(-``B:^AE88@L)0`GQC_35!-I!/X
MXO^K:(A8OPMLA5HXD4N]H@$0T5V&V`1].#]J8CRH6!0\$1>:\P48R-S/#3]=
M3B'&L"=0(#_<ZC(;E:>X`3.Q"4:1;PKYO0C7(O<$`Z?0]*\B[4M]Q14+3>J_
MB1U7!9WFPWCX?^T]:7/;QI*?]U]@MY0JN4+1O"DY;UTER[*C%TGVDV0[>5M;
M6R`Q)!&#`(-#,O/KM[MG``P.G@(/B.,]2I'(F9[NGKZGV\;^$1X#C=TWW7XP
MQK04$:</:U1P<W.0N'0"-B\3LO"`K]%J0O=?'V-4".\O@H[$&`02CV'=G&<*
ML/QT!"HVJJ/=9&DU"`M2$BY4CE*)%;QIX;9H).BF%W$V8@1(QPP,@_2=`(0)
M"@K7[!/;I%89NLZ3/R*,C-#G=SEKB9`,K(V^$.BFTHF5Z#V-]`@$;T4T29[X
M/7P+DR15^-W%$@D\82E:Z$I;N5GM+8)3>,G@RC/@<RL`,\!F?FAYZ@G@C`1P
M,G^'.\YQMV=ZOBFP9#\XU_&=[?2FS7KT@+,>KQ"C>)'1(G8"7[!_'+J4/6\+
MO7CX^)XS7-)-!FT,_^>1TY-+PIA'H@!F'"_4+2Z<R#0$AX'I+F*<W"@1L^QK
MH1\*5#(QD9B(@LGH$Q^:8%FAYV%DKD>VDL,C11B`$MQFVH\.1I,D;RA:*9:'
MOL_&$V1;S(;I?0Q*APYE'[#DC!FIC2BXFN56LE6`V0%DU!?Z@"*#4C@VMJ@-
M?>K-\XS`[`/MR/!A,!BX>$!$+MA`I![BT[,!X!E]6QU.C]&VGI\)&PLRF71O
M'==@<<18D`07_BO`4ER,;+T'D\.&_XR=X_1U3`D`#:Q4=X@7?HC<X6>O>`;M
M67YQ\*.!'9Y-".8(#['?4$VAZH%[LG0%T>K'>"%Z%QAK!5,<I8$_,KUH!9%E
M<9GD><0GG$QT4KUQZB3R@4-VBKG!-N0UTAHP81L(*B)8@K_"`)W-AHYO<G\=
M.2ZSG+PG<A;WW6?"MQ0XX7HB8H!R#]%C8CJ'582S1.:;G2.5@0UA2=.E(GW8
M55*C8_T[TR:B5KHB*?Z<94(.\<A6Z$5FFK$?&8(Y[OP@F3V3KH.X414>$/EA
MHGD'&N&HT:ITP/>KU6H9E@,>.&HT*]UZ&_^,,B;I-25=1?';>B;6!S2;Q`$\
M(FM`OJ,G:1NX86C[I')<LBLOQ=-2MC9I6+0)R9KG*GE514X>_U&CPT]*)V_Q
MGW/<Q5R!G45$XN1)2R$2>"0>DY(1925W$CPZUE$C`BH6IK1"F+\XJC=K,@4E
M&U7(4QZ6XSZ$!MX'[)Q#RX7D2Q["<("5;<</XXT(R^`D%-W>B+&,H!8.%YR.
M*CVT*&?@"/]"W/X]-SZRUBXV*"%.D>M<\LS7Z!N2&1LM1V$;<YQ2)%&QC!97
MRR07Y)O,KHU8#BE]S"R]T7J6WO\NG5VNEI"!SFH[O$S$&KS>40='6]@M\U/_
MJ:60%4/&`/8*`]JD;B?X%E:H4=S.-8C9)/V4NMD(R@1,77#4+2;;PO!W1F:5
MR.`E,G=I@N,],CEQI!.8Z.6.X^H(;M.!Y<W#ZABKRHB)#_`-#6M8Z1MW@<4X
M3NN=VB_PZUH=F>B.#7$D!+)0],?[D]^K\`<*%J8BS1)P4:I]1(XGWLX>2YH?
M!OC2>)WEV@KYME,TDF(1X%A;EC8%<SC,-(3;Y),TC36IN$/`0[I4-X2U\2>8
M582\T*!=M60DRREDP\0E`;(-/#,\<L[S(;QV$<WTD$:_A?(SO1BB1(C14.S'
MA`KE?S6Z$R$;PF%PG'2&)T@=FB%S<\,0L;T$`MP,;'A*#PNX*83MP#(&\_K@
M#/(]*&I<1X%+YINT0S9WFE^ELS0>D]3,(#4/BUJ,O"L[RQ'.!+QH;E#RU"C"
M5*$2%#UN?HPY0^!W'A6$C]IX2=-I/M"?@4NXEK[Y2KXI-D/#&$-AXC*`89D$
M)T)+:('+MR=](R,9EEQ#5#T950R,)()=M$!8DQ/9*3F9,RIST(7(B44EPPH?
M6Q<BKB_78^ZY>GV@=#?>A42&>YD2LHP$00F-+@!/!BZO$[+)B(2"B/WSF!$C
M-P,=UC%]*AND\;P`O'FN'2C<,!B`=26X!R\.&H7CL/@-/\^25)?#VO%3?%%1
M(2IHR1IVQ`1[/V>1W"4X%(C>*!$[2^AF;F8>[&%8G[XA#%IP=X-0PN7$/,+J
M<7YIJMJ]=!\DK,:1<W(CL-8D=;TQE"'\:K%;\@;@![Y>70++XK7FD<!8(4K\
M$S91%_J%\LKBO4]EKI>1]C`JT0&PYNZ1$A48)*(WWAQ%T?OR;)30C#JWP4*6
M8P]/<`V#DU;R>N&OCV%GM0Q^)<?6P<@%?R2,(@B,;LW'/L^1'3.!XP(#8:HM
M\/'OF93J((R[PQ<)N0QC,SP#HR'IN0/J``7_CLRLW)!\0HOD\AQJ#-C%9;`A
M52+T_2#/=0\%,*6'.-S<B9>R&88)5\ZEI$8&0_%E3L"4N-#R'=[KY+YXT4;W
MATL<XC@3D(FJ-W%"N!6ZI#O&NL&RV*5L!$E47B(";F-J![BQ`7B5Z7U'>IJ?
M;0=#A"CY@!,Q`&]AL]](B@@K(R'Q,_Z"S(IQ;G`Q2:1N<`4_6,B.+936#)/S
MT0P"_G`*C<+E']J4^J5#PG]^:4\=&H4_=?AZ?G=U_N[Z4KNZ?;B\N[Q_T"YO
M'ZX>_JBN=*HRO4"0HTMP([AE+.PDG\Q\G[;GI3&\["*#NFPU$&HX-N$UP,D:
MFRB,KZ,UD$5>C_5U\,Y(&/':CYR"'R-@PI]:*L2-61_K45B,O.)89$_P^:&L
MV"*]C?8&5TM>143;9'1@P(:%:ON)4?+*`..HGU-%R./#4<L'PNW8\7S9]<`*
M98"[3Y(8(`,E;COCS,,)$+D4_P#D@MQ'$X*;C5YBA_!9!XA[]'[MM*4FV<^Y
M=:VSBB8]W4IGW^)2[DI8,@M.7N2A86;4PXI4_F5N)$>5Z7GA;\""15^/(')-
M[[L,,LU^8D.3A<5EC&B2HZ%FUJK)W)E7R@&D3#D14LQ5<WIPM3AX0'6]YSEN
MCY0I(ZN)9P"8*%E+1XZ(^KQ$(;+W+,IXR(XHK)N\-8":5&D[7"-=&%^5L'Y.
MJJCC-7?2D?#O>`I8-[E0/H9R"N^J&K['SPO.Y-VYL&(-"8$<G:AE3-=RI;@J
M/K<SOUJR(E_G5.`BLQ?>8V,1`7/=OC1)5Z)B&EEQV1H6QL4TE(F%)8@D"<=,
M7"NB1O*$\VHBZ2[U&-A:LA.6=`*S0:=9A9%4S!@6,49UBY4YK)`H6%RV0G$F
M%Z"K=]2JM&L\+X.Q%=T;$53Y=9/Y94@R3+R2;4&]Y`Q%%\+3$6FZ$)X$_/OF
MFJ"B[XMF*=SYYJY5TG&0`B#<!G"S&E9*(89QQ?A&Y535BM`@UF.DO7W^B@)]
M9(3JF'P0)_``+N_5FZ4<O?4M<YD*/4P-NB=TLHG'WFCA3\*`1PK5?OI%6Y9:
M\^SH)2QQ;L[/IN7B)[M1:/SYYKC`:^1CU"?^3&NRB+T!]4`P6^S>S*&6S/<N
M#C/X11,$#&%\A_890JJ1Z,LAAPQQ,B\["[27A+4^5N6Y:Z`M`7,FA;"B.S;3
M3UKADL`9`.8A&`&V<2+2J>ZP=]QHGE;$_[V:2_[9#FBG]5-2QEIL`#@-*8O_
M]49K5UL+*(L-C$1Q,OS`XN95A7G*S9\VREHY.]9S,+.(6XXRH*V_?3.U/TF!
MN4BH5QIGS9V>?P-D4(1?3'@P&;NU,A)^4]+QV\CTV6+;8J;N6%X*IO#`VZ]%
M+U7(RER+,%LQ>Y:@\C:VSF?PU.;@%7=;C0*NV78/K>B8IF.KTFS42D/'?;7?
M"I%6GW/SQ$4G'`Z6T]O-2KW96A.=2F;M$R7;E7:C61Y*EL.NDN(&2XFOK*$E
M&UCEBF7D1.9F1"@6&^/[`-<RWFFKW=E(J&ZW?JKBG,US3J>(N,8N.:=\9F2(
MI4:UG17/]4:UDVM>RJAZH)8:FQ/1!-D6S89<IB8@J$;38DMQ4]%1HQ6A6L[>
MZ70JG49[8T1;`E';DM:*B3;&1-UFI5/KE)R)UJMS*TW&=B^44,&Y*!%\E1XA
MS&(SE9!8:OO5$Q*MRNFIRD0=(.&;E5JG54;"[U/$9%6)=XT/=[`J4FJ(DD6Q
M"ONM:L%TSRJ-=K>`^Z3"M[NE8Q/HV"D-'<L;*U@_D)MCK*F8W%['Y+KU&5Q3
MGJ"<8IW=L$[[M/2LLT_FXN9CN!N6SBH&MZD8W&FKTHQ*EDL:@5,LM%,6ZG8J
MK>YIN5EHO2#NSA\K)]X:2FVHP^>&N<^ZDHA)OE**6NOQ=[@S6RX18^!#SRPJ
MY5=0O+DB[]"7?FNLZ4.7\;?%5>U#X**5GVD"R/OV.3G/GP'4^#TJMOL(7"_Y
M'#I<0\"/35VHM:N?0%6J!;]X'RKF+*6[1U!'I/@9GQ=,J.54YJ%JCTT=T<\$
MHRYQ;_APH3FX2-U]8L#9G226[O20&9IY96.K%,>='NP`3&TEDZQTC2&:A3>&
MN+K]>GG[\.GNZO+^)<^C#&^&R3SIV68\10U$42^POD<-U[$V-K!Q!%Y&8.!,
M.S&9Q15]WXVPX96%+1-.G`%8]IY_XK@G?,90);_I,7Y(?MJ.K1^U@>EZ.+*O
M(G["'NL][`A:C0XQS:P4M1V7GZ0N\PAUKD@J55)S=5=LL<>U%:OR$!Y4JH>H
MZB'JNLG_1J>:1]H$GCZ8MNF-0.H-'<=0F?_G;;]Z`AB9H(`J7Y7Y+QOASRJM
MQED9"5^.4.X\`2@CX9OC?N=-GQUP.KUT$W250EXOA=RJU+H%%#2I0H`=4[%Q
M6D!UDBH#>)Z,NM.?HLZYV;;UBKG78^YZI=$X+=N1%14S5&PV#UY$/:=H<DXM
MTBSW,8&*3_&L]3*%)`ZOC.1,FDQ5,*54!=++9IUZI5:$'?@2"Y">:QTN57K4
M.LTK/9J!E6?\1-5+Q=-9%9MLJMBDWJJTFD54W*MZI8-EH4ZEWBQYR=OJZ?2X
M9&1>X<?;<).H3.0]..&/-+?OBB8,4I'*N6W\RHPA'/X\:KA_L&4D*VC5TM60
MM`JO(7E_>7?U]?SAZFMI:DCJZQ;I]0+/M''&-=5_Q),I1+5%6'-&0VFQ+HWZ
M\&>0]JB[)O.G?/8@%HC0+`B`DP^XP&H-^H4\T[8_PKD=J;Z2-(QO/'8,'$LW
M<<V^Z'T>E0;B1`DO.6IW[-A4?I<Z'7Z-#Z/PQ."-N'U^.&/7H^$,-BT_Q#;I
M."TMV_P<*^'2PRTH-:&/$133"_\KGNGEY;7<#^P)U@KV_7#V-@[>B(#BF./G
M]1C[CB-284$CZ.=./9?'&>@&W&*/B;%1X>023HE'!Z>ETG9\#@)6(Z87PW),
M/EP$2<6'"VQM$.)*S)NX:<FIP1<1Y]P!L0C>U(!A+?JL-*PW7HD:0'^PG*<,
M@Z,F83,&"TLKR6P9T$"_2#.EP3=C385T!@;R<>(7M9X>``@>#6&#'P.LON2E
MJC1OQ]!ZT_1B$HWS;A`V_P]';0++!1.J07UBUF/.(#,Q"!O6(;M&!@Z<+(]X
M?6#Z@GQ>_JRX><P9"PGD=`)1/D`\FR]<+*QAH\$T])UP8@F>U!2#39]&.#U=
MS.#HL\3\UW@MG`B(TQ+"^7PTT1'6?(U32:-1FE3SZFDXW!MX,!1XX1I`'GY1
M:)*IP7Z<]&A6!3\*(EM`3(-:PUK<.>,N1L1=``8H8G/"![KIEA@6*`Z/\S--
MVQR#;,F.4(EFAHO1M0O03X!FA7A$@W"B<<R]?%!@C^;EPO4D$'-&9AI.GUA:
M3+`/>3D^H"'`@"5)ZX#H9'PF8W8J<6]*;9<\+QQ2"8S7DR0G36N24":/>LW1
M!2ZC5#(N%E\0S@5>Q#)#'>_ERI-S2&03Q?A"2/C$02M93GP:F?T1(L!@`ZJ6
MI)G$B&&LLT9*\D_PWX6$H.KW)/&Q%MP9#)"S\;-4SV[1\)"0+2JXC3QN<CP&
M-01(LS*2A,2'1R.AJ/0(0U-&%0<4\TKQ$<(F1`0?3QR5PB6AH@F(B)=HU(L\
MLXF`CGA)JKY/$4[FP!R.6JH0O1`=M=XHET4Z*J$\;AW[Y'U\O225D])BF5V6
MTT!IE4/>CYF=A"HIC3[X!CI.DX\'U_8=EP]T#P437%,J#02&RS(Y&%8TA.=)
M=PU)L/)I-(Z0X(@/4UAU7N;B)5C`94G.,6@IDM-@01%32(.,DQSINTPG7<'-
M1V%_(L<GQMS&\\4%L)$>"1?"F^0:O+X9^5H4*VO>B`FEEG_7<D8P9V^:3$!I
M&1),^-FC>K.%LXQR)-Q1XY2F'`E!P@\8C@O-.6.&\FD"S;_OJ2N>IAN(U0D7
M@!97*$@Y_B8EJNYVV5CG0X@Y*CV61E`(T!,J]Z-ZI=,59\3SGE7JIYWPR'"J
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ML5]YV4^E#E3J0*4.5.J@%-A2J0.5.E"I`Q7@+2+`&[47+(:.!81X%0^5C8?J
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M=BV18O74YNUZI=$]*T!C*Y&EZ+A[F;69-.FR-4.S!=<B#[94`9-U:R++.YZB
MT:V<=4\+N%UJM,GA\4[]!?!.66Q,975LU>HXPXA@$;RMZ+AS.C:5];@_UN,U
M-I3V1H[K\\3Q!'XJZX.0PU/YQW(`:?<Z?Q./TA73**:1O[*O!N)2T^^6BD3&
M53R)`&2AE%*UG6M`M9R%TZQTZYOPPM0<NP-BH<YI$49RJ2J$\<?M3IR084UV
MB0_K@3Y%T=1K$4V]X-%4/,2<!O$XPN9&GR8QAH5KE=2`,)^/!Q#[)>:D9"*Y
MR=5X6)?/"'"9S9YT"^'+6XE_5!OH?3'MB$85I)"@VYH^'+IL2*-%J'%]//;H
MJ%6KUK2Q:5DTDR<>4*9GY@XY$S&O`"=*N`:VPA\PG<8&X7P$OIX>3_B!3Q[5
M8?7T.F(S?L"):^)@C?0Y"`P:JA/OEEXGW!RG0+3C0XAQ%JD5V8^)B9-MG'1A
M;+J,KHW#:L1T-=C:#>!+-$.&#Y%(+IL&B48IX4PVC?T5Z#2EZ-A\%5^T:(;$
M"<V00(/``#32ACW=_IYDA$^#`<!A:'>XX/'UU;M/=Z\JVL0*L,#7?`5;\8E,
M)B)J,K'`',+:#'YETJ"YNDT#!GK,?V+,1HE1^XEF&33QIURL9><91#1$\*TI
M8(9&<!$?#QA#!JS1PN%`(LYNO6D\O2>UD/[#'`?C<.<8TQ+E^HP9?(:'#E:?
M/L0Q5::5NH/`2#:./HK&:52CVC\`2K<\K%CY*S!=/FYOHD^U/D@/D#GN-,42
M<!`QG.G'A-D>S=KQG+Y)Y2Y/IC_*8P5Y_E.TDNEY`1_M`?BPF`]D]N+,36H>
M5@QN"AX<R>'8GHG$Q9NF:T=-&O,14L%C[J.)A=@(>G+5U%*<)EPTI6^;0#$?
M%T,#DICY2!P%$'\^_YP6*YY\TZFL&XZG6]7$YTB*;GT$D?@E3B/#=6NS'R1D
M-40RZ_;-<;\C8B_TB>G#.1=KBPP3R-ICF<%10IUP.-+76(#%7P'`MXYHX`MQ
M`P@2G,SX)"#N"X@3.D9:2?!@ZO>[H=?L@%D.?;`.[7-<AW8GZM`^4QW:(O7]
MR>:(SMHU'/.UL\JLB2[:Q<AD`^WR!^L'-%<&Y+/99VX&LQ/7>33IAH$XHXE*
M,U3P43TB7E9M#T'UXPS.-#TG@8O#1VF:*`I'/M:(Y$(VN!>`^.H'+DWC<\8@
MCAQWBM-G&(DF&IXH'U?2?1E%R8>I3733D&2M.$NH*&/]!Z<[K=9`$4PD!$DF
MB1V,L\.=:(I4--LTU`6FQR'.S"$%G><ZH#[X-*FC>CL>A=2(L#KCNJ66FC7%
M*36VZ9RDMVPR9#`>SW>+ISE)%.^V.61/(#Z-0,QO%,R<-7%PF<B4'*.Y@_+:
M$`A.`EV->%OKYH(E3-3D,@C'('#A#VZ\$]RJV7VG8*7F$C)>?A:8^Y;O;<01
MT:N_^_Z(&8'%/@WN??C$"&0=*,Q+T-K^%*_]-]T%,\;W/KEWZ&UY!_<N<(5X
M6.F>!78*?Q;X[?SN[OSV(1Y:_?Q0Y&9]W'F3?Q>;-/(!5K`SPJ&&3_QR9=<2
MUQ#$`W/[)IK[XJ,>-X:%B$2IT6@W*O5:7?-&.CE;:8E-XPUM0!/>61RE1B,L
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MX-&8/YAQPB=[2V/'H[&DJ`^R8XN]`*-3J$,P\A)^[:C>JG3;/)(A3?:6XRAQ
M(`7GBD<[QQO*ZS4JG1K-@M6&NF4YMJ1_HG6B2>0/J:FV3Z9EX4!O3_=-CR)J
MH#J=8#AR@L3\:RDH@]8]>B@`.]G?Z7CZ`D6S5T[U/4WK+H)SM)F\0Z^>N8/G
MB/'@6<Z!H_T9NL*1U4!Q.L$^'LCMR&;Y*\")Y]A2),5!VK?W'XG(*4Y\=*Q@
M3%..#1SG2M`0H#,9C-0(<D<2)F05,`C0XYT$/<OL6],3L49B]+EF,$SXTD1S
ML$:`<-]9YM&Q^"CZ\S0E78S_-5W)_93GN9/K)G=Y2&!=-7I8I='#.D_WYRU;
M[MKJXK'Q@33&9^3P[9>#*/IO@?[/;601PWRQ=EO<?:T=VJ\V!=UV;D^-9;P*
M&;)+KF?7M.3W&#_U6K:%Q\;WW'$/C_3^BZL,.]WV#.;?=]IO2DH44?2]Q7JK
M]21`"B`PL`OA`O6<[>#*E,].NZ5GG7TU./9=K&0Z_N?V1D\"^>#XNE7\Q59E
MMX=2=ENO=#J-4C/0>J'ITD1V-N'8JPZ>VW+@KT3LE((\6NS$$S-JK_.1?/R5
M0K&O<@1)*15OZ&)WEVA;V:HV%["!<+&U8Y'*>)7/YB_:R]T$&*M[N_5:LW+6
M+7H`><FMU$TT(<R_%"D\@->I'?OQA5B1'#NQ@W=D@B_7IB[S.F-_3USN]/RU
MZ9M#&LF82*-^Y%6^<;I5_JN4>I5*93,X-3W-"WI_BAJL1]TUG<#3^I9NCOD[
MAKY<6",RGEG\XBL;6W=Q.EW@>E1AB@G97N"9-O,\^7&0/W(\%G4`]9TD':WH
MJ)7HVW+Z$I9BXXGE3!D["=<8Z_0X(OU>`:%WL#C5JX+0878BJ8SO.IYT_@)(
MY^>%0V@3QP>SQM0S`6KZ!!S#Q_<<#/^7EK/,[\PR1XYCT$*PL.4`P`X6Q$ZH
M`JFJ764J"6`5$Y.\3H\7HH^H]IF^2;4$O'Z-#B`]A.'/8E*'I"_U=1N3RB[3
M/<>&):<:`Q;#VF8C^;1,K([5TIJ>1KS>XT\ZPL)G7!JAC_Y#X]74,>#\@UEN
M2``<@8A?G0=E$IX09(/7<@E\<T*9@SSD9XB7P)'IR3L#;?B;F!2.3?O1L1X9
MLGU@&0!N:BF$UH4=D*-,(AT#'A+XMQUDCL"E5SM)Q!L.2Q>V(#KPD1#>/&(`
M^)BX-A-FTU6QV!"+]ET'7S'1V(:XF$!"]TA_A`-$L&D#N(IP7>$G$W:/2@+R
MWB4D<1X_+N0<Z&6J7W,+`>*RQ]5J\MZ*9:.2O@^ZZ7[5K8#%'UZS3GNCY;1S
M5-1I]3\^G%_=:5_/K[]<:C>7Y_=?[BZIP&Q[CV56`SV$_('>S9DNZ``@@#8R
M@17<_FC*7UF"5/Y;7$'3G@3`H_1V+U->BU_FBLIG_9%M_A60T@#5PJN)+?;(
M+$\:-_(FL<`&ZDPV5Y%9WZ]Y/-6<\LGLES=4FXG?131F\'HRT,>F-7VCW4_'
M/<>2UN"&W&F36RKXV3D.\_HVY2)K"_]=(U=J]>1CKQZ^C"2V$QPO_S6P=0-7
M#A\#R:OA3O1H*BS,TGD1%J_?HE?6FHF5^$AY,B=\3ZI<E)<*E3+(SQF.TMY$
M_79^S]0U*\<U:RRX9F2RHTEDBYN414-TM<1+?[ACX17FIA3:]?'"@UEV*OZC
M^X>6;&P`B^I=,#A<L'0=ERLTJC+-K\'$?X;NZ[_D%R"KFZIN:AEO:C-Q4[_8
MSER5&'8"R.*"^U98SNR:Z%L-P'*7+,6Q8Z!-^$2NE&.36SEV7)9=R(,#F`/@
M#_+4"`*\ZH$$696>K\6&;,[AQN`&@F=!7HJ&(89A8N$@>\Y*Z"RG[SSS^JY)
MK4U"9S<$2[B5I@W"9\S/219S&._(K`0(=R;R$N2PBJ83NN4`E"2!\B%!G][&
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MBT%FYW159!Z:"KXSO>_:`/.?48,Z;'172&A/\2#^JU>;376A"T-F[6P/+O0^
MJN('',!P/&6Z6TQ9M6(X_->N=@J>/7+H^#Q;'9^'II1O$I%W+#/$+)6ZU(4Q
M8:VJ5')1R&QUJZV"5/(>IN-X[DQ4J>H]YY&E)F*$=<*BNW]4I9@>?^%39[8H
MC><[6)9[5`^[.Z?;CHE^SPWJ@YZ""3Z<B316<S!9VIQ9=#H\V5)),Y4UV[>L
M6?Y3^>CMU8HO,U4NK6"-L/6L2E&<D+&45)Y-<83*P:D<W#8A72YM5*^&<TL5
M,K>/S(,)_*D<7.$YN%,5'U`Y.)6#>S$\6*_65HQ1*63.1&:M>KJB=#P85:QR
M<!N),%>[]5E@*'RN@\^SCLK!J1S<3IFPW:EVE$HN"IF-PFSL`\S!5;J-[NPL
M7!9W\(W.692WFYV*V^-<7#(%]XG>M;_'-[`Z]8.XLCW?#9:;F/20,T4J;\PP
M?SQOQ)N8\2;80,<S<3QOBF(T_=!`"3QQ/%,\/GQ(4YGW7PH_FH$F^BH],^R%
MW(0(BIMA"/;*KA(M$PXEYD]H<2F#X>M<XCS="]_Y;W50^#P!1FBB!Y4F]C:C
M#*@7C&$!:I@C83#Q[+B712"UQLFY'<?4<RTUF&GI3&Q^OG5OFO>N8MXLV[UW
MI@`O4M'DI%]"+3.G76^1T"SNUKN1IU@IG(K[6(3)IE`JH[2A4%HT2@MIQ*M0
MRO^M/ECA><[MYKIOS\*6@7TRJ9W"&RW`:9V6:8<3!,)1VB=UT\Z,I9C?&>8Z
M[NGU9DV&W(J&*U,KXO*>6Y'RQ9Q;D?+%G%N1LO3GWI2UL<[X@K`>6*[ZDV*1
M"Q`0UFX?U\-TUW.P+V!I9N=X;(K>>S*LLK;R^(XHLM;X1<)'>E+[CE"S`0HI
MGE`\H7AB=9ZH5TY;!8R(4X17A"_Y;*?GAF)R(FDY%M.\Z,I%E,OJA[/DCAN%
ME@FIV;[KP;7X.C4*22/D\I`:"OV2&6?S1IEB*L54BJD44RD5MT]QM=EC0?/&
M;(<YN]-J)VM6SI@6(2.,,IYR^FX3I%2#W->`:JD0]F:NWA;GN"O^V2G_;-\>
M4+QU*+Q54"!),=`!,U"G66H&FFE7\C]LZ*U$C?\/C?-*F8EG>:P:0OM_T;\$
M!@C6312BKPIG!.AQ_95V)<W)XP\$I+F28J0W/0Y`CX8*[7NZA4.,TZ?V1HS)
M0X'W]M"-Y*'U?M_%KF<+CIUB9H&$U*DW?.:U7AQX\9.#M5X<9%[7Y#\Z6$QQ
M]>Y@TRI-E1_S?^K=@7IW4!:4JG<'ZMW!<A3=Y+N#<QHTKIX<+-[ZA5;$*E(J
M4N[_D10I7\R1#HV4^Y0:S7MRD$T7KVA.))"45VE7+Z32+JI`7<K$W1S72'69
MSZU.*#R(+!>M/K]$(94I;;5F6+!KXV^MBH4-T_7%\M<F8-P$GVWU+87B0,6!
MB@,/A@.5CMT:?^UK?&T7U8$\R%:$$:QJ)[95.U'45535-X?*0:HT4/&6XBW%
M6V7CK1>@^68:G_P/JFRPR++!?N"Z\&5-)RMW3@E=M,Y:-72JBFS3(DX5D_!_
MJHI,59&5!:6JBDQ5D2U'4=6]5E4ZJ*(514I%2D7*%W*D0R/EIJP-U;WV&0G6
M<C4G5)U*%4\HGE`\L;B)Z5G8&D<17A&^!(3?UU",ZEZ;O_=AM/9KUVHSV*0\
MS?T4Z^R$=52K4<54BJD44^T:KL-0<OL46U,=;#?#X"^R7&]3ET\5?!X*!ZEB
M8L5;F^*M@L))BH$.E8$:E5;)&6BF9<G_H(K150_;P^EAF[QR?P:>;PZFL[Q>
M;&K;'^GV,#Z5U,C6&=!O+ISQ1+>GD1'3_<5+UL:&JYGV)/`]37>9IGNB6:ZG
M>MIN)0DB3M/-5HNTJLV%FO,=Y]=*MB5Q`4HK3I7-=Y-?8';P5&4'M6=>C&+#
M._.O1`(/HH)*8S^8VS>]M:,V6S%7RU06>%RO-V:MO=%3KU@)MZ_Y[L7!RYP,
M>"[+R\@Y-]!6X$WK?4<V`P:.2W;`!!2@8ZATP:[A6JQ$FH4\6E+)@KF>[1HJ
M)3*S;G2W/PIMK,:,:Z\")OL9,"G_U*C5`R;_>!UX)T-=G[SY`(KA*^J%]Z;7
MMQR<=.(]`,SO+*?__6VTS3_"SU_JK@W']#XS]WX$KF'T6:JU@O^X8X/__J_^
MZ?]]<)UQ_9^ZC3?BP6G6X8[@C__U]GG>(%G"XG?HZ^4XB:NZVB>^,^'N=O2;
MD(B9$3(K2"U8=3[KS;;S9V[[#-^!!T_F*<"SZIIJ9N:5OSR_N[VZ_7BO?;Z\
MT^Y_/;^[K,Y:9<^B@3SXLF3X)1%_R0P5ZCOC2>`ST%Z>V==TV]`,TPHPML;$
M74)3+$D.#Z]6,M12`<^ESP`J^+#XNZ'[>AB!.=SPRS.<2?X(>EM&X;8-Y>0;
M\7H]AZ#/?Q$N`_PP<AG3;H#X(T^[M#'D2I91?)"TB;1%\U&QR5)LDM=*H)"^
M`0F8KQW/XQ)*>SWC6+?!F+FZ[[C%Q!8.`:MDD'G:>V8[8]-.X$ZA;C[JP)P]
M(?1IYV-P,/V7$5H*WYQV?EK.CDG=0.9K%E[4(IA(@-(^N!=%Z?T7AWN.6Y6S
M=K-`$-;`0(&OC,M!\DV`L3KI7RXR%!<<"A?L4ZQW%><=_UTSSWNC?7;9@+DN
MP[4PLF68CZ;!P`<O0"BJ;,FFLR7'S7I[8S[#;C3I+IFF3*GH#;OAA_LL2S'!
MR\F9;JI58J*$(=D@\;1:R\FQ\M_.Y>%WF9@Y.J1Q"#Q=?K@TE;?.NH=T:U2?
M-D5*1<K#).6^>G_+/PL^Z5:[.=J*_W:>2X1)#4U_U$V+DJV^@ZG?L6-S+W($
MFI*YZJUP+G3[6AMTW*XT.J<;\.#6J0[:A"=9?M;9(71+L=!II])H-/:$A=23
MSE)*H5JUUMD0P38K@V9:`_P/,XJW2E.LM+)E\PP#YI"*4/:I5FG5L39%&,"*
M399BD^V4AES98,8S[1C-^U<Y94D*?_/QIZJ25%52P55))EW)YXNO4M4F[+8H
MJ7Z:YJ$M'U_5I!0(QJ'5I"@N4%RPO[%IH?B6&B*81(2J5WH1]4H%]4]0]4H'
MG-Y3]4J*"52]4@Y.5+V2NC7[=&Y%RA=S;D7*TI][7WU"5:^D*@76J!1HG+4V
MXTNJ@J5#*5BJ-ROM4U6PM'-BE5D,U:JU/6FIMI6"I9UUFW*9]H3_3[<U?3AT
MV5#WJ<]WL]*`:URKU<@7/:W4:Z?X7ZD%)HX/%H2I6]:4^ZOF(ZZ'%&;&B0[&
MCCYDW''UM('KC+''&YE`B(:48>"Q?N#RANI.X'L^;(Q-L'0/X4DV2"2@L+2F
MDB4`;#5A?83$FE;QB!Z3=Y6WH9/;CI^&!!NYF\#3O.,[6&O]P-)]!"9TRFW1
MV4+JI26ZHJ8PY%.5T)A7";&X2BCG*'A26,!T-388P`F2[/_D!):AC0"G6H\Q
MH!;@_23$^1(-Y>.&?3,;\+WE"T2=^NZ8A:WL/^NN/WUP==O3`:V`FKC1WX'U
M[DM=\Y?6OJ]>2X]C6'K#F0KF[O+Z_.'RO?;Y_.[A#^WA[OSV_OSBX>K3[?VJ
MO0)W)%CKZPA6W-D,00CPASC#]C[,K<53H.KTN==!^(W7]%UJ!BAF+<#%3X^4
M"`=1H/R8Z*8!<LH;Q9D[E%Q"%*+\-'V/C@9G?I?%;0S=/>7_X`M'S7J;Y'_8
M[7F6)$N!E9!K(8R]`&P!`!%D+<`Z38/J#)+,"'LWEMH[FDI`@CX%B82Z!+("
MF]`U!U-9!(6HR\54MQ+B*D]7)8^&`&1F*FQM"LIJ9L(<=KX%Q:]]UJ>AWR]4
MA4:Z8AG&SJ(X02[D%(:L$FZ`_'LQ,ME`N_P!"IP,C4^#@=EGV6)`'\<KHK8^
MZK9K,^FR@!2QC61Z')JQ[F-O6\VQDRLUJSGR:*^I=P%*/+#(H#D'FX]ADW>9
M:-J-V1_IS-)^`QRY9B:$LXB^GVP)L;6*,&^DT3$:%3=&4W*DI4T;B`W&Z!5<
M\@FC`!5\B<]@!V$`&'D$FGL2W$^F/TK>L13T8%AI8P[,G`$V[QS=-2))%`/T
MWG09;HW+3"8.P(=H&YEC9"J=3$5`)<Z%`,#E(\9P229N,,$#>(X[)9&#=B9-
M$9J2J&/^2+<=2YM8N)XSP3IA-+@JZ74"0`R7C`:!!Q^:=[;4Q<E<&'&12(B"
M&Q!BML?Z^I@):Q0O'+]&8-8%.AR@G@$+KU4UR6^<(VY@;4$-S:1Q`@`UPR6Q
MMRT#RY*.`.M[+%VC"HCQ1RBCF0YW#MP"GT,'D#PY[G<.-)CT+OY2_G/FF/AQ
M;>(Z*/?1U-9]308,S'C+B@#KF2=/C'VWIDG>`I'$1R*(Z4@ZE=4B,,`=KO/#
M!"D!CH=V=%IIUVHIC*;Q-4(6LF$I$WTHN-7N&%=R;*9-F>Y62$2-05_V&,!E
MLR=4I5-M'/B!;J47B^F&K.0%?;@F'IX$ECO!Y6C]969/Q:[""AY`3J?O^Z#G
ML;\"`.GR$7'V<KR%^J%W^L[:+$MO.--5N/_R[O[R7U\N;Q^TRZ_P_TOB(*P5
M>3GW0')[_<#S>(R![*EV4D>"["5+]S?39NXP(=&SAQ?*`E036#X4P>F#?C5]
M27K?@"!I<=MG*8,S%@,S+S)%#/[Q^D?/M=[28O\/4$L#!!0````(`)&"JT!5
M/;VZX`D``!!K```5`!P`<&5I>"TR,#$R,#,S,5]C86PN>&UL550)``.2=*U/
MDG2M3W5X"P`!!"4.```$.0$``.U=6W/BN!)^/U7['WRR+^=4BN&23#)))5O%
M)6')DH0!<IG9VMH2M@Q*;)F19"[Y]2L9PV!C&V,L3'+./,Q,C-#7^KI;ZFY)
MSL6_<SFE#C$D@$%-Z4T55/T/,_^KY)2J90X[*E(:F/%/589&D#_#(TCXS_SS
M`6/#\WQ^/!Y_4GE3JB("J643%5+Q0,GE?E/$GU_^=2%`J@0*B'/EFB#E%DR5
M8E$I%<Z+Q^>%4^6A6^4_%$NS+_%O&`B_]@"%RL0T,+T\6`*;](CQR2+]?*E0
M.,K/&Q[,6IY/Q`-/^_&1T[IX=G:6=SY=-*4HJ"'OMIA_OFUVU`$T00YAR@!6
M!0!%Y]1YV+14P)"%8\BEA+80/^7FS7+B4:Y8RAT5/TVH=O#;C#E%N2"6`=M0
M5QS1S]ET""\/*#*'AI#(>38@4+\\&$(TR0D."T>S/GX53_[F&J.6@33!?048
M8B2=`83L0!$=/[0;GC$,@8ITI$(V`-@R/F'(\J)9/K27O!1!A>D1.("8<J-K
M8&Y-,+F\09TY8J<N-:"#:\,:;R'JO`<NGR.="@S5-AQ;:W)9/%+""8-8@]I<
M3M';=LJ<^ZOX^\*P5`^<(6S>(G,T`_2@<7E@TUP?@.'?94HAHU6;$(B9ESE7
M(L?X=4![C@>XW\L+1O/08'3^Q.$X5RBZCO!K,$!^"U$%R67L<'WUPT8C8/`>
M:9E5`2%3A/N/P+"AC"'$`UZ8IE?]9>(=(R#J7$;^WQ7=>Z<:MT6>VJ;I])9#
M#)KS[^O$,M=HDED;\V<1#9++@^*!,H:H/V#BOZY9;VY=JFK9'*0-5<@!>P:\
M@TRFL47A>6UO+U44S9>KF9)/,\E4T^`!`>8?3^^@%%5X^M][W_"RX1)]E(8+
MW+,!)(ON93#M0UBRB+VDVD^(2_:QWZJWH%OZHA:`\@YFER!N7/8_IS*G+`%(
M9CVQ._*D".`^XC/KK"/N[U<3U;`UO@#6+4L;(\.0,QW&P/TYJ"SL)T![WBDR
M#G,AT</V!G5G874G#KT$M-?Z".$F+$C8)CV0EQ=D3'$XN\'3Y*I9)^2U1:PA
M)&S:XED<XT&Y",B')H>2%(U%XNW+TA6DAVBB0HU]3T?C<>F0*#.A1341Z"$#
M,01E!CX!*-NXP3S?:8&I2'9VD!GZD+).3,*U%I06^FE*.54G-M1V8T;A8#_K
MDONND3"VPN>D1'JIV;!KM:$ABGXM0"0K)@(MVY4ZGEJBR`J=;K>?<"7/M/M#
M?1#G$3Z06KC4M'"_"XE9@STF-Q$(0=JC=2)0!R'\I#P7.3N*D(HXK(9&2(-8
MV\'2'0,UXYK7&NW$H2WUDN.23#M(G8/1]GK>BF(IW9IDAUGJZ\`R>)]4Y"],
M2ADX`&6[#!7JD-.A.?U*VUL+@LG8F\/5Y4U,`_A)M_I5M4S3PG+Y7\'(UF?C
M<;]*S/I"P(;9D*8A(2HP6@!I#5P%0\2`E,IP&%3V=8QXR@BE*BS@3J20-F0`
M8:A=`8(1[E.>@-FF[03Z-:@C%4E9VV*@OHO)*@Y[LM>\!G8W"UH6<2ABC*">
MS408U+7$ZFMAQL?->^O/(Z;=K).)),N\4)$NP\O6$F13X1E=(O.X1=@BCL@S
M,1KXQD*8/?+HRR9R$NIUD/NV\*6ES;54IWJL9"F@YNG.;B+?M9A[E+U'DA)2
M5HGA?>]E5&F9>>0NYT7>=_QR5X<R@TZL)G6D.K$H;1%+EQ/9+'>?M,[0`0:D
M;3B"V(:2]BW]$)D;?8!://;MIR3,<Q,FA)3=Z^*P!>UP'Y*3#WHA]IWP%4I6
M9X;<8FIP[C/\^73[>/37G\_JT)Y\PY_/M+?34?_;%#_4['']E)R=_E%Z>>A.
MJ7$Z4M\*Q@T[S#>_E)M8GYSV[Y]5AIZ?7LVGVV[+;K]\?ZKC%\/\=M<\JSSV
M>E_*U=O2<*+VGH?C!_S[A(XK#T_U'[W!].KHI-1]&U;&W>_5D^IMO:OJ^MDC
M>_Q,.X?FUU>SW1T.VR>36J-WHQ?SOQN?3VNHKQU_!_W#>K6G5F[')IL\3^]Z
M1O?KT:2@%[^"D3Y03VKU)KQK=^HCK5LJY='Q^%"K/TYA_@:QNC'IZ[4_"O<G
MO=?OE1^/A^A[^;@P/7LY?2K>'!7^4JJ=MGMK(TF-<2ANGCASLICFFEQ)4HJ+
M`3`99UP1(U\V3(_=IKE1VX'.6CB[^V/PE;>LF0@CRH14(W@U&?+U1TJM*"9R
M]H6+F"J*RV3XE))T&V4NU347FP<07%2;"^**S0.*"M0MXD8073"!]&K"A>)R
M(`S(M,$'3G>7,,L4-]ND:P>*\.PX!)EE&E.#<Z/I&B#B5$/+VHM-F3@C1>^Q
M>_%/'-L4FX/<R)\`(0#[#_6%7)/:N-/LG7]'2DW(><IW.&9R29SS_1"9QX,[
M]MD5BE>KVKFM3SB[*Y!$-0;!9!Q'[7KR#2)ZM>:=V\(=9]&>K%!XJ??,G7!U
MI%Z?D:C95!/JA02N152X?4@JN(1!9;]@QE%F`$4147$R9=Q!)C>9]`)D3WS@
M@'V'WQ>:27D#9KV/1A5BKWAS.;7\5.1Z!ZI-A_^H8M>V'E@>`63,P)?.6[BU
M^PJ@2)7NHS%$R'IK)R%ERZ;@LY4T:T4_CQMZ3BO)4%P8U)[Y8C(5A?(8ZH#9
M[D/-7T>2T&S$2P=X%WSY$</6*M,'"K4&7M0ORN*E0M).OF^`GGRJ^]^)U3=7
MYL8A2+(C=J;8\'USQ+_7_;>+I9RTBT9\YYI:QV<Z%X.=LM?B[0VB]N4`QBHF
M!GQM+U:'!*2'TI#NI4ZO3J]Y=HQ5+I/8]*3.;0(ZNQ@HWULBL#^4WT1Q+.%-
M)2*L%^]CDESY\\%D7/G;3E^!O*7Z&I,'3"`PT!O4Z@!AL?;=XQHD:.1L"TIQ
MMG60V>Z3;:>PM72ZRCM)J;3AB$GYB*XM4K/L'M-M8WZ#6E*P%X[W7A>X>&2Z
MFCM-(U?E.1JW$PIK</9O`Z^^#4U2Q6D][GOVOWC$NJK\DEY]T0<ZCY8D98W1
M@.]ZQ5O#I:NYL[1V1'Q8+0*'`(E[(D[APUUR>60D^6U?"27Y8)J.Q_X\,R^D
M$YJNBN&@N9>5=ZGR`-R/-14'$3O79FJO3PA?`=QKZ.+LV\H;37:[V$9*\L&<
M.A[[<S-(HV+S_\-A6U=[$I_U*@:<%4J^01<DO@@':&:%^2#T+0KS8.I0V[7*
MZ@\;$1CZ!C@IN5Q\]#W8>=S0%CQYW08TK];]<\G3O!"Q%W6W3$PX"'VKO245
M0LW9V7?6=S$S2*H\!`#M98`4H5]?N2&(NI0/O\R-_UX/V=CE]C][`,7O6)"U
M99Y$C'>MW"2TIW[,+/C7(+0@09;F#]5D:'TC_(P#WR1<^8ZVQ`ZWUASL_$##
M#URBUUP,^$###YPMHEX6$WB.YF+QFYJ<5O\`4$L#!!0````(`)&"JT"QE(&;
M9A,``,M2`0`5`!P`<&5I>"TR,#$R,#,S,5]D968N>&UL550)``.2=*U/DG2M
M3W5X"P`!!"4.```$.0$``.U=:W/;-A;]OC/['U3OE]WI*/(CB>M,TAGY635^
MJ+9LI^UT,A`)26@H4`%(6\JO7X`/F93X`"E`)%/T2V-)Q+T\!X^#BPO@_0_M
M=NL"8DB``\W6<-%")_]UIO]KM5LG]G1V9Z!6#SOL6\-!3Y!]AI\@87^S[R>.
M,WO7Z3P_/[\RV$^I@0BDMDL,2/D'K7;[YQ;_[]__>L^-G!#(3;QKG1/4N@*+
MUMY>:W_WW=[K=[N'K?O!"?MC;]]_B#UA(?QE""ALS:<6IA]V(L;F0V*]LLFX
ML[^[>]`)?[CC__+=G'\0^_WS@??KO:.CHX[W[?*G%"7]D!6[U_ET=7EG3.`4
MM!&F#L`&-T#1.^I]>&D;P$$V%O"KE?H+_E<[_%F;?]3>VV\?[+V:4W/I(ON-
MZ2S-1`MXT_&_W/$`:[7>$]N"MW#4\M[QG;.8P0\[%$UG%G?=^VQ"X.C#S@RB
M>9N#O7O@&_L/_^0SHY;:%C(Y2<?`XJ]\-X'0V6GQ@N]O>[&7G0$#C9`!G0G`
MMO4*0Z?#?]9)+:7SLU\7U#GZN0\(Q,X$.L@`%I7C]VJA:EZ#-S4")Q!3ULAZ
MF+4>6-[]I,(\MZ5[#>CDW+*?-W`U+('Y)\.[:]LI")SWA#Q2>7&[Q3W8E0G`
M;AD'=N55$;^\4DX$7DCUHYPCOB<RW2CIQZ[LVKF)+Y+KZ4:NR*^QF[FCI.YN
MZ)*"6KRI1Y+J\ZEMN%,V,'>Q>88=Y"QZ>&23J:?*BGF76=(2/D`,46=3!%^H
MU[C2>^.]@XFF?)"V<=N$(^!:3&H%9J*^+\M`V.FP1SK!;SKKCX>-4[&S]A0@
M7-I7_^E()5#A[80500QW"-M+R\4<3BH@VKZ50.Q!TY["Z1"2@OC&'GWI&%6X
M"2RKF'/\@1>76&5%&/'6=<F,Q]R"<P=B$YJA8_SIS68=RUK&#%NV$;-F\4F<
M34)C%AA"Z\..2]MC`&:?[QQ6&.\7F)>PQ_Y)$^'R7GH$Z-![\^#A#N^J.M!R
M:/B)UWFU=_>"Z=U_,JQ$:EEYIP=@F,*O+(=]"V'_&..U2^(^LWH0NA)4";$Z
M$SPS(O94A!?'3@?")B8D'W;8P.77YG>&C1U6W<XL[U>L1<`Q_\?+]Y9-H?EA
MQR%N["U+\G%B`4IO1G>.;7SISI':NK1FK!-M!G)Y2NQH,WF+5<U$SM;!6J=O
ME9YR_$0MG0;#FGQB$JS$&[E<2M9'ZDP^TJIFE)HDG`0XD47*Y]TMTJ*:DU#J
M*2"%XQ30LB>Y)[NV,8$FA%/>>ON,!4C8WY[MJT"OR&<HWZC2=A278TE\I?<?
M4:($L%/6F.X@09!VM\58EKEH-UU3IC+1RF]9FU!TO%V*DLTUAJ(4M`**]F51
MY(>\7<*7`+J40H=VA]3ABV%BP?+$)X-9>A409XOGK+<5J/PE1WM`)UWLK02<
M?771$["8==IU3@`A"X3'#\!RE<QDQ`Q7TB+RJUU,!X@AJ$I#=PW#=IG!6VA`
M9IP-<=?0"9Q7P5NFO8KU@-CD-!LQ@3ZL'%$]_,0,V&1Q#940$RN_TI%$I$I&
M"8DCHZJAW#@32):F5#"P8D'=;$8^!:O@B(PW&]#@]ZH*>ZD$*Q7W3:486<%)
M6=^DG(]&4Y',PH%T%OK$GD'B+/H6\-?#F)R8\>%,T8B1::]JCI)J9)24;+"4
M3>@CS3)Y+B*]_XI.7.I+1R(NZD:1'G8`'B/6='V;C/2SN6&Y)A/<%[9M/J.7
M!0RY(DO`;H4SS(SJ&5=<(O`I56*!81L;6U$!$4/UIR<%(%41L(@YQ2S4!/OU
M6I>"OMA`LHGF4B>VJL0Z=[A8@3=#T98.&%XB,$06>VM8*FJ8]'@C0H>)[ZU,
MLX9:N@\67$AO(?"T8JGR"&%&/4N*.JT"I3`NR`HP(]ZIY2;%F,+<!^G\I.&5
M.^Z6(NC4A0/[%EH\::H/B&*&,JQ5T*N5X"<++LFC2&AR.VTGM=$T@96,YB)_
MK+FT\7@`R?04#AVU$X<42Y5&U=-K8XR0%(Q4#3/>[D1(>03F%#TA$V)S"UI`
MP&J5T1(QJD2@4QR'CSBZA9EXLK4*1;483UE(J1]Y%`\Y]8<_AD7^V%(N"\*>
M3I$S]1;NL7EB8P?A,<2&(ORSS#5@C,E$*V#HM>R!QDLTFM@6*YWR6+^S4!E_
MS[!6^P:3A53`SAN9\9:^ORODS-\5TL.&*%4I`9@BY56\2I5-2'%T`GK>RIUI
MQI/UE&5T)9FI4H6)90,E@B/0B6TPTMA8+1%K-FH;MTQ'17)'M8SRF*;W]L#J
M`V3V\`F8(0<H62I,,U5USGQ*!8S%PM)0RI]%EF+E%CK,;6B>`8*9E*!=PW"G
MKA?J.67X&$C)&"]@M<KN2X0H$>"4Y<VOC6/;$6)-:$!)V"B:*EXA;!-OV[P?
M3>CA7VWV5@^LRW6)FNE+GLE*AYNT2AFE)Q<S1?W<NG=,#_I9%WV;>#`Y#D%#
MU^%!H('-(PUL=L5>GI4V#KW=3C,KY5DUJSV;M<QR%*@+<D<"[]C<3B>;:[/2
MH(3<5I,26DK!6CC]XWTG?K!"Y)MMGKBP>EZ:/H!!E</Z``9]`(,^@$$?P*`/
M8-`',.@#&/0!#/GF&K.[7Q_`4'N*MG0`PS(@;%GV,Y]DG-ODU':'SLBUUG?1
MJ4PP+>1`M6$(P5WHQ2!5DX,:KT5L[GA#/.]-+W[2A^1NPN:3ZA<+4RTWXD`!
M4125;=^-.^!9HUW7F=@$?7L)+JBC;\UB$QI@'FBY$3YI5/4H=;='4V"M]FO"
M64CEK\]+(^?&=?@%%#S:N"V&HB8;25,,,T4K^7&[E^BKRZ.A#!W_"\A&UBUE
MNF38;EX_F`6DFNRDR*K--@6(B-DFT"<$7\#<H3+FMJ$YLLQ5O$!5D*A4L?&3
M]`#OJE%U6B/-5",D?"I.`3%'\J.\JQ85"XU,>\WD*$EF[-5ZJ3;I;JB2G:]>
MG]7KL_+69^\,B`%!MO*UV9@A59,;%8NR<834K5<$9NXQG4'>H4!3W<)LNC&5
MRK?8\FQ2S8P1E`Z8JBR^-(MJEFDS2:K%8FUIBL36:TLW)6!!>@N?(':AHA/T
M5DTT8<*X!HN:I843FSHW(WZ8&+VS+44SCKB))J"_!DONHD`I]"^(36F?V",U
M6R>BQ=<^0AG#0M$&XCOH)9OZ-SE;76QVS2G#@N_KXQ<WG\UGK$=5(WC%+#=B
MAB>*HLCVO'*'(LSX1=Q>UC"?FUVRBJ."LR0S]=\IF0A.?G2_*!?>KMES@(@7
MP^R:?[O4WVM^@X/KS_FYE?Q\$U9!'@$A`*\>HY>RL;APH;5N-"5Q4A/$#[/L
M%79TJR::,-JOP:(F$.^=4!+TF@H92#+3@&XK"1R!>'OI`Y'"SO&<.>L?CN&R
M3C/H/6U,C^'()D'T;P#FD)[-V0#'/$)LEK3PWF-[&[]4NEM[9:B4J_R5@PWJ
M%_,EJ,O'K&8K4OEIIFH]+.;B)+Y04.8`?V9"E6J,E-Z$L2\*1HBY[*S\_`:<
MM37PS+MOO)I>5<"O!C6S31D(ZT=F:F3)C1O043N9BQMH!&DKF(3H9VYF+GG(
M[?)@PUB6D0H>TDPU@I%4G$)N%!Q%%*L%W2>`++^)1M;9@]W0QX`B0WG;$7"A
M`6D^A5$-&<X,H90B.#P5)LP#\PQZIXU:KJ,F"2C/9.VG!+F8A72E!U!*LO4(
MT7C"3'2?V,@YAM<N?Y6;D>=%)--E"R26]*3^H8"R$(><9X=MJLPK`G1R;MG/
M.S)R<]8@U`E%.J&H*!\ZH4@G%.F$(IU0]#TD%'DK;<O5SZ[AL,E:X6NELIZO
M\;0F_]W5)7!]Y^%4T6J5$U25U1MY[D26D?EM.TPT&,B"4:G)YK?</)O0,LUY
MS^SU\*9-0[K1^O.I"&R1MECN`(@I/VGOFQ?1O1FM7A^JHGGF6*R08E5M)'8Z
M1`[>\J^EU&DWRLG=+&-'MJ#I,8N8?;?@WG@538C-A,>^:[Z28!(YR$-&/WN.
M,&#O@\<\:YAZ$2GJGQ"COL?-L/V/ZGNS.!`Y!'B#C"Z^5LI>0G5&UXJ9*L*X
M6^,V$5=EZ<3WF$!@\1W>%^S-N>LW^!02].2E,RMIQ'DF*UB`V1JYN7#G)BN7
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MM/:HTY8];+#^D;()AO__'EX_;U!%?R5DMZIQJ5SC7LF`$X!5T=+!NO%POJ+H
MZLIL@Y5I1Q4TQI!4%^5>-]PG<`80O\')RP0+="I[%4^]J@NYE?3DNR)=#/MM
M=M*>X>`<V&URGV#W>^JDDV!5M#DX?80(KOOF.UT-@]DP%5_\7-*3*C.[BC0(
ML6$Y&W155VVPJ0^?]'CS%Q.:QXO4Z8\*X@M8KW0Q>K.FLI*'*XRW].2;9>28
M;K`LFO5\W3,&,M]=W>C)*DD0?N@:7UU$(*.?$>XL^A;`?%6%W^LUFRHZI+Z`
M]4KX$ZV5L7A+`425Y;"EM.6$5]EBWYEDO3&T%D%4>E*!OPX:KJN4[!VSGJ][
M[YCY[NH6E<*V?#-*V6[$FO/+H<_*-FJ5<:.JF8=`+4WJ+0LAK$IQLL9M0&AZ
M&S,]S<PS"Q0M2"08:@IER2BINNPHI>--<'J+0UF2]>J&LH($%D%4V0TLW`/6
MMOG_N"!Z`A;O!OJ0(-M<G=.H(+:0_?IOU"H&I\CZO4Q:NZS"$;)@=4O9#1-B
MAFNL<PHB*'",6'&)>>?.9OYV)V#U\,@F4R^GIY#,S"NCMAM:Q1`06##?[$"P
M/D"FHL-75TU4F)8F6-.2C@9;`I0K`XLW@"#1Z64HQ.:F0:F"1=:[>13%)_?T
MME+=U"TT_)L?@Y3?,+"Y&-C^-?3W,QOS#M2"E+*J<C:'Q$`4+A\02\.68*8J
M25^N'B]IE@&PLMC6/_>$E`VIS050V688KWS_@IA3ES!'?6'J21EO"JF"O'RC
MS:91`%31V=N6#V*XMAVXLTEMTN<NZ',7]+D+^MP%?>Z"/G=!G[NPSM,-&0,<
M;,AZV4W`,?)64RB?=L<V:P%K^4J4;]=BCK@$#E@W?&PITM;2?6S"$:_RB1&Z
MBZ8"?;>K3];2"D\K/*WPM,+3"D\K/.GKK%'Q\,`<X&U\>7F*=TAXGWUO*#FL
M7=QX;5<S2N"83V954FM77XFL=9;665IG:9VE=9;667)WEP:'66TI*I9IKQ$7
M<V0C)KK$7(F,\F)66DAI(:6%E!926DAI(:6%E+Q[S9;'RO4P9:5Y*UI=;/X"
MS7$LY6E+0FLC?YJPU+@9X+5=5@Q4FI9I6J9IF:9EFI9I6J9IF293I@V=K2FP
M9%.-B'*EXE3O`%<@GK1ZTNI)JR>MGK1ZTNI)JR=YZNG.F$#3M>#-*'IMN;]E
MEH_`X>[8&W++[U6F2O55>6<:<$K&!D@+'E14E4#3B?-:HFF)IB6:EFA:HFF)
MIB!Q?CI%3K@8=L(Z5(3'$!O;6WDLZ$$#4NB+(5KC//I0?VGMI;67UEY:>VGM
MI;67UE[2M-?R)N\77:`V!)9ML/ZG^N8`)LQ4=6)*I]1K.:7EE)936DYI.:7E
ME%PY=08(1GC,3_F_FP#%4:MT8TU(AL^`JLZ9[KLZW5U+*"VAM(32$DI+*"VA
MY$NH6V@Q!\T^(,YB0`"FP.`(;6LIL(CY1J3%%\*S[JGR.E]>RR\MO[3\TO)+
MRR\MOY3DR[M#"K^ZS,$S?FB4XGSX5&--B&!E0%7'"-:I;7@G3O#[[KU35".7
M_/U#`EHF1)_]=[^%8\3O<<+.-9AF:"H*C5=C^XDQA7QOV3]6G4PMM;ZKV>E`
M2.[^N:&PX@W8[S9'.E9:;3,QU]];^DUNW,2)2PBS<,[F<L#Z'0)RALU3YM?F
M,*>67.M);S8FN7>OE>Q,>+JMC;U=3]Y2!KUQ'>H`;"(\EM6U9-JH/2<B.`7L
M',AFI^\.+62<6S;(N,&W&!G1(FO=!24@('+1>&&DN\P+DWMR;@$)53Y>7(WW
M/B:\N\`MX)L`?`JI0=#,B<S.)>`<+;7>JB49B/PKP,MV[<P2X?=AFW#^$69<
MW5"P-U\IML[3G0PP!.Z2+HN[/XC?PIE-^.85[J*;,;4H"']RZ37O:+*1";CX
M26Z_X]M\L"T7.X`LSI$%B30:5HMM1BM8`R-`_DA^*_`LG#"WQC:1UO?$"VV(
M=%Q!(IQ,R9RF^H8>H65]Q/8SOH.`VAB:WG7.&;=A%P,_K?B&T)"*3DA(SA;"
M4G$#_Q)M:3/;Y&+KWO>D@!'BGGN?>"GD7^;0Y^P3"?U^6L$U'WE3\0CAESAI
MC=ORZ5:"?K3H>FO^#$A"`K*FLUFQ]O<=;FD(*/00^#]02P,$%`````@`D8*K
M0'=\:J2T(@``;IT!`!4`'`!P96EX+3(P,3(P,S,Q7VQA8BYX;6Q55`D``Y)T
MK4^2=*U/=7@+``$$)0X```0Y`0``[#UM<]LVTM]OYOD/N+1SDUQL2[(=.W;;
MS,BRXJAG2ZHD.TDSG0Y%0C93BE1)RK;ZZQ\`I"12`D`0)`$U=S=S36(#NPOL
M<K%O6/SXS_U]<`5=Z!LAM,!X`>S6RW#Z"NR#EC>=#4T;=-P0_=8,[4>(?N8^
M0A_]&_W^(0QGY[7:T]/3@8F&!J;MP\";^R8,\`_`_OX[@/_W?__X$2-I^1"C
M.`?O?1O<&`O0:(##^GGC^+Q^"FY'+?2/QF$T"<UP;/>/L1%`\#QUW."G%PED
MSV/?.?#\^]IAO7Y46PY\$8T\?\8_2(U_.B*C&V=G9S7RV]70P*8-1&`;M4\W
MUT/S`4Z-?=L-0L,U,8+`/@_(#Z\]TPAMSQ6@"S!'X'_M+X?MXQ_M-P[WCQH'
MSX'UXEVT<P#\Z'L.',`)(*2?AXL9_.E%8$]G#J:(_.S!AQ,Z)8[OU_#\F@OO
M\>9C+&<82^,$8_DN_O&U,8;."X!'W@XZS$6=I6!%DVIK0AW\@VM$4(I4^!Q"
MUX+6DE@,@K-M!`-AT@HP!NV9*:`.WG_/7\(DF']Z,8/V\^](0@//L2U,XH7A
M8,X-'R`,@^8X"+$8IW<-S]G'DE<_BG;^.T$HM:5P1P1B"E(D+K^%/.M&WU4`
M8V9(K.QW9^P0V4;3W'NT]>[^[?#%NU:O.^Q==RZ;H_8EN&A>-[NM-AA^:+='
MPQ]K!,&[]#J:?GJW#=]<TH/^FK&0>$3-]!!]LW#?22YGXGO3O'P*O5SKK[TK
MF2E.(7[4\S$$?%E._FW-FV^'._7HL\GU5<^#_7O#F/W><HP@Z$V&H6?^<>E-
M#=NEZC^RWHD1C,FBX\DU_(77H!,&RY^0;WZ_WHCU[7<<+%5\Z32A8I/`^K#Q
M0.!-`!D*OD2#UX*C4FJRN80E)6.)^84C$KVY[T,W;`9!;C5/G5E[IU2MTVA@
M<3P:"Z+!YPD5H5Y#\#9]K168BZMM4EVAHF81057.Z2UF*.2_W7[7$Y9:?M5K
M!`]-U\)_M/^<VX^&@W`$S;!E^/["=N_O#&=.MT:+:F,AQ&I$*1=-K.\730*&
M:P$3_P6NI^LQQ*3XF]+CPGN1T*FY1*]IFMX<P1Q`$R+X8P=V81A+>142Q\6G
MVA+@$<.0L.44X*_F[`$7AN`E_@^R%0S'\9ZP=08FG@\L;SX.)W,'&,MY:,CW
MAR=$2+\_/-Y#<((9),Z_LWBE5TQ%9"$IG9G;)V^,=MQ'!,3S%PAB%6*8@J]6
MOR51,X1L.<2&@283A,>'I`AL+496#_7"!^BOH%7!\@T,2OQ8.FX&U_L^G!FV
M!>SE.*V.!ITA2=Y3%K6AP/-+0&1857C^4+"H/G6V26`(!!D(S-A@-L@,S?J`
MS:0MR=A>H?QQ4+E85"\1H1<:#LU)I9+`D(@1!K);$I$I#&7*0=_W9M`/%WVT
M*R$RC+%1/)LBN!69"5Q\JO4&CQCFD1)-(>8F7(XG!JLV;SL/+Y-RE+E\>;%*
MZ"MZ>*OTLR>5YE`3#.-0P3U_MF)AFL\=6FPF:VT:C_BL>%AJDW<@/5'.CM>E
M'8&.&Z+ML9$S&4%%7W?[V73FENW>7WF>]60[3A4?IQ#>LB/7?#\QFR"F_[B<
M&ML(FQI?CRLISMBTBRFX#P4"L`DI[J*5*'$_$HA4BA65`NX!L!-F)I=##(6T
ML;YRY*-BJ2@_.9;E=R20<[T.CRX,NJ4A0P:*<KXZINOBMP"KHR'__K=V'X'-
MXF+<3>;RKFUC;#MV:$.IW#9MNI8$-X60C"QW8L8NI+HYC-C,O[+6JC[IS:"$
ME_E.;ONNI;^+\Z!0(GR94>H;"YQ.4I"'W,"D-A5$)R(K\SB+1H-_???VL-'X
M`:"MM^!N9`[I?*/E#"E++I#"]N?02LACM7+#0%;;LH:JEATZ(6SQP>.!LYZ@
MVXK+9-R&X'#6FPRCY1*>RSD<>0/HX++*ON%7+#T<;"I]0#89&1;#S/-Q6?Y*
M]3B>>[^/K),IL.`X!-8<@M`#?@09*2H_7&BW(;,YG!2SC*TI<+:IT4],Q:38
MRQ#62^F4%ET[Z1`;,:W$44>24H*^J!'ZH"[1]U1M*(J!2:T%1">"(2K7*6T3
ME5UYDY7LQ,I)N\+ALS`E/>S5%PB?0\0DG""[M!]M"[J6`FM:`*O2>IML>C*L
MI!G:'(@&6L!:SM=:C2/.UHW0N<@V%*[:26A!!>%S.C;E,70J&=Q`^NX<;ME<
MVPJGLI=;CDU4L3&D/LZ:0,XU?1+C=B#B2N$(P]XIRON6-YW:X904M+M6RW-#
MV[V'KEF1+/#0*;[@P*:$Y7ZM9Y!*GM0<\++KA>B/XSWPAOSV])5V*1+@;>J:
M0\:.R!I#Y/[;@^=8T`]PN5"XJ+*\AX--64(@FQ:&B"4G$._^]`<03=25&A!G
M8E*4,A:N.$C'IX:6).#P81=R!54PI2YE@))41-\P[8EMML,'P_6<CFN*?O&,
MG%X>>.H;%.2@CE4/&D$`,8@]@(`<`+%O7WU.2H*[JR15WKU2U]8@)V4T)9&;
MC335\2VSLT@?A/[2]2<H*KMZ2T.C-$9"(8!],2D.A@1XZ![XOGY0KS=P?!\\
MXGD_@$9]KUXG_P?!@X%(!<8\?/!\^R]H_0"&$%]E`\UST-@[>7N\=W3ZAC9L
M-=<.`AR$P<:L-P]Q>R!<[`<,<GOR!LG;`SAJ[$4-C?"@2VC"Z1AYV/%/&RN4
M%QCEF[?UO=,S*F5GAR=[9\>')2)V;"2-%NE>%$>1(+X,2JY]OMD[0F30H.E.
MQ7&$/EV#3Y>9(A$D;/Q[;K4?VQ8.E=&B3>0<)P_)#/,3.ZISO[&W)WMOZT=[
M9T>19*)_GB#A.CDY+DVVTW>5]79!8<C,IE.YM>U%:E,LR\9?M>'T#=OJN"UC
M9H=&);7H+%3*[\?3Z6#%SE>C`;['NF^[P(PFZ-9N&:Q+E1EPEBQO4PQ@:-@N
MM-J&[Z*/+FB:YGPZ)TGF2XCL&KN2@(0`5J461S8][*S,<B"PHI&:@Q+B#$T*
ME^`&%#E-M^UB-:$N/54&VW1P0^UY_2:]175L5O)C*P5UU8WM(ILB7"R3AQWW
M9\]VPSOHAG._FMA\%DJ5UEH&+0SYPBDQSPT1=`<;578\&?T%F6^^3>HU5S]$
MH+0+ER"7DY(FLC,%[*MM049?9W3-JQ]5=C3#T+?'\Q#OYLA+;_F2*#7:3HJR
M"F+/$@I2AG2N4OW[J,\B\L17N=*;*EVWFJR^=RTUIWXFSO+SJ'FR[%2:1%/O
MQ.45$67]>7DNOQG)>O;>2%?=+_N<O??\R[C+V79#L"HK\7,1H+HZ/P]Q+*\G
MHY/<2V1<7"*=8OC!*^T>MHPTI/SNW!LFK3K30<R^X??\88A],!(FZD-_B`-F
MU<?\F9C5-Y81(4LL.;".6";E$\R@'\4A7VF-&^9C/3ORS=VCLE)/!&+07,5X
MJY?(+8R*M2:?&D$!W(J-:PX5B3&5+6O4;2A)^46P.R0SH$J\8FPJ?7HV&?ED
M*DJA:+<%LWF8)4V)Q1?PV&F0>^O4DBJ!2J+4+54)6O*)5B(EMY/R1>%KEI!M
M[D5IDG:]3K'W5QEV184:'-Q:#TLV78)RN"R88!4PL+R-'9#0;'E@BVK&ODF?
MLXGLLTH/0P2M8CD5($F@(D+<K]`EDSDXSBA3R/0JBDJB"H^"AT[]/0L&)2("
MQ_$C-(N7B`^1M7C9L-\6W.J<!Q8JY>]%T>G((4/;?L-.2!#;9^`MN<`+8YM0
M*W86N/BT2U&VJT`3)8:?L!/RE.$C9.Z`[/-DB9?QR.E)+I+U)KT9?G05&7;R
M3U-F@*L@WR7\0B6?-)&G*H<C],=-NSL:@MY[T.NW!\U1!PW0=T,@/R>ISR,*
M;(VJKU^"MLP7+5E\H]\/^W:9*-]C>F@X,!C`1^C.844O!VRB4'WQ,(V>5;4$
M0Q#@D;J/$@9#4D47E!45\(F"L#?!W:.#H>=49+VF42CWNE/HF19&0%KHW.-Q
M`'U[NI,E#,:DS8CME4D+PI7O!4'?]R;55&`GP2MO0)%`SF`_&0%F9`AXZ:!_
MZ`^C4#B2Y/[FHHH4'$)2CW4%772Z.$W7:EI3V[7Q`8.ON+2?9]`-*HG2"6)6
M[:*(D<5J(!!-W@/WT7124&6D```80=#\&F<^OJ?.(/$-*O`8363LX$)!TYO"
M:R3O5<@@#4WYC]%D-I_?IH+9_`VI*LQ(X*VL0=UF"X=5J?Y)C$5*MSUX;]@^
MB1`WK:_S(&J<TG.1]?P(_1"_E($;RB'Q_&CXON%NMJ]G^+VY@5:AGBS/G&/,
MA+]E+)TA31A,G$XPUH"`YP)S#2IJ:HKUV%,,3:=?)<OTE7<EM77J^B+(D$?S
ME8NR]K^#L44Z)"PKV"NTD#91E.D]G46"Z,)['&?@G4X;5+!?6XKO]43#=N2Q
M)1J+:,TA-ZT6^3:0L5U4H5C0T)2GH<0%@T('M_,C0S+T]7ZDLVJKZ2-EB44N
MIZ[MG_>(I*C/VQS91>OXW@6<>#Z,QHV,9QBTGY%Q[?F6[1K^HA/"::#NWE>5
MY"J/!E2X&)[%/B9`<8SAT0YP21&^RV`3'"#$2'1_#@ID,JUUJV5#@7C("F7\
MN5^@C[^BN!@+E>J(!X,.]FNZ.RW$3-9M"R!]R84>9D9`JHI5)*#KN$2[1L\,
MHZ_S5J0K/0ZE:K[HLLF/C:>4DPN2MOJRE1GO(FR;7(/7<W`+T%6J+LKC<Q2G
MG9/NPY()C!@"DM;0`VZ1W@6[>FB+"UZ^TUEP\^4U*6)2M8'?-`(M;5M2)'"$
M-3YBH\S4AM12>[EHU;E4SB6E:WO9\F*R?L\A5<Y>A<"P4&E2D`QR!*\Y;#_G
MH4N'97`P]2@59\DE:9KFHV$[D5)+U.G%[0(NC,`V*]=%`B1H:#"1D\3,HW<)
M`>LP,U'@&0/1'#>4E`FFEA/<,-E"KF4CM>5-"0*1O';CX'.B"I'-0JGR!F(&
M+5FRN+H\LP?&>";)AUC1W%V\O2_([:0PBNQ0@9#)1VC?/R`XS4=D'][#[APW
M3.U-"*I$=;,"L92D1&G_1SD:&5*\!+9O1-`H!?(LL8ZJS_67.A63GJ28%]A9
MZ2($5K%NRP@>WCO>4SE5]]O0%#^N+DI7_HK[5G/X`;R_[GT<:I-$.49FUFO3
M-T?EX^QY",M9<+]F&[7@_EMEG]2[[@3-JORIB5N'4]^6YZH&WGS5-W`XM+`2
MP,L98#WE7.\'+\"0E8QD+5CI19H,8F@?,G7[=^/#+9$-=:5N1SI]0%6?W(3(
MSF=$9(JC")L2!5CX%7%,ENW`Y&X@YPMC0>XP4K*W`;0Z;E']6#K2*G)L7*U:
M]@J8#Q2LRP'),_4Q(EP8N"VN)$"#L($Y0H>3(=Y*E1@43:Y<?50E:RN=4PE7
M5.BIRJBGJ;HJA&I';G+^+26L+I_.;DYQ]^:_2**O-^FXR&N^Q^6SS2"`FT7T
M)?6PY6-4W;262PU#J5["&9)Y.^H71>[\)*#@NX7V"H[V,ADQ!J?:TF9OB<KZ
M4^ER[P:%<_^[`R&Z=Y+68`=!=='O%AACZD8+UYZC3--RU6:;#F8!?#R02!,9
MJ=&M8N_Z2@H8*RO_^AO7ZJ530;,QN!NLXSN4WN,BUT[2NOB][1K(7'#O\7WP
M@`2U@ZA=>/4'-0>WUB.;31?+(]HXJZUEL<1D"0E,X*Z=V]F<9Y_@&3M4[/X+
MK@9#9FK5]U\VT"A-X5$(X+R(A!T=TYOB85M*2]O5%SJ7MJZ^4!99Y.K+K>M#
MP\'M]ZX,V\4^3<^]A+[]2&Z.5Z*SLE"J#!EFT,+J3V%@#]E%:FDU4GO25I"1
M27D267RAYLCQM03*TQE5R!47G_JW*]C$,*3JPK`BKR:^E:=;*XGP;R-6S5^R
M;!^]![1+,$A&6(B7BT[)Y$M"N;+Z^4`J3NWG(HZ5WX^`;(3R"!SB-3MK2.<Z
MD\12O%UGBO-OE<IL?V[JJ#FK')RD!VC_"]@J5060N%V!#L(`7L+HSXZ[_<)3
M%0>6$%Z5UI`(0>RGD*/7O_S52.TF41Z^;MRV$=N&I<S]^,_]??#EX\W=T6]?
M/IFS^?-G]\V9]=?IX_WGA7M[.7^Z.O7/3O]S^/5VM`B<TT?SK[KS<_BZ=OVV
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MNKJ4FB0E2J,H<C2R;SCAJ:OF>L18\4C;D<AZV35!S2,9?`D6WK5R19M`CY^B
M5"G(%+S*/*8\5&4(JKW,#&COD23.6+X<,K:@$E.Y;RRP782;3YJF/X=)2UVM
M\<RE1+,^%:$QR\*>17.CHH9H]G8'T]T0W#S"(6:!9VY<$97:A2&NYR&!+`M:
M%PMF94\5$IT#NY[[IH+4<:[W99:8Z8YYYI>`C2NF>?8H[^W25?XZ*%"5RYNO
M^M8"AQ:.GQ/LUJT%`8:DB@]X"U9Z:R&#&%;!Q];V[\:MA1+9(/^`!SJ=XJK1
MIOGGW/8A4@7HXP\7?;2-N'ZKC7XZFR;>FB\U`2:.O<0O7;Q#ACA]S$)YRR;=
M;G"Y\BR>3.P@N)RI^P#)+P&I%%J^'9(54\8Y1?DL%-HY-.R[8^=0J!.U<^R5
MTMQY.X<C`0)V#FN/I.R<5464I)W#FZ_:SN'0PNH#OZISVQD[1X`AZW+FC`4K
MM7,RB*'V:J=M_V[8.26RH;B=TYLP6D"AHVK];'5E'<!DR"@M,IG?[LE!9MZN
M80!',#7'+0L(!<T&RKM;Q2K53`@MTER1Q$SQ;8N*2M0HB!3?D=ZF@&/)S.+Q
MT1,W8\_WO2?<N$BW`<-EV495&F/!!02&80!1]*U"`YJ&?7<,:`IU60;TR]B"
M?A6U:4?`P'B1N`)`-:=WR)KFB(.`-<W:,.D7TA$.I#KQ']B+?#0<K&7[T+<]
M:S/>7H74YL*O_L6O/.1Q!->*AV#'CP@QCDZ0O\`U5.V543*RD'KK,N]F56'P
MSPBZ86CX87[&-M$WY_L+]'F1:Y?,XDL6"X$1@C&\MUW<Q@]?48JHT5O3(+14
M<7Y2]ZCT+S/:N+;+-:&%":1=*.8R$>*JE&WV?:L,;.2_2T9<R>%\-G-((R[#
MZ;@3SY^2FU.Y0C)9,-26V6=0PWI.-#$+)*:=Z[Q^+LB<55Q`9.D*Z^0%R*'I
M9B8K&%7PWP1?"A:Z1Z\E]`W;JNA]^4T4BN\=;Z#/>AEO!Z(F#)[07L1++DI.
MB\>71]>NA6L5K2?("5*MCL]'7,:-X83CZ5K4K([&KEMRG%UI'HF-4GA`Y*>.
M=E[DX...-+I2SE3Y9JH#:#I&$/0F<8>:95G>8N1A@S1<W,X\%YNG#@P"I,3:
MS]`W[0"N)H@]!ET"FK(U4&:_FN(T,Q13#!B[+W$3I-5EP`6ND(`$.IC/O"@6
M@>&3CF\PQI"8J;5]4GG"LY+]DC9=H9(KAV*:XBLL)UKODNZL<&PJR\J-6\YS
M.S2VLY.%<=6XWF!5.>\,%?*'")1.$*"]N)S[Z%2,(I@D6$)R155X2-E(5?>J
MR*2(V6*1-*O`YL3<#AZ0H#W9X0.P$21D<)#3)?F2D/:HMS"[D[(GMCF2K2UZ
M_KWAQDV@UNU%L<M/<MS!TJQ8-8@RG'5#?-PBRO&"N0]'B`D7#DZ-Y^I?7Q5R
MM;W7*UH%0^8;!Z`WN&IV.[\V1YU>%S2[E^"B.>R0)QCZ@_:PW1V1WQQHK!&J
M6JS6[=^KW'SYIF<E4U7%*5`ZC8IMD;+I9[U2D4"S!U*(B/>>1(7/FQ4RL,8&
MUNC`%XP0$(R:BOBJ%M)4P[@JF"07>4RAOXN?[UT&-J,':OOH]V;\7[D3K3`2
M);=#2R&5\;T<'H"[YJ#3O+AN@TYWU$8'T@B@(ZDS^GR@MR-02?RG/!)48`,+
M^`["^"NII1%&KK*V4)BJS.?JB;9?0@"K=$T$8P]$4,"7^$^J3M>3O\\K%*D<
M?J[MDPW4KOH?%W4?A``I>U9#A!J&V!T=(%5YAY1D;]!I#P]T!D+S,&>[H[6(
M02V;.&:CJ":+S,&G.CS"(R:S\WR6[:DGY9S-S73^.6,#)*,?ZUZS'1>)*<FB
MX!Y_'Z!UGTI1%555I2!2&M4H@V*&;!X?@,OVH'/7''7NTNI.@\(K4P16"K&T
MS9..0!2AH`I]6H@>U5F.`K0R`]5+D"`!DP008JB)>W[9X0)-^9(29"J55"FZ
MSW*!`)PT**[/^3"469T9A##$\0W6P!>C`WW50H),2&C4['7*6Y<,Z-4H0CHJ
MU38E@PY>HFT7+<D,SJ75#7O%DO;CT'R`UMR!O0E)TCUXC@7](,K@=[T0+I/U
M/7^`GZ$/1MBAEM,X):%2=)262#)#(D\.P,?F8-#LCH9ZXXKERL"Z$KN\S9.]
MKY>;A"KUICPQ:BJH"M/)NNX1P\.YI23$?QDS+_@!1(`!AKP'EK"!YX,(.E+4
M)("Y.P'*PD*5*HTHM-E276%:WG1JATM3M>6YN/@$NF8)00))T"I31C($,@3[
M]`"T>C<WG=%-&^EP4L;0ZG5'G>Y5N]O:"(/JR!8587,B1R2]8X4R0WFP5I,>
MRD6!VAQ1'M*8B:(5$.+$I\#LJO\N)Q;I!%'NO9/-$JW>HUT##N34JA@DA776
M0@0Q!._M`7C?[`S`7?/ZM@UNVLWA[:!--*A&9SX7K[9?',[<AB(=E;E8JE!]
M?(1*NW]S26'U?<-O7Y-)"346[)0>$V)I4FUE[X.,A!$A;AL^[K^`.T\,'PQ9
MRR\;BM+<3R8Y#-DY.P#MYJ"+3+@AZ+<'8/BA.6CK+$,5YLY**8DM73HMPP1?
MA29B(U.<4&$2PI"CY7B`)@`R8W<"CID<3"H>_L+ETA<#Z.!V?WW##Q<CY-T&
M^-:HYQ;V/F7@*DMS2!#'*I^O'X!!^[HY:E^"?G,P^@Q&@V9WV&SADGG-3F<!
MUB9NELGME'SR)`?&*K1<'O2JDRPY:&/>L"40``$!DC`$O$P=^E%"&I(:,^^.
MR29NYN,`_CE'CFS[D;0[E\O)9$)1:K9EDL-2B8T#,+R]&+9_N46.)&CC2D2-
MWJ0P;Q)=:T06+FVT,<%7DN=@(E-LM#$)8?:E6HX'T02FSZ@G[Y#%Q%1>@;MV
M>4%:7FT9FM`U?-MK/MN5]&>E(U(99:52P$QQ14/`%SQ(KWG/95'Z5BYK@?_?
MW+'VN&W#_HH^7H%LZU_(W35%T:X7]+%AV"=?K`N,)G9@.]WUWT]/6[)%R:]0
M_I;S490H2B1%4>2LY^`*Z8/,#B"S3=]ZD?0ZPY8TT$`@Y[O.)2$`5[5J(+XY
M5XZ3W,G"Y7.1ES2E],PO?.TT!7_2\_-M4@F$.\4VN8,C@G-LM>U(F[E"K3'9
M-NXJ&\QA*[?SH/F8?OK[2GF9Y"W6@O-UAQSH`8\$TG.B!=F&5U<T(RG,3$N2
M!:9@>N"15*G?\^I"#]E+1M/'XIQD^4U6%-@9MAJ$!A(PFS;$:$'^E6U6L)9"
M3+0#>7RT3S>XQ0*]QQ5.[NYB""?G2/S"Z7[MPLG+S+YP@J=@4O37HTJUQPOA
MB?>P4S-1#T*$]XI@P&B@R'#55(3!R,9F*N359$(>P[GVU<'0>4&,'FG>0O(;
M;3$2*.M\'S+J[49_.+WYAFC#%9Y&06]5NAY*<&=`;HB"C1T=T1^]2SI"-&(G
M\>'YR[951>'<D0*$2)C8<VL,US6I/6K0#[^CRF(Z4Q33FHAJ%7NCX-'==UT&
MR55^.393,"N)OAUOBZ8T:_3(7E<:>4QJ3XFCBAY^/Q8__V!-I?')?G1M3A@M
MTA8&!Q`R%"0PLQ52PL&CN%2"3.%+Q$\AIC<=6*1/%UHFB^SK!M/Z][6#Z!'[
M&IPRU,#,L=6KO(6AQ`\#S4;O,(V)W&E<;V)G)T*N^O46=9=*S1\P&270:JQ%
M:\RN*7<0%<-&?$]SMG%/[UXO-(?WA+05%2Q1P%%]]H[!@Y:CB\:Q7@JNL[9,
M8:5<:>U.R7&^E6&CPSF*]?H%C(H&AG"@2-(-G'-M1/0IB9)@VWH>R<3EZ9KR
M;-)%*=P9=5UFS]=:/",N>.&.(J\97H;MJ%/`@76PH'>I&])T0U0_Q.R(Y_ZW
MNVI2[<5W-RXR9>X+X.68@>L9T96QOQ7;`QMX29EYQ0RJ^M>>K0?A)6-?+V>/
M^M,8..<5#J*1,,.%H]E(5Z+&M)*:XF&27:P>.V&33I?2-?G`D)2\:EM*7S]2
M3]+/H7+?C1;Q=.D<`/1D0'J>%3`1T(2!1SM=>IFB%0-,X0I.ET#YYPFGRP;3
M^D^7-ZF8/6]?BP(60F>(-R35T[6N:B8B63>+;7)?'UBVRK#A!/:_K/8AFF[D
MTZ&*&*UCK;IQ[.R(A]!LH+HNV,IGUDIQII^*JMK^3+*3-%*,42K3YCZILH-/
M8D@\Y(YC>D,:7-PT,/FHT&V(0!C=+APY`8#T&#^',T3(+CO1\B&IZ;$H%S,,
M;*3X0L+JWR\5!"C1L)%-`B<S[!W?)VW6K<,NJP[)Z1^:E#OVQ1-+//;>H8L8
MSS<`C"!T]2#!"8<GHD$T:3*`/]TK"!>M4]ZMM^ML?WT^98?=J4@\E9C'2043
M)88-Z^S9+PTD(!&0<=ZF>SE@BX(N5;CG_:Y/_4,N')7*&^R_MW?</K##`)$N
M6H7!<:T?*1]YF$Z7(A\^/_,VZE_%Z9K722DUPP(2W(T6_6S?&8!_WS;`4I_'
ME=U>OMA;V$4DYO&^N?)L;4[P_J2Y!K9L\\@N.`<!SCL4B$[,R3;BJK9YVO?T
M#H@D:]R?]:_H@C%$CHL/PZ8`]=#JUU0])13O(A:^@5U"C2B]](5>^#5#?N0O
MT98X#WBQXQT*?,,(N(V4.=(T(K+5"E2,GV<=3Q%,>H1(Q+"Z<3B!.I>#^V0-
M01(6,4&'SN2BT"TCO]!CQJ/+\_IS<EX@4-")%44"0[W[]V,+2SAPQ'M]'S_L
MS>>@;]8:^)N>3A_SXK_\*SM9%#E-10EHS[NE<8L!0H_OR`-&XE\AO-%O/W@K
MHIL1V2[Z8@DPSEXU/N)13:3AIBJ<A3PDO=<1QC$L)"-*J%NK1':,")E?]\H4
MN3K:%'EU3U^*DDJX;\DKK=Z],IE3E&F6LQ/FAYJ>JW&Q.[;^Y7-'VGY)VS%Y
M%CUK?2WZWA"K=R*ZWPR(Z(GDX[G5W`*NH=NR$K\(8=?7I5]K>0(#`">@T3*V
M;><E:YC/KS</LX(V'VEU*+.+^3YN@=A-$RN:X>?J/1C(:<#&\\[[N-&+ZNQ2
M-]'LT_<\WQC<<G=T`AO638S9:>@NCL-$?_MCSG7WOJTA`O?.Y7W)=,:^+%XR
M4&<+$")A8LM/8[@N:=FC)H+:"NAA7["M--)GVTX38I[7:2*%YVJ:+324!\CV
MN.'*'N"XCVS@&B,)N.7G^9*5E[$-1UCL/2N(&=,I`0T"2D:G7,=F:$GO:2N^
M`1-BDE9V7FH7B#J2;_-N$G=DHD8S:<$A#`P]4D\S>\%'<6./'%QR1Q]U"4:6
MQ_HYQ=/+8\8#K_.TLO/[;/-4?J",>O$E^!"E>"%/VH'18-WTTB#Q2]D6M?P8
M_7IVPGRX5,/D:<4WYJ2A%'@&JL%Z+T`C6576H-T&DH.N&3D9=8914?P1EKL+
MY(Z5/2![JLV^H71F&DA5P%Q)?EB+(<ZDL"U1<ZI>->@^93D5KL2;KH*V%_R'
MK=TAA!<$!Y6^ZA4DM0,9Y5P=-I6-A%!DL/_^T*2P3^ROYZ2B8F_^#U!+`P04
M````"`"1@JM``J)@?F84``"76`$`%0`<`'!E:7@M,C`Q,C`S,S%?<')E+GAM
M;%54"0`#DG2M3Y)TK4]U>`L``00E#@``!#D!``#M75%SV[@1?N],_X/JOK23
M423;E_B<26Y&EFR?[FQ+L64[N4XG0Y&0A#L*5`#2EO+K"Y"B3$HD18(`0;KL
M0R]1).SRV\7BPV*Y^/B/9K-Q"1#`F@V,QGC5@-U_V?-_-YJ-KC5?W.FPT4<V
M_5?=AD^`?H:>`*9_I_\^L^W%AU;K^?GYK4Z_2G2(`;$<K`/"/F@TF[\TV/_^
M_K>/3$@7`R;B0^,"P\:UMFH<'C:.VA\.?_K0/FG<C[KT+X='WH_H+TR(_AIK
M!#26<Q.13P<!8<LQ-M]:>-HZ:K>/6_X7#[QO?EBR#T+??SYVOWUX>GK:<O]U
M\U4"H[Y(ASUL?;F^NM-G8*XU(2*VAG0F@,`/Q/WPRM(U&UHHA5Z-V&^POS7]
MKS791\W#H^;QX=LE,0Y^\9!K-#YBRP2W8-)P5?]@KQ;@TP&!\X7)-'(_FV$P
M^72P`'#99!BVC[TQ_LD^^48M1BP3&@S[,\UD3W(W`\`^:+"![V_[H6=8:#J<
M0!W8,PU9YEL$[!;[6BMVE)9T1;\--0R0/0,VU#63B-%[>U`YC\%F$`8S@`B=
M.WU$)P7@5S]J,%=MX5IK9'9A6L\Y5/5'H/J)T.[&LC,"Y_Y"G%'9<.WL&K1%
M`M#F4:`MSD6\\;B46&LA5`\^13Q-1*K!J4=;M'?FT46PG^921;S'YE-'BN_F
M5$F"%^?52)`_]RS=F=.%N8.,<V1#>]5'$PO/7;*53;O$D3;PT165T"^YGUY1
MQ4(J@Z4-D`$,7VDV;CZVY,TR*M>T])`HDQ%*"_N23&T,S$\'<>.0SIC8C)+G
M(E8OHP0\/+5N#FE.-6WQ[8Z"!QC0(VV\;=\U5"[MG6AD['+?]0];3-$6,&WB
M?^*JWFP?KBGP/V,D^+;CUY0:&O3I'XE4;5^DA.$-NEP'AQ]`P[JO$_WCCK^%
M]P_K;[06+I5MZC-H;EQU@JUY!O^QK7B#6M@`^-/!X=NV&#_IFAHA@\F=;>E_
M=990KA%VA+U$J6)-D3Q=(O'?!4J0*6XLA($!Z#Z6JC"DL`-,_^[*N0;S,<`R
M3+)?J+)IDMI%@V9*`>+:7.VW[;#;99PX`$-`.D79*4G<AIE5P#Z)L&U/I!R&
M.2O6,-'BJF>8&-C6ACG*99B@%CUKKD$DPQX14JH5P:)@6N-_O!VRRKU2!@A=
M+@?J.IAIU2$D,\>._&7KES+@MT-W&88QCQI8LAH+?X9>>>C$ZN0J9`-,@/O-
M7-R$I0[IEHW]Y_R[`Y\TDVI).G97PW@%T?1!,QTINXQT@A4%VD3'#,WI=/#Q
MF]D,6)C+P!U=MQRJTRW0`=6/3NT;8*^?3X9=$^65)V!'3M)TF`7(3`YC\EFS
MCYZH#A9>W0`IU@N-KYCEI/'<H-7"V"B<<@-[!O!&&QEFVI(02-%4P$[;\`B8
M3_QF\D*\Q'@8(45Y%.2RV!92`>)7>!24;K2*VRO:5,<<)-.R-3,_R1QB:P&P
MO1J:FG=`0*G2@JW"DE:Q1'GJK1GEO4'S)<,E9F'+'3*CMVO"8V;HS*3$-HM$
MAG]E"^_N.*FBK:$II,'"4XLZS_E2-QV#;DLN+<MXAJ8IAT*FD*MTIY[@Q6$^
MF09`U3QSK9N%]$(X3$!0%6P8`Y&8+5Q>HTDV56D,M.N<,2;*E0\+494<M%(>
MGU1KD+U+V)8-.)C]-EWD209?06T,36BSPR2.C'#4S\N?%HY\Z!QV$),;]K<=
M0VW%]AP%)`VW)*G-_B9X8E2R<!LEM3E?[%!A+P\@UW8QPE2=:&6V7QQ8(F@"
MEP%[#AA9M\!DA41##4NV8((T):$SF_V2L!*2I.*R8#%S+W;2E=YJ"=--79[J
MRD+3$<#S'AC;<G=4,9(4G[C$.VW(=#$H*5SPW%?F`&')LAY\@@9`1@&L)854
MM5FK=/9,`Y[2,YK`8Q20YXB6IG0/D<Z.25B58B&4O`)6P48A-,2M=WRE/]9\
M#NVY6[""C*Z%;(BF`.F2+)4DKA+K7B)>:UO^I&#Q<PL*9Y9)%2#LJ,A>R3R;
M29!6@?F7A-7:A._RYULRF7'HO=1T[KW4U$=Z6GO&),*RC*?\+#39:IF@69OO
M?6[S<1YQ!\NKI55-1HE1RS'35=1%PL.__N4CE2R06TBNH79DE#@)'8^+D%6-
M+X5I&)`!I)E##1I]U-46D'(>*0G,&%'*@V.<GX:REW$X"=F-<YGN%M@:=3/C
M7,.(,B32T75G[KCYN1Z@X1Q*X24II*H-E&FLF08ZA6?7N\MO,0RS&E,Q"AU%
M9ZF^2M<06=A]%]]+\?31;Q9$]@-]6@?+V>;M$ZEX'8QSX*`A]Z*F+K;N/@!E
MQ5Y)TM#"+I*VC>'8L5GZ;F2Q'!#=J%+9=+2I_T#%S%HNS52_!<<WT?F,H/Z\
M(W!6@XQBHOM>F<K?K14YPV)R?S%HBZQ^^MC:[K6BI@?+=N>WNB5+W9*E;LE2
MMV39GBYU2Y:Z)4O=DJ5NR;+?,'5+EKHE2]V2)9[0"7&@CFE:SXPM75BX9SEC
M>^*8NZ^ARBPKSJ1`:2R5>,"2$501:28!AYET`S?`[@,:;DID"/#=C"(B_WPS
M5G)YHDRBO=/BJ+*C2%A'5R'2<>R9A>&/ES2`/!OO2*S&5-X'FXB".V'V[!/B
M%&?+M;0*''@G826@.$&@!0>.S6[%8%G(HLP8%%E16X904U?+$%;M"GYW6#Z*
M`NC]`Z"$H*""H03950R[25#R5_/E#,"!$Z0BF5,:L=6P<2H`^:O]Q)FW"+*4
M)*XL*8^TUHQE22<*:EEV]))'DN)$5607$XO4VGH_J]BV["@EF2$ERJNJ(:/X
MT:D`:ZH\>XZZMBM[+XK`@!MLR6`R6+![^ZCN_,?/>X;+4QI4GT)7X10ZG3]E
M.H[.9X4['2`-0TOZ271(4#FVE/L3ZV%TPM#SX;X>\!Z1!6#Q#!CR3FCBA95F
M+Q#E?B%+Q..U=;I<@H<I_J#F3C,!N05/`#E`4CO-;1&E<9U$MK,#C++CE*Y%
M[,&$M0PD=Y8I:8L1%E$-$^T`HZSASB6V"!EB:R+GY93@\.58^!+M$D)#\2L,
M=\`MK/6NS#8[R.@8<X@@8TOLANSSY8)2?3ET-YWDBFS^TN(HY-R#MS>F1X=9
M&37;MUU1+Y1AV"@Q)>$/B2:,A(?_6"-'Q\P+#6(W(=LQ_G2(UQ-A@-:7U;..
MN:PW$/6Q1PUC#6WWU(S9)6<>M.0S+SM(RLXL_-<6)$;3;1'58"@[P'"<.YQZ
M)D)@RK;_5WD3UVZ;GW48EVBO*#&5"))1\'"<,\1:C7."^1'[@CZ3USO&H9'\
M)0%T!B867B<L1]H2D/,E79JIXI#N?E?NXQ;W,I],=2O`?Z5:B__41`B?WNB\
MGAQG=*I(VO7$B2KYNKT7*8$G)3Q7J5`=9#'CP.C56)^#</C)@]RO3TJ+\4EO
MCI[3K\MYXU:(7I6:LWEMX'M2ECR46+YP`VRY>^"P@(I8=PL5WTRY4U-\/;HW
MO5)#-6DRC!4GJB)FBT7*-V"69)/$>=9YTJ#IQ85`J<3Z'?TSC4!=^DQ,H4(E
MJKXRX^J[0NX\%C>S\GLN^36&KF)N3V33L>44ANT368&MTE[4?,/F2FIQFO01
MP.F,:M%YHJO_%-PX[`W+P<15-%#[5("E.36I0L*%%V3?,7*7\"JM-M/([,*T
MG@^R9E[C*H+\`<44F.V.QEVU4E>75:ZZ+-:7LA27U;5E=6U975M6AH<IKK9L
M<]#<T6VZ=\M\%U_2[TN]?4E\\!S=V?+?YOOJ\[XI?&Y/XK?`=IR!$WUV]YAN
M(1V:(+@.TPTP4X[N>.DB?$^`T4=Y9Y5PH24WM7B01=W'S;TA[<Q9"\D?+LB#
MR?8%TS)F]AZ)JEQ`U@0*=5O9`[:`L%$7397#Y-RE5L6?\/2I3HA^O&+ZNKBG
MLG/$SUZE):/@$741LH"0?0&11I\635GI.G'36<3KWR0_>"?(_O\)XTD&4'6?
MC%MRQDZ2Z2/*KLC;$J-F:UJ$V2-!%7/+&I^5[Q$&FLGZ%EQJ$+&G&Z`>P/#)
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MGP=G7T[.%M][%T?7GR_`[Q/GS7\;W;O;9E,)HY7A_B'WXD\]/@$\MOBOEXW7
M;XC!0H/L8CE7F37)ID_L4F]Y*4E.3=1L=60X1CK@!720%>0HKEKKKM1%ND6$
MW%>S-D9AFN,^L#P74.]?P(?:BJW>[*5Q7<<.,$+7V!=)DQ(U47M.GV7>I.--
MR;`+85+<5=-L6^?NT`Q@G*UB-WB2"J;32E=<;)!O1FW54Z=&7-0M<IG=@Q$>
MDN.`.^GWI2X;27QP48?.?.DJ;;7.TG3T[P[$@'H0]1E[-30UQ$[$V-6#"_85
M*<FK]-(5V3>%RX9R4AG@Y)B&<2>,(H-TQ!,7&*2CI%?#]%G@S#'E\T7@S>D8
M9P1.^GVI(W#B@RM--?HA8S")>0V.1HV7YO727B'D44/)9BN%"T=%Y$SPB@O-
MO&=(.@"&^XJRNT=@U2F2#H\B!%7"K-$0B;DH2>1R&O%<!2ZG4=(5Q>F,!LX"
MI[@.A+P-/*FF-(ZP_S""]Z29+.0,`8:6L;W'DV']3/)+\K9"Y#+-!VB.O%C^
MU_RC5>U0[\5X11U5VLT]Z027FI5EQ)"_NF?A>@Y5!MNR9ON6MM_:BFW^2JS.
M<.0OYO'L?HX,?JO?.8N%Z3Z,9O;1Q,)S#\DLVZ9]8Y3C?<1(8^U]?/Y"&T'O
M3/B=TX8:-"0U.-\6H:J<-J4O1C6HW*!3>)?S=8WF"W-#1MY$<,8A2SR]LH+#
M?R%6SMEV"W3O+NSU*Q+^><1J9+'@;:_N%Q9BH=P$A%!'.U\"K$,"-C](][J*
M`#%*K,WGY,P#1``KYJBO;G-5G-7WHJ?RRF=7!>\2MYZ#Z;-X&R^7C[G)%AG&
MW2^TPF9.@:B("Z$;:AK>W%@VNT,M6PL!/-70^JV=E[IP9DLW'[O1<O-&CV:^
MM"YA[_28%G$P&%&ESTR6QLW4?T"6\'RSKNZ@4]8..K*]-=-M;G7+G;KE3MUR
MIQ0/4_QU;J(CD0PO%*YC:9PW,9\IWC2B<C4J"&$[1\M#JLP#C0%L<FTN6'%;
M;P_IO^OK_^>C?KF%Y&=--;\K';\3Y7KI>5S-X6H.5W.X,CQ,\1PN=;21<H2<
M6G@YIGLBY<J`I+`7BY60*9=-<3:2RILM2S50W3?Z];&B+!Y4MXPNQUI5<Y^:
M^Y29^R3%%#FE.PGR*E(HEXR9P,-_-=3&XS;9W.FEV5<?T87(<7-H'63\"HQI
MZ%0V+_D1(J@^%GR=!$FD%]9'@&59\FH*55.H,E.H/%%'2EE>'GU*XY2)#"P?
MY)4^QMOPLZP$;6SGYU[)8]0YI]=(J5+Y39UN*L?:5G.EFBN5FRM%AA,Y-"A:
M5$623+%(53^_Y#*8;"]]ZC-@."883()747OOX[!!_5=O!OB676Y+7,?F(SF"
M1.7H7%'3H?+2(;&.F($UU:2I)DTU:2K#PQ1/FC(''9FTBE^92K0^R8&UN`:_
MRG@93Y'X?`YM/__6M1!["1,@7<!1'^?0=4'X*^1=^=RL+@,OP[)8TZR:9I69
M9F6+,3)\+*,&Y9CXB70J*Z85KPK?<*B,;:#]ZY!?,"%\G"G=2`*.86J.5#J.
ME,F+,I4WU:RH9D4U*RK#PQ3/BA*CB@R72A98$CLDDIX]D`G@.(H9#D^%^+F&
M$>5^K&GTW4SCS0GM'Z6N[7Z=[":U_]2%VV59BFIJ4U.;,E.;V)`BPYWBA97&
MG1))30)85:^G;O,65=\"DT)G##5LKT980X0N0U3#W"=?/./6Q=>OC_/D\*^Z
M(+L<:U;-@6H.5&8.E"'$R'"P+.(K4KB="='74,S-5]'MC`GX[E"USEDS!<[C
MKOVCU.F@UTF-4OM/G0XJR])54Z&:"I69"L6&%"GN%"NL-.Z4R'(2P*IJ.JAG
MZ6XC@0XRSMU6E8$KW;A>N4\8+]M[]VD&RAI$#0"_>:/=@BED@R#[1ILGT!P"
M]+=3ZZE%?^GY.?W#MGO'CJHFJF0Q`?/N>%!R4@4VL*_,B'XO/\JAT910`!YP
MPQALA>W,B'8=S)2[H#LKS?P*-'R.C!Z-7OG1C1U972,&#K3C\0E<T<Q1XO4R
M35A]IX7<5V7<4P$R<&QB:\B`:"HJDB3*J)0]TF`6N%0YEV6&SMB$^H5I:0E7
ML&8S1'#(RD2<"#0"]Q=SA9T.U<%@>ER8F@`O#P^GZ"TY'FBW<`C</)R=A(?&
MZP&B8[APB9<X>(.C5H>.1(,2N'>6EXZL@Q$=&;/;BPVP_!TD=+C/&+.WAE6U
MJ<D1I;>!64/^,T?"(C"JMR+?@H6%V:L0;+/E).2*,J(>/7J%0DHR2FL3G')'
M&&_X!\MT*`1X=0%-@(6AOSUL]7Q^!QA_U]/F72J]<=WANI1X3BTL+,2$!ZT@
M#]Q"Q<<ZSQ;3&_@1F.;OR'I&=T`C%@*&>]-MPBW!V8"/&[Z")HA%RC?&D8#]
MOG>WL+"M:?2P50HV,<#XF!_S!AM_W)?][@7]1$!\CQNX0@MK+#8^ZCDVG.&Q
M/:M*03XX='48?`(\/OCO7DAE3-;[8XN-.=8(</_Z/U!+`P04````"`"1@JM`
M+.0B=<((``"@/P``$0`<`'!E:7@M,C`Q,C`S,S$N>'-D550)``.2=*U/DG2M
M3W5X"P`!!"4.```$.0$``.U;6W/BN!)^/U7['W1XVJT4F$ON-4F5`8=XEMO8
MAF1F:VO*V`(T8\L>20XPO_Y(-A`NMH$,.^4]0QZ2(*FEK_MKM5H7WOTWGP<-
MB"$Q&;3!8`90[7?F_@'RH.:YOFXAH&+&:RV&7B`OPR^0\,^\?LR8?RM)D\FD
M8/&FU$($4B\@%J2B`.3S]T#\_/:?=V*0&H%BB%OP0!!HF3-0*H%R\;9T?EN\
M`CVCQC^4RI$0EYC26VJ-H6N"J>M@>CL=$`?=Y5;&%"4%CXRD<K%8D1"FS,06
MS,W;X\"-;VTS(K&9#R7>`A)DY0`SR0BRMNE"ZIL67!/C!6B(+,C&)O:<`H9,
M$C"+E4II,=*4KDE,*@M0)>FYU=1#)9:H/+P',`_GE^`B.1^BZ:&X`IH7W;VB
M&YIT$(ZTJ`E%\L52?D49!^&O<?J4;FYNI+!VT72KY3HAHGI@4DX(=*`+,7OP
MB%N'0S-PV%WN6V`Z7`%HYU;XM=FRO]6^+J2H,K=P)P"$>Y@8>\QDR,/W\])Y
MN>\C//3N%V6\5&"Y70#2X!"$BMP*(]SE*')]1_A-6#8F<'B7$_;.+PSZV3$'
M!8YRT<0D%O$<F&XER2>>SV<*XF9^-474P9;TNN5$M<3'A$[S%7).NC^:/CZ!
M/UT?/B;E3A#RM:'6\8BRX?"G*\;'1!C%J'4LI2S3^>E*\3&MP(DE:UTMT=K@
MB@#Q3T]3=P6IL'>^B%#/0;98#JJF(\*V/H:0Y0"R(^T_)S990;#`\,K`/0^Z
M?&'2N9N%(4<L8IVVWFFJ==E0ZJ`J-^5V30'ZHZ(8^CMI4QR`[=X#"NT.O@__
MWW3B>0_S)NFRZWZR*;ECX`T^-J27E$AKG&S/K*.R];EK$FZ,,62(PZ-[D+<I
ML8O+\OY<@M_7^_XCAMP3LRG,BF2/P#'$E*=Y*N;Y&TQ@-*[EMG'7B*RD$:D;
M_$]+:7,2.P^@TU4TV5!Y@]/T/)Q$DXX?'&^2Q-RB.M:2:XR=[\]83=8?P4.S
M\W1B;#_&VAY;G5OAQUVA\()S4$?4<CP:$,@_E`J@HS7DMOHIG"U`;HN0J*LA
M)5U-T3D]84TAGI43+7&T%#=X*>XQ52XWJ2D70%_65+G:5(#:-A1.A@$X':KQ
M,8Z,$Q%Q1&PQ4=RUR%QM\E`I<//WN>$[FJKH\?/@9/Q8XV];/YH)J01<;Q)P
M7@!U15/[/`[U3P0<1D`,`\5<//(U$FXV2;@0)%2-4^0YP/9QQB_N6J-+Q4W3
M7Q;`DZQI,D^4?I55.#SI_>NIU:_\_=>SY0?3C_CBQOY^]3+Z.,.]>C!I7)&;
MJS_+7WK&C#I7+];WHO.>G4G-:[F)A].K4>?98NCYZ:O[U#*Z@?;ETU,#?W'<
MC^WF3;4_&%S+M5;9GUJ#9W_2PX]3.JGVGAK?!N.94KDL&]_]ZL3X5+NLM1J&
M-1S>]%G_@NIG[H>OKF;XOG8YK:N#]\.2].A<7-71R#[_9([.&K6!56U-7#9]
MGK4'CO&A,BT.2Q_,E^'8NJPWFK"MZ8T7VRB7)70^.;,;_1F4WB/O\>QLW'*O
MC?/JGW1*9.TK?F'-[]668D`X*\M_@YJNS<^SC^>:L;ZY1YY2*FVZYU6!I_6M
MEFI$J;S(('F:;ZCMAM*N):R8_V_^>D1>XHG9E;:(*X]U6JX+X$%6-9Y#-GL*
M:"FRWM.BW=:O$D2.24H"*[O3F5)EDYB;`E!DK<WGAPZZB@;T1UE33IR\@9,D
M4O;)<$KG6UOA8@%H2C,\FNC*FO$1&'S-U>5:>(R40-")GS1^$@G:G05MGU24
M"D#O577E0X\',:"('=F)E/U(J7M6($[@9&PKF"$V4_'0(VX()J(HM<4>^X6M
MI'71(>`]@JA+L-+GKT/<.VGM,CFZ=Y:V+IZ7]]'(]3W"`(Y]1Y#T6"%ZX]#T
MK+"_%!'Q*;^0RXNB?*F<KY0*4VHO[^4.A"$4CVX&#X.QD'L3C/17"`E`0A"K
MDB/3]$-!"3J,+OO*O_:U1'2@9;;?A^QCG$TI89H;89K2Y8\#67T/<A@8#[=3
M\.R!*/8=QK[NLA`0@U]LFV'^+B0<]2Z7=&E(Y0%EXOE1#D0WYN%+H%M>AO!(
M9=`5LS8'S'FKNQPC@;CK#EOY7'?/-D(Y.R#SN(F1XY@#<0L>M:4!%T8L$+4-
MX@7^8A#$N]_C7O,5XH99-S0,B+BBE"G-EE:QL.8/&!*U:")S@!PD7AAD3I4X
M;(GZ=*.E5XF67A5;.O.LKV//L2&ARK>`KW_94?`0L.F^N.+*RWL^VAEV?!AA
MS!*K^V--B2\/)B)]TPF@;'\)*(OZP//WC(C#JL.!R**>3$),7K>NM^OQG,PD
MLSC-AZ9#=Z@>U0VBF'&7LPBT$7N[10[6)7DV)]AV<57\+W"#;:B)VLX]!H]D
M\9HU8\$K#5R*7Z^X@.%IT/*PA1RX:JPV9$V/\EIAJ1Y/?U6<:4,<72/I/CD0
MJGS.8.:1F9A/<^#_W,2WX>!'YGT,V/0HSY>)$:2KUHE6>6QG<_T^#&_B/!=V
MHEEU[S1P:>L7PMR',JI3&K@4G?3`]Z,"TUDY8\B.7KL`)GI@FP<ML2XM[8+M
M3#OE@7@3]>;AVC$I7Y7GJ<=BVLX,+TI/>[Z'1=1V(*4\C"M32"Q$X5(@TWG7
M$;1;/2/92$[(R,3H>XC\=;$3WH;M[LH96F<X9\ET7M.@UR,\`TY9U>&[@NPX
MUS^FV9Y;'-YUWR1(0`^_R\3=.CK8[/)Z:_X[@W;[80V2G6V9263:<?9"F1B+
MZAS+B\G"5\J\;7BJ+5*)1VB/UL):IFUP%"U2)XK8+&;<!.D`$SU`?/G.#AP>
M?[?/2<2UUB(J=XB&1F.^W1#H,FB`(^F1M@^J>:Z+V,*Y>.01*S_DL3CCT^.-
MN),CX_)LY56<9E#O_6"FY-Z*23!'3;N0Z&,SD]SNAI@:US3HB,."KDEX@L;G
M!Q7?8>9+:J;]^2V@D^,?'Q1^"WB!\A(>IV1/W]T0T]>NE.OO["BY%\J0Q?""
M.;I>BZ;N_P!02P$"'@,4````"`"1@JM`S!,Z75Y'``"W!0,`$0`8```````!
M````I($`````<&5I>"TR,#$R,#,S,2YX;6Q55`4``Y)TK4]U>`L``00E#@``
M!#D!``!02P$"'@,4````"`"1@JM`53V]NN`)```0:P``%0`8```````!````
MI(&I1P``<&5I>"TR,#$R,#,S,5]C86PN>&UL550%``.2=*U/=7@+``$$)0X`
M``0Y`0``4$L!`AX#%`````@`D8*K0+&4@9MF$P``RU(!`!4`&````````0``
M`*2!V%$``'!E:7@M,C`Q,C`S,S%?9&5F+GAM;%54!0`#DG2M3W5X"P`!!"4.
M```$.0$``%!+`0(>`Q0````(`)&"JT!W?&JDM"(``&Z=`0`5`!@```````$`
M``"D@8UE``!P96EX+3(P,3(P,S,Q7VQA8BYX;6Q55`4``Y)TK4]U>`L``00E
M#@``!#D!``!02P$"'@,4````"`"1@JM``J)@?F84``"76`$`%0`8```````!
M````I(&0B```<&5I>"TR,#$R,#,S,5]P<F4N>&UL550%``.2=*U/=7@+``$$
M)0X```0Y`0``4$L!`AX#%`````@`D8*K0"SD(G7""```H#\``!$`&```````
M`0```*2!19T``'!E:7@M,C`Q,C`S,S$N>'-D550%``.2=*U/=7@+``$$)0X`
<``0Y`0``4$L%!@`````&``8`&@(``%*F````````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVRAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document And Entity Information (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>May 10, 2012</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">Pacific Ethanol, Inc.<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-Q<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">86,801,993<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 20,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000778164<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Smaller Reporting Company<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Mar. 31,
         2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_DocumentAndEntityInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_DocumentAndEntityInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6OAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net sales</a></td>
        <td class="nump">$ 197,719<span></span></td>
        <td class="nump">$ 173,148<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSold', window );">Cost of goods sold</a></td>
        <td class="nump">205,196<span></span></td>
        <td class="nump">170,584<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit (loss)</a></td>
        <td class="num">(7,477)<span></span></td>
        <td class="nump">2,564<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpense', window );">Selling, general and administrative expenses</a></td>
        <td class="nump">3,378<span></span></td>
        <td class="nump">4,188<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Loss from operations</a></td>
        <td class="num">(10,855)<span></span></td>
        <td class="num">(1,624)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants', window );">Fair value adjustments on convertible debt and warrants</a></td>
        <td class="num">(33)<span></span></td>
        <td class="nump">926<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense, net</a></td>
        <td class="num">(2,909)<span></span></td>
        <td class="num">(3,638)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expense, net</a></td>
        <td class="num">(194)<span></span></td>
        <td class="num">(343)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before provision for income taxes</a></td>
        <td class="num">(13,991)<span></span></td>
        <td class="num">(4,679)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net loss</a></td>
        <td class="num">(13,991)<span></span></td>
        <td class="num">(4,679)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity', window );">Net loss attributed to noncontrolling interest in variable interest entity</a></td>
        <td class="nump">9,038<span></span></td>
        <td class="nump">4,697<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss) attributed to Pacific Ethanol, Inc.</a></td>
        <td class="num">(4,953)<span></span></td>
        <td class="nump">18<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred stock dividends</a></td>
        <td class="num">(315)<span></span></td>
        <td class="num">(312)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss available to common stockholders</a></td>
        <td class="num">$ (5,268)<span></span></td>
        <td class="num">$ (294)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per share, basic and diluted (in Dollars per share)</a></td>
        <td class="num">$ (0.06)<span></span></td>
        <td class="num">$ (0.02)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted-average shares outstanding, basic and diluted (in Shares)</a></td>
        <td class="nump">86,222<span></span></td>
        <td class="nump">13,582<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value adjustments on convertible debt and warrants</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 5A<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386349&amp;loc=d3e3636-108311<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SellingGeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          7.

        </td>

        <td>

          COMMITMENTS AND CONTINGENCIES.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Purchase Commitments</u></i> &#8211; At March 31, 2012,

      the Company had fixed-price purchase contracts with its

      suppliers to purchase $14,753,000 of ethanol and

      indexed-price contracts to purchase 2,604,000 gallons of

      ethanol. These contracts will be satisfied throughout the

      remainder of 2012.&#160;

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Sales Commitments</u></i> &#8211; At March 31, 2012,

      the Company had entered into sales contracts with its major

      customers to sell certain quantities of ethanol and WDG. The

      volumes indicated in the indexed-price contracts table will

      be sold at publicly-indexed sales prices determined by market

      prices in effect on their respective transaction dates (in

      thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td colspan="3" style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center">

          Fixed-Price

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td colspan="3" style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          &#160;Contracts

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 75%; text-align: left; vertical-align: top">

          Ethanol

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 10%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 11%; text-align: right">

          675

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: left; vertical-align: top">

          WDG

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          987

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: left; vertical-align: top; padding-left: 11pt">

          Total

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          1,662

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Indexed-Price Contracts<br />

          (Volume)

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 77%; text-align: left; padding-left: 4.3pt">

          Ethanol (gallons)

        </td>

        <td style="width: 10%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 11%; text-align: right">

          103,973

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-left: 4.3pt">

          WDG (tons)

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          70

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Litigation &#8211; General</u> &#8211;</i> The Company

      is subject to various claims and contingencies in the

      ordinary course of its business, including those related to

      litigation, business transactions, employee-related matters,

      and others. When the Company is aware of a claim or potential

      claim, it assesses the likelihood of any loss or exposure. If

      it is probable that a loss will result and the amount of the

      loss can be reasonably estimated, the Company will record a

      liability for the loss. If the loss is not probable or the

      amount of the loss cannot be reasonably estimated, the

      Company discloses the claim if the likelihood of a potential

      loss is reasonably possible and the amount involved could be

      material. While there can be no assurances, the Company does

      not expect that any of its pending legal proceedings will

      have a material financial impact on the Company&#8217;s

      operating results.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>6. WARRANTS.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock', window );">Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          6.

        </td>

        <td>

          WARRANTS.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in">

      For the three months ended March 31, 2012, certain warrant

      holders exercised warrants with respect to 252,101 shares of

      common stock on a cashless exercise basis, resulting in

      172,269 net shares of common stock issued by the Company.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 28<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6784392&amp;loc=d3e188667-122775<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number D-98<br><br> -Paragraph 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>10. RELATED PARTY TRANSACTIONS.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          10.

        </td>

        <td>

          RELATED PARTY TRANSACTIONS.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      <i><u>Preferred Dividends &#8211;</u></i> The Company had

      accrued and paid cash dividends in respect of its Series B

      Preferred Stock of $315,000 for the three months ended March

      31, 2012 and accrued but did not pay cash dividends of

      $312,000 for the three months ended March 31, 2011. The

      Company had accrued and unpaid dividends in respect of its

      Series B Preferred Stock of $7,315,000 as of March 31, 2012

      and December 31, 2011.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Note Payable to Related Party &#8211;</u></i> The

      Company had a note payable to its Chief Executive Officer

      totaling $750,000 as of March 31, 2012 and December 31, 2011.

      This note matures on March 31, 2013.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Consulting Agreement &#8211; Michael Kandris

      &#8211;</u></i> On December 30, 2011, the Company entered

      into an Independent Contractor Services Agreement with

      Michael Kandris, a member of the Company&#8217;s Board of

      Directors, appointing him as a consultant to the Company with

      supervisory responsibility for ethanol plant operations,

      under the direction of the Company&#8217;s Chief Executive

      Officer. The agreement became effective as of January 1,

      2012. <i></i>Mr. Kandris is to receive compensation as set

      forth in each statement of work. The current statement of

      work provides that Mr. Kandris shall receive bi-weekly

      payments in the amount of approximately $8,500. The agreement

      has an initial term of one year, and may be renewed by mutual

      agreement for successive one-year terms.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Disclosures [Text Block]</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      8.	FAIR VALUE MEASUREMENTS.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      The fair value hierarchy prioritizes the inputs used in

      valuation techniques into three levels as follows:

    </p><br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0.5in">

        </td>

        <td style="width: 0.25in">

          <font style="font-family: Symbol">&#183;</font>

        </td>

        <td style="text-align: justify">

          Level 1 &#8211; Observable inputs &#8211; unadjusted

          quoted prices in active markets for identical assets and

          liabilities;

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0.5in">

        </td>

        <td style="width: 0.25in">

          <font style="font-family: Symbol">&#183;</font>

        </td>

        <td style="text-align: justify">

          Level 2 &#8211; Observable inputs other than quoted

          prices included in Level 1 that are observable for the

          asset or liability through corroboration with market

          data; and

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0.5in">

        </td>

        <td style="width: 0.25in">

          <font style="font-family: Symbol">&#183;</font>

        </td>

        <td style="text-align: justify">

          Level 3 &#8211; Unobservable inputs &#8211; includes

          amounts derived from valuation models where one or more

          significant inputs are unobservable. For fair value

          measurements using significant unobservable inputs, a

          description of the inputs and the information used to

          develop the inputs is required along with a

          reconciliation of Level 3 values from the prior reporting

          period.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      The Company valued its warrants using a Monte Carlo Binomial

      Lattice-Based valuation methodology, adjusted for

      marketability restrictions. Significant assumptions used in

      the valuations for the dates noted are as follows:

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      <b><i><u>Warrants issued in October 2010:</u></i></b>

    </p><br/><table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

      <tr style="vertical-align: top">

        <td style="width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">

          Assumptions

        </td>

        <td style="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">

          &#160;

        </td>

        <td style="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          March 31, 2012

        </td>

        <td style="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">

          &#160;

        </td>

        <td style="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          December 31, 2011

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Exercise price

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          $0.45

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          $0.45

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: White">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Volatility

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          76.0%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          68.0%

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Risk free interest rate

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          1.33%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          1.09%

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: White">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Term (years)

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          5.60

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          5.90

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Marketability discount

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          50.3%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          47.4%

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      Based on the above, the Company estimated the fair value of

      these warrants to be $115,000 at March 31, 2012 and $226,000

      at December 31, 2011.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      <b><i><u>Warrants issued in December 2011:</u></i></b>

    </p><br/><table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

      <tr style="vertical-align: top">

        <td style="width: 46%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">

          Assumptions

        </td>

        <td style="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">

          &#160;

        </td>

        <td style="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">

          March 31, 2012

        </td>

        <td style="width: 7%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">

          &#160;

        </td>

        <td style="width: 20%; padding-top: 11pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">

          December 31, 2011

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Exercise price

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          $1.50

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          $1.50

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: White">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Volatility

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          78.3%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          68.0%

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Risk free interest rate

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          1.04%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          0.83%

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: White">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Term (years)

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          4.71

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          4.96

        </td>

      </tr>

      <tr style="vertical-align: top; background-color: rgb(238,238,238)">

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          Marketability discount

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          56.6%

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">

          &#160;

        </td>

        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">

          52.0%

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      Based on the above, the Company estimated the fair value of

      these warrants to be $1,727,000 at March 31, 2012 and

      $1,695,000 at December 31, 2011.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">

      <i><u>Other Derivative Instruments</u></i> &#8211; The

      Company&#8217;s other derivative instruments consist of

      commodity positions. The fair value of the commodity

      positions are based on quoted prices on the commodity

      exchanges and are designated as Level 1.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">

      The following table summarizes fair value measurements by

      level at March 31, 2012 (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td>

          &#160;

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 1

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 2

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 3

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Total

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">

          Liabilities:

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="width: 40%; padding-left: 5.4pt">

          Warrants(1)

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          1,842

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          1,842

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="padding-bottom: 1pt; padding-left: 5.4">

          Commodity contracts(2)

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          21

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          21

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">

          Total Liabilities

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          21

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          1,842

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          1,863

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      __________

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      (1) Included in other liabilities in the consolidated balance

      sheets.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      (2) Included in accrued liabilities in the consolidated

      balance sheets.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">

      The following tables summarize fair value measurements by

      level at December 31, 2011 (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td>

          &#160;

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 1

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 2

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 3

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Total

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">

          Assets:

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="width: 40%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">

          Commodity contracts(1)

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">

          244

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="width: 3%; padding-bottom: 1pt">

          &#160;

        </td>

        <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">

          $

        </td>

        <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">

          244

        </td>

        <td style="width: 1%; padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">

          Total Assets

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          244

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          244

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      __________

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      (1) Included in other current assets in the consolidated

      balance sheets.

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td>

          &#160;

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 1

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 2

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Level 3

        </td>

        <td style="font-weight: bold; padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">

          Total

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">

          Liabilities:

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="width: 40%; padding-left: 5.4pt">

          Warrants(1)

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          1,921

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 10%; text-align: right">

          1,921

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="padding-bottom: 1pt; padding-left: 5.4">

          Commodity contracts(2)

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          500

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          500

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 0.5in">

          Total Liabilities

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          500

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          &#8212;&#160;&#160;

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          1,921

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          2,421

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      __________

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      (1) Included in other liabilities in the consolidated balance

      sheets.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 9pt">

      (2) Included in accrued liabilities in the consolidated

      balance sheets.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">

      The changes in the fair value of the Company&#8217;s Level 3

      inputs are as follows (in thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 70%; padding-left: 4.3pt">

          Balance, December 31, 2011

        </td>

        <td style="width: 10%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 18%; text-align: right">

          1,921

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-left: 4.3pt">

          Warrant exercises

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          (112

        </td>

        <td style="text-align: left">

          )

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-bottom: 1pt; padding-left: 4.3pt">

          Adjustments to fair value for the period

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          33

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="padding-bottom: 2.5pt; padding-left: 4.3pt">

          Balance, March 31, 2012

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          1,842

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13504-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueDisclosuresTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings Per Share [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          9.

        </td>

        <td>

          EARNINGS PER SHARE.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      The following tables compute basic and diluted earnings per

      share (in thousands, except per share data):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">

          Three Months Ended March&#160;31, 2012

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Loss<br />

          Numerator

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Shares Denominator

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Per-Share Amount

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 46%; text-align: justify">

          Net loss

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 11%; text-align: right">

          (4,953

        </td>

        <td style="width: 1%; text-align: left">

          )

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 11%; text-align: right">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 11%; text-align: right">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: justify">

          Less: Preferred stock dividends

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          (315

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">

          Basic and diluted loss per share:

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">

          Loss available to common stockholders

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          (5,268

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          86,222

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          (0.06

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          )

        </td>

      </tr>

    </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">

          Three Months Ended March&#160;31, 2011

        </td>

      </tr>

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Income (Loss) Numerator

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Shares Denominator

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          Per-Share Amount

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 46%; text-align: justify">

          Net income

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 11%; text-align: right">

          18

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 11%; text-align: right">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 5%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 11%; text-align: right">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: justify; padding-bottom: 1pt">

          Less: Preferred stock dividends

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          (312

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">

          Basic and diluted loss per share:

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">

          Loss available to common stockholders

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          (294

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          13,582

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          (0.02

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          )

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      There were an aggregate of 3,213,000 and 8,108,000

      potentially dilutive weighted-average shares from convertible

      securities outstanding as of March 31, 2012 and 2011,

      respectively. These convertible securities were not

      considered in calculating diluted net loss per share for the

      three months ended March 31, 2012 and 2011, as their effect

      would have been anti-dilutive.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>11. SUBSEQUENT EVENT.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          11.

        </td>

        <td>

          SUBSEQUENT EVENT.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      As discussed in Note 5, the Company amended Kinergy&#8217;s

      operating line of credit effective May 4, 2012.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5MAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OperatingActivitiesAbstract', window );"><strong>Operating Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net loss</a></td>
        <td class="num">$ (13,991)<span></span></td>
        <td class="num">$ (4,679)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile consolidated net loss to cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Depreciation and amortization of intangibles</a></td>
        <td class="nump">3,134<span></span></td>
        <td class="nump">3,136<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants', window );">Fair value adjustments on convertible debt and warrants</a></td>
        <td class="nump">33<span></span></td>
        <td class="num">(926)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_InventoryValuation', window );">Inventory valuation</a></td>
        <td class="num">(2)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization of deferred financing fees</a></td>
        <td class="nump">164<span></span></td>
        <td class="nump">159<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Noncash compensation</a></td>
        <td class="nump">296<span></span></td>
        <td class="nump">769<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Gain on derivatives</a></td>
        <td class="num">(135)<span></span></td>
        <td class="num">(28)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
        <td class="nump">2<span></span></td>
        <td class="num">(130)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num">(984)<span></span></td>
        <td class="num">(6,354)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
        <td class="nump">1,696<span></span></td>
        <td class="num">(1,177)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="nump">1,395<span></span></td>
        <td class="nump">363<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets', window );">Prepaid inventory</a></td>
        <td class="nump">2,040<span></span></td>
        <td class="nump">434<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">3,600<span></span></td>
        <td class="nump">2,529<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(2,752)<span></span></td>
        <td class="num">(5,904)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_InvestingActivitiesAbstract', window );"><strong>Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Additions to property and equipment</a></td>
        <td class="num">(896)<span></span></td>
        <td class="num">(280)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(896)<span></span></td>
        <td class="num">(280)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FinancingActivitiesAbstract', window );"><strong>Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock dividends paid</a></td>
        <td class="num">(315)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromOtherDebt', window );">Net proceeds from borrowings</a></td>
        <td class="nump">30<span></span></td>
        <td class="nump">5,898<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="num">(285)<span></span></td>
        <td class="nump">5,898<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td>
        <td class="num">(3,933)<span></span></td>
        <td class="num">(286)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">8,914<span></span></td>
        <td class="nump">8,736<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">4,981<span></span></td>
        <td class="nump">8,450<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SupplementalInformationAbstract', window );"><strong>Supplemental Information:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid</a></td>
        <td class="nump">2,789<span></span></td>
        <td class="nump">2,680<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NoncashFinancingAndInvestingActivitiesAbstract', window );"><strong>Noncash financing and investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants', window );">Reclass of warrant liability to equity upon cashless net exercise</a></td>
        <td class="nump">112<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred stock dividends accrued</a></td>
        <td class="nump">315<span></span></td>
        <td class="nump">312<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueOther', window );">Debt extinguished with issuance of common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 7,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_AdjustmentsToReconcileConsolidatedNetLossToCashUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ChangesInOperatingAssetsAndLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value adjustments on convertible debt and warrants</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAdjustmentsOnConvertibleDebtAndWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_InventoryValuation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Inventory valuation</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_InventoryValuation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_InvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_InvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NoncashFinancingAndInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NoncashFinancingAndInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reclass of warrant liability to equity upon cashless net exercise of warrants</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ReclassOfWarrantLiabilityToEquityUponCashlessNetExerciseOfWarrants</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SupplementalInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SupplementalInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCostsAndDiscounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherCurrentAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaidNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to preferred shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromOtherDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from other borrowing not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromOtherDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivatives</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT.<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt Disclosure [Text Block]</a></td>
        <td class="text"><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">

      <tr style="vertical-align: top">

        <td style="width: 0">

        </td>

        <td style="width: 0.25in">

          5.

        </td>

        <td>

          DEBT.

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">

      Long-term borrowings are summarized as follows (in

      thousands):

    </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="vertical-align: bottom">

        <td style="text-align: center">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          March 31, 2012

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">

          December 31, 2011

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="width: 64%; text-align: left; padding-left: 5.4pt">

          Kinergy operating line of credit

        </td>

        <td style="width: 3%">

          &#160;

        </td>

        <td style="width: 1%; text-align: left">

          $

        </td>

        <td style="width: 13%; text-align: right">

          14,461

        </td>

        <td style="width: 1%; text-align: left">

          &#160;

        </td>

        <td style="width: 3%; color: black">

          &#160;

        </td>

        <td style="width: 1%; color: black; text-align: left">

          $

        </td>

        <td style="width: 13%; color: black; text-align: right">

          20,432

        </td>

        <td style="width: 1%; color: black; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-left: 5.4pt">

          Note payable to related party

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          750

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          750

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left; padding-left: 5.4pt">

          New PE Holdco term debt

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          51,279

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          51,279

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">

          New PE Holdco operating line of credit

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          27,978

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          21,978

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          94,468

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td>

          &#160;

        </td>

        <td style="text-align: left">

          &#160;

        </td>

        <td style="text-align: right">

          94,439

        </td>

        <td style="text-align: left">

          &#160;

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: White">

        <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">

          Less short-term portion

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          (750

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          )

        </td>

        <td style="padding-bottom: 1pt">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: left">

          &#160;

        </td>

        <td style="border-bottom: Black 1pt solid; text-align: right">

          (750

        </td>

        <td style="padding-bottom: 1pt; text-align: left">

          )

        </td>

      </tr>

      <tr style="vertical-align: bottom; background-color: rgb(238,238,238)">

        <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">

          Long-term debt

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          93,718

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

        <td style="padding-bottom: 2.5pt">

          &#160;

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: left">

          $

        </td>

        <td style="border-bottom: Black 2.5pt double; text-align: right">

          93,689

        </td>

        <td style="padding-bottom: 2.5pt; text-align: left">

          &#160;

        </td>

      </tr>

    </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Kinergy Operating Line of Credit</u></i> &#8211; In May

      2012, the Company extended Kinergy&#8217;s operating line of

      credit. The renewal of Kinergy&#8217;s credit facility is for

      an aggregate amount of up to $40.0 million, including an

      optional accordion feature for up to an additional $10.0

      million. The prior credit facility included an accordion

      feature of $5.0 million. The credit facility expires on

      December 31, 2015. Interest accrues under the credit facility

      at a rate equal to (i)&#160;the three-month London Interbank

      Offered Rate (LIBOR), plus (ii) a specified applicable margin

      ranging between 2.50% and 3.50%. The credit facility&#8217;s

      monthly unused line fee is 0.50% of the amount by which the

      maximum credit under the facility exceeds the average daily

      principal balance. Kinergy is also required to pay customary

      fees and expenses associated with the credit facility and

      issuances of letters of credit. In addition, Kinergy is

      responsible for a $3,000 monthly servicing fee. In addition,

      the amended facility includes the accounts receivable of PAP

      as additional collateral.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">

      <i><u>New PE Holdco Working Capital Line of Credit</u></i>

      &#8211; For the three months ended March 31, 2012, New PE

      Holdco borrowed $6,000,000 on its working capital line of

      credit.

    </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">

      <i><u>Note Payable to Related Party</u></i> &#8211; On March

      31, 2009, the Company&#8217;s Chief Executive Officer

      provided funds in an aggregate amount of $1,000,000 for

      general working capital purposes, in exchange for an

      unsecured promissory note issued by the Company. Interest on

      the unpaid principal amount accrues at a rate of 8.00% per

      annum. The Company recorded interest under this note of

      approximately $15,000 and $20,000 for the three months ended

      March 31, 2012 and 2011, respectively. As of December 31,

      2011, the remaining amount of $750,000 was due and payable on

      the extended maturity date of March 31, 2012. On March 7,

      2012, the maturity date was further extended to March 31,

      2013.

    </p><br/><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<FilingSummary xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>2.4.0.6</Version>
  <ProcessingTime />
  <ReportFormat>Html</ReportFormat>
  <ContextCount>14</ContextCount>
  <ElementCount>101</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>3</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>000 - Disclosure - Document And Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/DocumentAndEntityInformation</Role>
      <ShortName>Document And Entity Information</ShortName>
    </Report>
    <Report>
      <IsDefault>true</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>001 - Statement - CONSOLIDATED BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/ConsolidatedBalanceSheet</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/ConsolidatedBalanceSheet_Parentheticals</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS (Parentheticals)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/ConsolidatedComprehensiveIncome</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF OPERATIONS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>004 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/ConsolidatedCashFlow</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>005 - Disclosure - 1. ORGANIZATION AND BASIS OF PRESENTATION.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note</Role>
      <ShortName>1. ORGANIZATION AND BASIS OF PRESENTATION.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>006 - Disclosure - 2. VARIABLE INTEREST ENTITY.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note0</Role>
      <ShortName>2. VARIABLE INTEREST ENTITY.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>007 - Disclosure - 3. INVENTORIES.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note00</Role>
      <ShortName>3. INVENTORIES.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>008 - Disclosure - 4. DERIVATIVES.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note000</Role>
      <ShortName>4. DERIVATIVES.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>009 - Disclosure - 5. DEBT.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note0000</Role>
      <ShortName>5. DEBT.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>010 - Disclosure - 6. WARRANTS.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note00000</Role>
      <ShortName>6. WARRANTS.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>011 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note000000</Role>
      <ShortName>7. COMMITMENTS AND CONTINGENCIES.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>012 - Disclosure - 8. FAIR VALUE MEASUREMENTS.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note0000000</Role>
      <ShortName>8. FAIR VALUE MEASUREMENTS.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>013 - Disclosure - 9. EARNINGS PER SHARE.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note00000000</Role>
      <ShortName>9. EARNINGS PER SHARE.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>014 - Disclosure - 10. RELATED PARTY TRANSACTIONS.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note000000000</Role>
      <ShortName>10. RELATED PARTY TRANSACTIONS.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>015 - Disclosure - 11. SUBSEQUENT EVENT.</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.pacificethanol.net/role/Note0000000000</Role>
      <ShortName>11. SUBSEQUENT EVENT.</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <Logs>
    <Log type="Info">Process Flow-Through: 001 - Statement - CONSOLIDATED BALANCE SHEETS</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Mar. 31, 2011'</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2010'</Log>
    <Log type="Info">Process Flow-Through: 002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</Log>
    <Log type="Info">Process Flow-Through: 003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</Log>
    <Log type="Info">Process Flow-Through: 004 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</Log>
  </Logs>
  <InputFiles>
    <File>peix-20120331.xml</File>
    <File>peix-20120331.xsd</File>
    <File>peix-20120331_cal.xml</File>
    <File>peix-20120331_def.xml</File>
    <File>peix-20120331_lab.xml</File>
    <File>peix-20120331_pre.xml</File>
  </InputFiles>
  <SupplementalFiles />
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
