Yes the shares were issued in the first quarter, but they were reported in the 10K first …specifically in the Section 15 SUBSEQUENT EVENTS Since January 1, 2012.

So it will be telling if they do the same again. And since the share price is approx. half what it was last year you can just double the shares issued last year to estimate the number of shares to be issued for compensation this year …that is of course if they don’t give themselves handsome raises again.

It will be interesting to see how they handle their comp.