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SOLITARIO EXPLORATION & ROYALTY CORP.
0000917225
10-Q
2011-09-30
true
--12-31
No
No
Yes
Smaller Reporting Company
Q3
2011
34204958
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<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">1.       <u>Business
and Significant Accounting Policies</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; font-variant: normal; text-decoration: underline">Business</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Solitario Exploration & Royalty
Corp. (“Solitario”) is an exploration stage company with a focus on the acquisition of precious and base metal properties
with exploration potential and the development or purchase of royalty interests. Solitario acquires and holds a portfolio of exploration
properties for future sale, joint venture or to create a royalty prior to the establishment of proven and probable reserves. In
August 2010, Solitario signed a Letter of Intent to earn up to an 80% interest in the Mt. Hamilton project located in Nevada from
Ely Gold & Minerals, Inc. (“Ely”). Solitario has been working on the exploration and potential development of the
Mt. Hamilton project. However, Solitario has never developed a mineral property. Solitario is exploring on other mineral properties
that may be developed in the future by Solitario or through a joint venture. Solitario has been actively involved in mineral exploration
since 1993. At September 30, 2011, Solitario's mineral properties are located in the United States, Mexico, Brazil, Bolivia and
Peru. Solitario was incorporated in the state of Colorado on November 15, 1984.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">The accompanying interim condensed
consolidated financial statements of Solitario for the nine months ended September 30, 2011 and 2010 are unaudited and are prepared
in accordance with accounting principles generally accepted in the United States of America. They do not include all disclosures
required by generally accepted accounting principles for annual financial statements, but in the opinion of management, include
all adjustments, consisting only of normal recurring items, necessary for a fair presentation. Interim results are not necessarily
indicative of results, which may be achieved in the future or for the full year ending December 31, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">These financial statements should
be read in conjunction with the financial statements and notes thereto which are included in Solitario’s Annual Report on
Form 10-K for the year ended December 31, 2010. The accounting policies set forth in those annual financial statements are the
same as the accounting policies utilized in the preparation of these financial statements, except as modified for appropriate interim
financial statement presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Recent developments</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Equity financing</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">On April 13, 2011, Solitario sold
3,400,000 shares of its common stock in an underwritten public offering at a price to the public of $2.50 per share. <font style="color: #333333">In
connection with the underwritten public offering, on May 9, 2011, the underwriter exercised its option to purchase an additional
510,000 shares at $2.50 per share to cover over-allotments. The total number of shares sold in the public offering and the over-allotment
were 3,910,000 shares (the “Offering”) for net proceeds of $8,937,000 after underwriter’s commission of six percent
and offering costs. The Offering was made pursuant to a shelf registration statement on Form S-3 </font>previously filed with the
Securities and Exchange Commission (the “SEC”) on March 18, 2011, which was declared effective on March 29, 2011. A
prospectus supplement relating to the Offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Stock option liability</i> 	</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">On January 1, 2011, Solitario changed
its accounting for stock options to equity accounting from liability accounting in accordance with the adoption of the Financial
Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2010-13, “Effect of Denominating
the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades”
(“ASU 2010-13”). ASU 2010-13 addresses the classification of a share-based payment award with an exercise price denominated
in the currency of a market in which the underlying equity security trades. FASB Accounting Standards Codification (“ASC”)
Topic 718 was amended to clarify that a share-based payment award with an exercise price denominated in the currency of a market
in which a substantial portion of the entity’s equity securities trade shall not be considered to contain a market, performance
or service condition. Therefore, such an award is not to be classified as a liability if it otherwise qualifies for equity classification.
In accordance with ASU 2010-13, this change has been made on a prospective basis as of January 1, 2011 with a reduction to stock
option liability of $2,775,000, an increase to additional paid-in-capital of $1,240,000 and a reduction in accumulated deficit
of $992,000, net of deferred taxes of $543,000. See “Employee stock compensation plans” below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0"><i>Investment in Ely and the Mt. Hamilton joint venture</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">On August 26, 2010, Solitario signed
a Letter of Intent (“LOI”) with Ely to make certain equity investments into Ely and to joint venture Ely’s Mt.
Hamilton gold project, which was wholly-owned by DHI-Minerals (US) Ltd. (“DHI-US”), an indirect wholly-owned subsidiary
of Ely. On August 26, 2010 and October 19, 2010, Solitario made private placement investments of Cdn$250,000 each in Ely securities.
Solitario received a total of 3,333,333 shares of Ely common stock and warrants to purchase a total of 1,666,667 shares of Ely
common stock (the “Ely Warrants”) for an exercise price of Cdn$0.25 per share, which expire two years from the date
of purchase. The private placements were pursuant to the LOI. On November 12, 2010 Solitario made an initial contribution of $300,000
for a 10% membership interest in, upon the formation of, Mt. Hamilton LLC (“MH-LLC”) which was formed in December 2010.
The terms of the joint venture are set forth in the Limited Liability Company Operating Agreement of MH-LLC between Solitario and
DHI-US (the “MH Agreement”). MH-LLC owns 100% of the Mt. Hamilton Gold project. Pursuant to the MH Agreement, Solitario
may earn up to an 80% interest in MH-LLC, and indirectly, the Mt. Hamilton project, by completing various staged commitments. See
a more complete discussion of Ely and MH-LLC in Note 12 to the consolidated financial statements, “Ely Gold investment and
the Mt. Hamilton Joint Venture” in Item 8 “Financial Statements and Supplementary Data” of our Annual Report
on Form 10-K for the year ended December 31, 2010. During the three and nine months ended September 30, 2011, Solitario made cash
payments of $100,000 and $200,000, respectively, and issued 25,000 and 50,000 shares of common stock, respectively, valued at $50,000
and $140,000, respectively to DHI-US as part of its earn-in to MH-LLC. These payments were recorded as contra-noncontrolling interest
account in the equity section of the condensed consolidated balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Royalty buy-down</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">On May 17, 2011, MH-LLC and Solitario
entered into an agreement with an underlying royalty holder on its Mt. Hamilton property whereby Solitario delivered, for the benefit
of MH-LLC, 344,116 shares of its common stock, with a fair market value of $1,000,000 based upon a 20-day weighted average quoted
stock price, and $1,520,000 of cash, to reduce the future net smelter royalty (the “Royalty Buy-down”) from a maximum
royalty of 8% to a maximum royalty of 6%. MH-LLC retains its existing right to further reduce the net smelter royalty at Mt. Hamilton
by an additional 5%, to an ultimate royalty of 1%, as further discussed in Note 12 to the consolidated financial statements, “Ely
Gold investment and the Mt. Hamilton Joint Venture” in Item 8 “Financial Statements and Supplementary Data” of
our Annual Report on Form 10-K for the year ended December 31, 2010. As part of the Royalty Buy-down transaction, Solitario agreed
to loan to DHI-US, the non-controlling member of MH-LLC, $504,000 for DHI-US’s mutually agreed 20% share of the total purchase
price contributed by Solitario to MH-LLC to fund the Royalty Buy-down. This loan is unsecured; bears interest at 6% per annum and
the loan and any accrued interest thereon will only be repaid from 80% of DHI-US share of distributions from MH-LLC, if any. Solitario
has recorded the loan of $504,000 as an offset to DHI-US’s non-controlling interest in MH-LLC, as the loan represents a claim
on DHI-US’s share of the future distributions from MH-LLC. During the three and nine months ended September 30, 2011, Solitario
accrued $7,000 and $11,000, respectively, of interest on the $504,000 loan as an offset to DHI-US’s noncontrolling interest
in the equity section of the consolidated balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Kinross common stock</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: left; text-indent: 0.5in">Solitario has a
significant investment in Kinross Gold Corporation (“Kinross”) at September 30, 2011, which consists of 855,000 shares
of Kinross common stock. As of September 30, 2011, none of these shares are subject to the Kinross Collar, discussed below under
"Derivative instruments." Solitario did not sell any shares of Kinross during the three months ended September 30, 2011
or the three months ended September 30, 2010. During nine months ended September 30, 2011 Solitario sold 125,000 shares of Kinross
for net proceeds of $1,964,000 and recorded a gain on sale of $1,870,000, respectively. Solitario sold 40,000 shares of Kinross
common shares during the nine months ended September 30, 2010 for net proceeds of $730,000 and recorded a gain on sale of $553,000.
As of November 1, 2011, we own 855,000 shares of Kinross, which have a value of approximately $12.3 million based upon the market
price of $14,36 per Kinross share. Any significant fluctuation in the market value of Kinross common shares could have a material
impact on Solitario's liquidity and capital resources.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Employee stock compensation plans</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Solitario accounts for its stock
options under the provisions of ASC 718 Compensation – Stock Compensation. Pursuant to ASC 718, as of January 1, 2011, Solitario
classifies its stock options as equity options in accordance with ASU 2010-13. Previously, Solitario had classified its stock options
as liabilities as they are priced in Canadian dollars and Solitario’s functional currency is United States dollars and Solitario’s
common stock trades on both the NYSE Amex Equities (“NYSE-Amex”) and the Toronto Stock Exchange (“TSX”).
Prior to January 1, 2011, Solitario recorded a liability for the fair value of the vested portion of outstanding options based
upon a Black-Scholes option pricing model.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Solitario’s outstanding options
on the date of grant have a five year term, and vest 25% on date of grant and 25% on each of the next three anniversary dates.
Solitario recognizes stock option compensation expense on the date of grant for 25% of the grant date fair value, and subsequently,
based upon a straight line amortization of the unvested grant date fair value of each of its outstanding options. During the three
and nine months ended September 30, 2011 Solitario recorded $174,000 and $523,000 of stock option expense for the amortization
of grant date fair value with a credit to additional paid-in-capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Prior to January 1, 2011, Solitario
recorded a stock option liability for the vested fair value of each option grant on the measurement date by multiplying the estimated
fair value determined using the Black-Scholes model by the percent vesting of the option on the measurement date. During the three
and nine months ended September 30, 2010, Solitario recognized $206,000 and $851,000, respectively, in stock option compensation
expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in">On June 27, 2006 Solitario’s
shareholders approved the 2006 Stock Option Incentive Plan (the “2006 Plan”). Under the terms of the 2006 Plan, the
Board of Directors may grant up to 2,800,000 options to Directors, officers and employees with exercise prices equal to the market
price of Solitario’s common stock at the date of grant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in">There were no new options granted
during the three and nine months ended September 30, 2011. Solitario granted 2,065,000 options on May 5, 2010, with a grant fair
value of $2,449,000 based upon a Black Scholes option pricing model resulting in a weighted average fair value of $1.19 per share.
During the three and nine months ended September 30, 2011, options for 32,500 and 140,600 shares, respectively, were exercised
at prices between Cdn$1.55 and Cdn$2.40 per share for cash proceeds of $51,000 and $232,000. No options were exercised during the
three and nine months ended September 30, 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">The following table summarizes the
activity for stock options outstanding under the 2006 Plan as of September 30, 2011, with exercise prices equal to the stock price,
as defined, on the date of grant and no restrictions on exercisability after vesting:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 5.4pt; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="width: 39%; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"> </td>
<td style="width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shares issuable on<br /> outstanding<br /> Options</td>
<td style="width: 17%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Weighted average<br />  exercise Price <br /> (Cdn$)</td>
<td style="width: 15%; border-bottom: windowtext 1pt solid; padding-right: -0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Weighted <br /> average <br /> remaining <br /> contractual term<br />  in years</td>
<td style="width: 12%; border-bottom: windowtext 1pt solid; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Aggregate <br /> intrinsic <br /> value(1)</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">2006 Plan</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">  Outstanding, beginning of year</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">    2,584,000</td>
<td style="vertical-align: top; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.23</td>
<td style="vertical-align: top; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">    Granted</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="vertical-align: top; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">    Exercised</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(140,600)</td>
<td style="vertical-align: top; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$1.55</td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">    Forfeited</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">           -  </td>
<td style="vertical-align: top; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">  Outstanding at September 30, 2011</td>
<td style="padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">2,443,400</td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.27</td>
<td style="padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">3.5</td>
<td style="padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$71,000</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">  Exercisable at September 30, 2011</td>
<td style="padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">1,281,500</td>
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.23</td>
<td style="padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">3.4</td>
<td style="padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$47,000</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">(1)The intrinsic value at September 30, 2011 based upon
the quoted market price of Cdn$1.79 per share for our common stock on the TSX and an exchange ratio of 0.96818 Canadian dollars
per United States dollar.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">At December 31, 2010, the fair value
of $2,775,000 for Solitario’s outstanding options on that date, granted under the 2006 Plan, was determined utilizing the
following assumptions and a Canadian dollar to United States dollar exchange rate of 0.99994.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Fair Value at December 31, 2010</u></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 61%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Grant Date</td>
<td style="width: 21%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">5/5/10</td>
<td style="width: 18%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">5/19/09</td></tr>
<tr>
<td style="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Plan</td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2006 Plan</td>
<td style="border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2006 Plan</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Option price (Cdn$)</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.40 </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$1.55 </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Options outstanding</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2,065,000 </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">519,000 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Expected Life</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">4.4 yrs </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3.4 yrs </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Expected volatility</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">62% </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">66% </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Risk free interest rate</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1.6x% </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1.1% </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Weighted average fair value</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.24 </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$2.54 </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Portion of vesting at measurement date</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">41.6x% </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">64.6x% </td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Fair value of outstanding vested options</td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$1,924,000 </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$851,000 </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Earnings per share </u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">The calculation of basic and diluted
earnings and loss per share is based on the weighted average number of common shares outstanding during the three and nine months
ended September 30, 2011 and 2010. Potentially dilutive shares are related to outstanding common stock options of 2,443,400 and
2,584,000 during the three and nine months ended September 30, 2011 and 2010, respectively, were excluded from the calculation
of diluted loss per share because the effects were anti-dilutive.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Derivative instruments</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Ely Warrants</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">In connection with the equity investment
in Ely on August 30, 2010, Solitario acquired warrants to purchase 833,333 shares of Ely common stock at Cdn$0.25 per share for
a period of two years. On October 19, 2010, Solitario acquired warrants to purchase an additional 833,333 shares of common stock
at Cdn$0.25 per share for a period of two years from that date. In accordance with ASC 815, at December 31, 2010 Solitario did
not classify the warrants acquired on October 19, 2010 as derivative instruments until January 18, 2011, or 31 days prior to the
underlying shares being readily convertible to cash. Prior to that time, any gains and losses on those warrants were recorded in
other comprehensive income. On January 18, 2011, Solitario transferred an unrecognized gain on derivative instrument of $114,000
for the warrants acquired on October 19, 2010 to gain on derivative instrument. In addition, as of September 30, 2011 Solitario
has recorded $96,000 for the fair value of the 1,666,666 warrants received from Ely as a long-term asset. Solitario has recorded
total unrealized loss on derivative instrument in the statement of operations for the net loss related to the Ely warrants of $229,000
and $156,000, respectively, for the three and nine months ended September 30, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Kinross Collar</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">On October 12, 2007 Solitario entered
into a Zero-Premium Equity Collar (the "Kinross Collar") pursuant to a Master Agreement for Equity Collars and a Pledge
and Security Agreement with UBS AG, London, England, an Affiliate of UBS Securities LLC (collectively "UBS"). Under the
terms of the Kinross Collar, Solitario pledged 900,000 shares of Kinross common shares to be sold (or delivered back to Solitario
with any differences settled in cash). On April 12, 2011, the remaining 100,000 shares under the Kinross Collar were released upon
the expiration of the tranche of the Kinross Collar on that date. No shares were delivered to UBS under the Kinross Collar and
no cash was paid or received upon termination of the final tranche of the Kinross Collar.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Solitario had not designated the
Kinross Collar as a hedging instrument as described in ASC 815 Derivatives and Hedging and any changes in the fair market value
of the Kinross Collar are recognized in the statement of operations in the period of the change. As of September 30, 2011 and December
31, 2010, Solitario recorded no value and $2,000, respectively, for the fair market value of the Kinross Collar in other current
assets. Solitario recorded an unrealized loss of $2,000 during the nine months ended September 30, 2011. Solitario recorded an
unrealized loss of $66,000 for the three months ended September 30, 2010 and an unrealized gain of $10,000 for the nine months
ending September 30, 2010 in gain on derivative instrument for the change in the fair market value of the Kinross Collar.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>International Lithium Corp.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">In May 2011 TNR Gold Corp. (“TNR”)
completed a spin-out of a new entity, International Lithium Corp. (“ILC”). Solitario owned 1,000,000 shares of TNR
at the time of the spin-out and received 250,000 shares of ILC and warrants to acquire 250,000 shares of ILC (the “ILC Warrants”)
at a price of Cdn$0.375 per share. During the three and nine months ended September 30, 2011 Solitario recorded a gain on derivative
instruments of $3,000 on its ILC warrants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Covered Call Options</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 30.6pt 0 0; text-indent: 0.5in">On September 8, 2011, Solitario sold
a covered call option covering 65,000 shares of Kinross with a strike price of $21.00 expiring on February 18, 2012 (the “Feb
12 Kinross Call”) for $57,000. Solitario recorded a gain on derivative instrument of $33,000 during the three and nine months
ended September 30, 2011 for the change in the fair value of the Feb 12 Kinross Call.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 30.6pt 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 30.6pt 0 0; text-indent: 0.5in">On November 13, 2009, Solitario sold
a covered call option covering 40,000 shares of Kinross with a strike price of $22.00 expiring on May 22, 2010 (the “May
10 Kinross Call”) for $76,000. Solitario recorded a gain on derivative instrument of $42,000 during the nine months ended
September 30, 2010 for the change in the fair value of the May 10 Kinross Call.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 30.6pt 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 30.6pt 0 0; text-indent: 0.5in">Solitario has not designated its
covered calls as hedging instruments as described in ASC 815 and any changes in the fair market value of its covered calls are
recognized in the statement of operations in the period of the change.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">The following table provides a detail
of the location and amount of the fair values of Solitario's derivative instruments presented in the condensed consolidated balance
sheet as of September 30, 2011 and December 31, 2010:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<table cellspacing="0" cellpadding="0" align="left" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.1in">
<tr>
<td style="vertical-align: bottom; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line; text-decoration: underline">(thousands)</td>
<td colspan="3" style="vertical-align: top; padding-right: 1.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">                   Derivative Instruments                     </td></tr>
<tr style="vertical-align: top">
<td style="width: 45%; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line"> </td>
<td style="width: 23%; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline">Balance Sheet<br /> Location</td>
<td style="width: 13%; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">September <br /> 30, 2011</td>
<td style="width: 19%; padding-right: 2.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">December<br />  31, 2010</td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.9pt">Derivatives not designated as hedging<br />   instruments under ASC 815</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line"> </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Feb 12 Kinross Call</td>
<td style="vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line">Current liabilities</td>
<td style="vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$  24 </td>
<td style="vertical-align: bottom; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$     -     </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Ely warrants</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line">Long-term other assets</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> 96 </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">  366   </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">ILC warrants</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line">Long-term other assets</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> 5 </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> -    </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Kinross Collar</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line">Current assets</td>
<td style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">   -   </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">  2   </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">The following amounts are included
in gain on derivative instruments in the condensed consolidated statement of operations for the three and nine months ended September
30, 2011 and 2010:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 23.4pt; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line; text-decoration: underline">(thousands)</td>
<td colspan="2" style="padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Three months ended <br /> September 30</td>
<td colspan="2" style="padding-right: 2.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Nine months ended<br />  September 30</td></tr>
<tr>
<td style="width: 43%; vertical-align: top; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.9pt"> </td>
<td style="width: 13%; vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">2011</td>
<td style="width: 13%; vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">2010</td>
<td style="width: 15%; vertical-align: top; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">2011</td>
<td style="width: 16%; vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">2010</td></tr>
<tr>
<td style="vertical-align: top; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.9pt">Derivatives not designated as hedging<br />   instruments under ASC 815</td>
<td style="vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Gain(loss)</td>
<td style="vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Gain(loss)</td>
<td style="vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Gain(loss)</td>
<td style="vertical-align: bottom; padding-right: 5.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Gain(loss)</td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Feb 12 Kinross Call</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$33 </td>
<td style="vertical-align: bottom; padding-right: 11.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">      $  -  </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   33 </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">      $  -  </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Ely warrants</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(229)</td>
<td style="vertical-align: bottom; padding-right: 11.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">        -  </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(156) </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">        -  </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">ILC warrants</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3 </td>
<td style="vertical-align: bottom; padding-right: 11.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">        -  </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3 </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">        -  </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">Kinross Collar</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="vertical-align: bottom; padding-right: 11.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> (66) </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> (2)</td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> 10 </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">May10 Kinross Call</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -  </td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -  </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>- </u> </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> 42 </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 0.25in; layout-grid-mode: line">    Total derivatives</td>
<td style="vertical-align: bottom; padding-right: 12.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$<u>(193</u>)</td>
<td style="vertical-align: bottom; padding-right: 11.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$<u> (66)</u> </td>
<td style="vertical-align: bottom; padding-right: 15.7pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$<u> 122</u> </td>
<td style="vertical-align: bottom; padding-right: 17.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$<u>52</u></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Fair Value</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in; background-color: white">For certain
of Solitario’s financial instruments, including cash and cash equivalents, payables and short-term debt, the carrying amounts
approximate fair value due to their short term maturities. Solitario’s marketable equity securities are carried at their
estimated fair value primarily based on quoted market prices. Ely warrants are carried at their estimated fair value based on a
Black-Scholes option pricing model and the ILC warrants are carried at their estimated fair value. The long-term debt associated
with MH-LLC approximates its estimated fair value based upon the discounted present value of the future payments using an estimated
discount rate.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; background-color: white; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in; background-color: white">Solitario
accounts for its financial instruments under ASC 820, "Fair Value Measurements." ASC 820 establishes a framework for
measuring fair value and requires enhanced disclosures about fair value measurements. ASC 820<font style="color: black"> clarifies
that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. ASC 820 also requires disclosure about how fair value is determined for
assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant
levels of inputs as follows: </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 20pt; background-color: white"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55in 0 56pt; text-indent: -0.25in; background-color: white"><font style="font: 10pt Symbol">·</font><font style="font: 7pt Times New Roman, Times, Serif">       
</font><font style="font-size: 10pt"><b>Level 1</b>: quoted prices in active markets for identical assets or liabilities;</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55in 0 56pt; text-indent: -0.25in; background-color: white"><font style="font: 10pt Symbol">·</font><font style="font: 7pt Times New Roman, Times, Serif">       
</font><font style="font-size: 10pt"><b>Level 2</b>: quoted prices in active markets for similar assets and liabilities and inputs
that are observable for the asset or liability; or</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0.55in 0 56pt; text-indent: -0.25in; background-color: white"><font style="font: 10pt Symbol; color: black">·</font><font style="font: 7pt Times New Roman, Times, Serif">       
</font><font style="font-size: 10pt"><b>Level 3</b>: </font>Unobservable inputs in which there is little or no market data, which
require the reporting entity to develop its own assumptions<font style="color: black">.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; background-color: white"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in; background-color: white">The determination
of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. During the nine months ended September 30, 2011, Solitario reclassified its investment in 1,666,666 shares Ely
common shares, which were subject to a hold period as of December 31, 2010 from Level 2 to Level 1 as the shares were no longer
subject to a hold period as of September 30, 2011. During the nine months ended September 30, 2010 there was no reclassification
in financial assets or liabilities between Level 1, 2 or 3 categories.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; background-color: white"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in; background-color: white">The following
is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and
where they are classified within the hierarchy as of September 30, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </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: 46%; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">(thousands)</td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 1</td>
<td style="width: 14%; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 2</td>
<td style="width: 13%; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 3</td>
<td style="width: 13%; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Total</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Assets</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: -0.9pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Marketable equity securities</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$13,363 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">      $   -    </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> $ -    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$13,363 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Other assets – ILC warrants</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-</td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">5</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">5 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Other assets – Ely warrants</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-</td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">96</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">96 </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Liabilities</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Other current liabilities Feb 12 KGC call</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">24 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">24 </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring
basis and where they are classified within the hierarchy as of December 31, 2010:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: justify; background-color: white"> </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: 46%; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">(thousands)</td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 1</td>
<td style="width: 14%; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 2</td>
<td style="width: 13%; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Level 3</td>
<td style="width: 13%; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Total</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Assets</td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Marketable equity securities</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$18,771</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$18,771</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Marketable equity securities – Ely common stock</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">500</td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">500</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,000</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Kinross Collar derivative instrument</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Other assets – Ely warrants</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">366</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">366</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 1.8pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 4.5pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: top; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 0.05in; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><i>Items measured at fair value on a recurring basis</i>:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Marketable equity securities</u>: <i> </i>At September
30, 2011 the fair value of Solitario’s investment in Kinross, TNR and Ely marketable equity securities are based upon quoted
market prices and are classified as Level 1 inputs. At December 31, 2010, the fair value of Solitario’s investment in Ely
common stock, subject to a hold period, which expired in January 2011 for the shares of Ely common stock from the October 19, 2010
Ely investment, are based upon quoted market prices, which Solitario did not adjust for the hold period due to the short remaining
time period of the hold. However, these are classified as Level 2 inputs as of December 31, 2010 due to the restriction. The remaining
marketable equity securities are classified as Level 1 inputs at December 31, 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Ely and ILC warrants</u>: The Ely warrants are not
traded on any public exchange. Solitario determines the fair value of the Ely warrants using a Black-Scholes pricing model, using
inputs, including share price, volatility of Ely common stock and discount rates that include an assessment of performance risk,
that are readily available from public markets and for the hold period discussed above, therefore they are classified as Level
2 inputs as of September 30, 2011 and December 31, 2010. The ILC warrants are not traded on a public exchange. Solitario estimates
the value of the ILC warrants and has classified these as a Level 2 Input as of September 30, 2011.<i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Kinross Collar</u>: The Kinross Collar between Solitario
and UBS is a contractual hedge that is not traded on any public exchange. Solitario determines the fair value of the Kinross Collar
using a Black-Scholes model using inputs, including the price of a share of Kinross common stock, volatility of Kinross common
stock price that are readily available from public markets, and discount rates that include an assessment of performance risk,
therefore, it is classified as Level 2 inputs. See Derivative instruments above.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>February 12 KGC call: </u>The Feb 12 KGC call is traded
on a public exchange and as a result Solitario has classified these calls as a Level 1 input.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 5pt 0; text-indent: 27pt">During the three and nine months
ended September 30, 2011, Solitario did not change any of the valuation techniques used to measure its financial assets and liabilities
at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><u>Marketable equity securities</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          Solitario's
investments in marketable equity securities are classified as available-for-sale and are carried at fair value, which is based
upon quoted prices of the securities owned. The cost of marketable equity securities sold is determined by the specific identification
method. Changes in market value are recorded in accumulated other comprehensive income within shareholders' equity, unless a decline
in market value is considered other than temporary, in which case the decline is recognized as a loss in the consolidated statement
of operations. Solitario had marketable equity securities with fair values of $13,363,000 and $19,771,000, respectively, and cost
of $991,000 and $1,087,000, respectively, at September 30, 2011 and December 31, 2010. Solitario has accumulated other comprehensive
income for unrealized holding gains of $12,373,000 and $18,684,000, respectively, net of deferred taxes of $4,615,000 and $6,969,000,
respectively, at September 30, 2011 and December 31, 2010 related to our marketable equity securities. Solitario did not sell any
shares of Kinross during the three months ended September 30, 2011. Solitario sold 125,000 shares of Kinross stock during the nine
months ended September 30, 2011 for proceeds of $1,964,000 and recorded a gain on sale of $1,870,000. Solitario has classified
$2,527,000 and $5,214,000, respectively, of marketable equity securities as current, as of September 30, 2011 and December 31,
2010, which represents Solitario's estimate of the portion of marketable equity securities that will be liquidated within one year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          The
following table represents changes in marketable equity securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">(in thousands)</td>
<td colspan="2" style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Three months ended<br /> September 30,</td>
<td colspan="2" style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Nine months ended<br /> September 30,</td></tr>
<tr style="vertical-align: top">
<td style="width: 55%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="width: 12%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">2011</td>
<td style="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">2010</td>
<td style="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">2011</td>
<td style="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">2010</td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Marketable equity securities acquired, cost</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">178</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">178</td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Gross cash proceeds</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$    1,964 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$    730 </td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Cost</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   94 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">177 </td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Gross gain on sale included in earnings during the period</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,870 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">553 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Deferred taxes on gross gain on sale included in earnings</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(<u>698</u>)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(<u>206</u>)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Reclassification adjustment to unrealized gain in other comprehensive income for net gains included in earnings</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">   -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,172)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(347)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Unrealized holding gain (loss) arising during the period included<br /> in other comprehensive income, net of tax of $517 and $1,699 for the three and nine months ended September 30, 2011 and $811 and $294 for the three and nine months ended  September 30, 2010.</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(868)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,153</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(2,856)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">284</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"><u>Revenue Recognition</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in">Solitario records delay rental payments
as revenue in the period received. Solitario received delay rental payments of $200,000 from Votorantim on its Bongará project
during the three and nine months ended September 30, 2011 and 2010. Solitario received $749,000 and $1,496,000, respectively of
deferred noncontrolling shareholder payments from Anglo Platinum Limited (“Anglo) during the three and nine months ended
September 30, 2010. As a result of Anglo earning a 51% interest in the Pedra Branca Mineracao subsidiary, during the three ended
September 30, 2010, Solitario reclassified its balance of $2,782,000 of deferred non-controlling shareholder payments as $1,594,000
to Anglo’s interest in PBM and $1,188,000 to additional paid-in capital for Solitario’s disproportionate share of the
deferred non-controlling shareholder payments. Accordingly, Solitario deconsolidated PBM, during the three months ended September
30, 2010. See an additional discussion in Note 11 to the consolidated financial statements, “Deconsolidation of PBM”
of Solitario’s Annual Report on Form 10-10 for the year ended December 31, 2010. Any payments received for the sale of property
interests are recorded as a reduction of the related property’s capitalized cost. Proceeds which exceed the capitalized cost
of the property are recognized as revenue.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: left"><u>Variable interest entity</u></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: left"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: left; text-indent: 0.5in">Pursuant to
the terms of the MH Agreement, Solitario has determined that MH-LLC is a variable interest entity in accordance with ASC 810. Solitario
has also determined that it is the primary beneficiary of MH-LLC. Accordingly, Solitario consolidates MH-LLC in its consolidated
financial statements in accordance with ASC 810. Solitario has determined no separate presentation of assets or liabilities is
necessary per ASC 810, as MH-LLC does not have any assets that can only be used to settle specific obligations or liabilities for
which creditors do not have recourse to Solitario.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-align: left"><u>Recent accounting pronouncements</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 0.5in"><font style="font-family: TimesNewRomanPSMT-Identity-H,serif">In
April 2010, the FASB issued ASU 2010-13. ASU 2010-13 addresses the classification of a share-based payment award with an exercise
price denominated in the currency of a market in which the underlying equity security trades. ASC Topic 718 was amended to clarify
that a share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion
of the entity's equity securities trade shall not be considered to contain a market, performance or service condition. Therefore,
such an award is not to be classified as a liability if it otherwise qualifies for equity classification. </font>In accordance
with ASU 2010-13, this change has been made on a prospective basis as of January 1, 2011 with a reduction to stock option liability
of $2,775,000, an increase to additional paid-in-capital of $1,240,000 and a reduction in accumulated deficit of $992,000, net
of deferred taxes of $543,000. See “Employee stock compensation plans” above.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0.5in; text-indent: -0.5in">2.       <u>Exploration
Expense</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0.5in; text-indent: -0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          The
following items comprised exploration expense:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.45in; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line">(in thousands)</td>
<td colspan="2" style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Three months ended <br /> September 30,</td>
<td colspan="2" style="padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: center">Nine months ended<br /> September 30,</td></tr>
<tr style="vertical-align: top">
<td style="width: 54%; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="width: 12%; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   2011  </td>
<td style="width: 10%; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   2010 </td>
<td style="width: 12%; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   2011  </td>
<td style="width: 12%; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   2010  </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line">Geologic and field expenses</td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$ 623 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$ 504 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$1,231 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$ 1,984 </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line">Administrative</td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">76 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">80 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">210 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">328 </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line">Mt. Hamilton exploration</td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">1,025 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -    </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">2,045 </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -    </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 0.55in; padding-left: 5.4pt; layout-grid-mode: line">Total exploration costs</td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$ <u>1,724 </u></td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$<u>584</u> </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$ <u>3,486</u> </td>
<td style="vertical-align: bottom; padding-right: 8.1pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right">$ <u>2,312</u> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">3.       <u>Short
term debt</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in">During the nine months ended September
30, 2011, Solitario had received certain short-term margin loans from RBC Capital Markets, LLC ("RBC"), using Solitario's
investment in Kinross held at RBC as collateral for the short-term margin loans. On April 16, 2011, Solitario repaid $1,915,000,
the entire balance of its short-term margin loan with RBC, including $10,000 of accrued interest, with proceeds from the Offering.
At September 30, 2011, Solitario has no remaining short-term margin loan with RBC. During the nine months ended September 30, 2011,
the loans carried interest at a margin loan rate of 4.25% per annum, which floats based upon the London Interbank Offered Rate.
Interest expense related to the RBC short term margin loans for the nine months ended September 30, 2011 was $21,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in">As of September 30, 2011, Solitario
borrowed $2,000,000 from UBS Bank, USA ("UBS Bank") pursuant to a credit line agreement between Solitario and UBS Bank
secured by 540,000 of Solitario’s Kinross shares held by UBS. As of September 30, 2011, Solitario recorded accrued unpaid
interest of $4,000 on the secured line of credit included in accounts payable. The UBS Bank credit line carries an interest rate
which floats, based upon a base rate of 2.25% plus the one-month London Interbank Offered Rate ("LIBOR"), which is 0.22%
as of September 30, 2011. The average base rate was approximately 2.5% for both the three and nine months ended September 30, 2011.
UBS Bank may change the base rate at any time. The UBS Bank credit line provides that Solitario may borrow up to $2 million and
that Solitario maintain a minimum equity value percentage in its UBS brokerage account above 40%, based upon the value of its Kinross
shares and any other assets held in Solitario's UBS brokerage account, less the value of its UBS Bank credit line and any other
balances owed to UBS Bank. UBS Bank may modify the minimum equity value percentage of the loan at any time. In addition, if the
equity value in Solitario's UBS brokerage account falls below the minimum equity value, UBS Bank may sell enough Kinross shares
held in Solitario's UBS brokerage account or liquidate any other assets to restore the minimum equity value. At September 30, 2011,
the equity value in Solitario's UBS brokerage account was 75%. Solitario recorded interest expense related to the UBS credit line
of $13,000 and $36,000, respectively, for the three and nine months ended September 30, 2011.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">4.       <u>Long-term
debt</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in">In connection with the formation
of MH-LLC, the Mt. Hamilton properties contributed by DHI-US to MH-LLC were subject to a security interest granted to Augusta Resources
Corporation ("Augusta") related to Ely's acquisition of the Mt. Hamilton properties. Pursuant to the MH Agreement, as
part of its earn-in, Solitario has agreed to make payments totaling $3,750,000, of which $1,250,000 will be paid in cash to DHI-US
and $2,500,000 are to be made as private placement investments in Ely common stock, all to provide Ely with the funds necessary
for Ely to make the loan payments due to Augusta. The payments due to Augusta are non-interest bearing. Accordingly, upon formation
and the contribution of the mineral properties by DHI-US, MH-LLC recorded $3,066,000 for the discounted fair value of the payments
due to Augusta, discounted at 7.5%, which was Solitario's estimated cost of similar credit as of the formation of MH-LLC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0">          During
the nine months ended September 30, 2011, Solitario made a $500,000 payment of principal on the long-term debt to DHI-US, which
in turn was paid to Augusta. During the three and nine months ended September 30, 2011, Solitario recorded $51,000 and $165,000,
respectively, for accretion of interest expense related to MH-LLC long-term debt due to Augusta. As of September 30, 2011 the outstanding
long-term debt balance was $2,750,000, of which Solitario has recorded $714,000 as current for the discounted fair value of the
$750,000 payment due to Augusta on June 1, 2012.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">5.     <u>Income Taxes</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          Solitario
accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes.” Under ASC 740, income taxes are
provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred
taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred
tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible
when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses and tax credits
that are available to offset future taxable income and income taxes, respectively. A valuation allowance is provided if it is more
likely than not that some portion or all of the deferred tax assets will not be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0; text-indent: 22.5pt">Primarily as a result of increases
in the value of Solitario's holdings of Kinross common stock recognized as other comprehensive income, Solitario estimated that
its deferred tax liabilities exceeded its realizable deferred tax assets by $4,074,000 and $6,419,000 at September 30, 2011 and
December 31, 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          During
the three and nine months ended September 30, 2011, Solitario recorded deferred tax benefit of $569,000 and $476,000, respectively.
During the three months ended September 30 2011, Solitario recorded deferred tax benefit of $517,000 to other comprehensive income
related to net unrealized losses of $1,385,000 on marketable equity securities. During the nine months ended September 30, 2011,
Solitario recorded a deferred tax benefit of $1,699,000 related to net unrealized losses of $4,528,000 on marketable equity securities.
In addition, on January 1, 2011, Solitario recorded deferred tax expense of $543,000 to retained earnings related to the prospective
adjustment of $1,535,000 to retained earnings for the change in accounting principle upon the adoption of ASU 2010-13 discussed
in Note 1 above. During the three and nine months ended September 30, 2010, Solitario recorded deferred tax benefit of $341,000
and $634,000, respectively, in the statement of operations. Solitario recorded a deferred tax expense during the three and nine
months ended September 30, 2010 of $811,000 and $294,000, respectively, to other comprehensive income related to net unrealized
gains of $1,964,000 and $578,000, respectively, on marketable equity securities.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">6.	<u>Stockholders' Equity, comprehensive loss and
noncontrolling interest</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">          The
following provides a reconciliation of the beginning and ending balances of Solitario Shareholders' equity, comprehensive loss
and noncontrolling interest for the three and nine months ended September 30, 2011 and 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b>For the three and nine months ended September 30,
2011</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-left: -19.45pt; border-collapse: collapse">
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top"> </td>
<td colspan="7" style="border: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; layout-grid-mode: line; text-align: center">Solitario Shareholders’ Equity</td>
<td colspan="2" style="border: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border: windowtext 1pt solid; vertical-align: bottom"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(in thousands, except</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Accumulated</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Total</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Contra</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Share amounts)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Additional</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Other</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Solitario</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Non-</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Non-</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Total</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; tab-stops: 95.6pt right 376.0pt; text-autospace: ideograph-numeric">Common Stock</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Paid-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center; tab-stops: 95.6pt right 376.0pt; text-autospace: ideograph-numeric">Accumulated</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Comprehensive</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shareholder</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Controlling</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Controlling</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shareholders’</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shares</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Amount</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Capital</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Deficit</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Income</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Equity</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Equity</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold">Balance at December 31, 2010</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">29,750,242 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$297 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$36,799 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$(36,996)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$11,786 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$11,886 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$1,890 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$13,776 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Change in accounting principle</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,240 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,240 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,240 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Change in accounting principle, net of<br />      deferred tax of $543</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">992 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">992 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">992 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares on exercise of <br />     stock options</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">18,100 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">36 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">36 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">36 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares to noncontrolling<br />     shareholder for future earn-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">25,000 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">89 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">90 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(90) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Payment in cash to noncontrolling <br />     shareholder for future earn-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(100) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(100)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Stock option expense</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Noncontrolling interest contribution</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">80 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">80 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(161)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(161)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(533)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(694)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net unrealized loss on marketable<br />      equity securities (net of tax of <br />      $1,811)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> (3,043) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(3,043)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(3,043)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -      </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (3,204)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(533)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(3,737)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold">Balance at March 31, 2011</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">29,793,342 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$298 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$38,338 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(36,165)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$8,743 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$11,214 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$ 1,437</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$(190)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$12,461 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares for cash in public<br />    Offering, net of issuance costs of <br />    $838</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3,910,000 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">39 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">8,898 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">8,937 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">8,937 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares on exercise of <br />     stock options</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">90,000 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">144 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">145 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">145 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares for Royalty buy-<br />     down</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">344,116 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">997 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,000 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,000 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Stock option expense</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">175 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">175 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">175 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Accrued interest on advance to<br />    noncontrolling interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(4)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(4)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(849)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(849)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(521)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,370)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net unrealized loss on marketable<br />      equity securities (net of tax of <br />      $69)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> (116) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(116)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(116)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -      </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (965)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(521)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,486)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold">Balance at June 30, 2011</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">34,137,458</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$341 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$48,552 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(37,014)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$8,627 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$20,506 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$912 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$(190)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$21,228 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares on exercise of <br />     stock options</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">32,500 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">50 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">51 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">51 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Issuance of shares to noncontrolling<br />     shareholder for future earn-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">25,000 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">50 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">50 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(50) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Payment in cash to noncontrolling <br />     shareholder for future earn-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(100) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(100)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Stock option expense</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">174 </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Accrued interest on advance to<br />    noncontrolling interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(8)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(8)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(906)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(906)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(994)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,900)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net unrealized loss on marketable<br />      equity securities (net of tax of <br />      $517)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> (869) </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(869)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(869)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -      </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">         -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (1,775)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(994)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(2,769)</td></tr>
<tr style="vertical-align: bottom">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Balance at September 30, 2011</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.45pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">34,194,958</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$342 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$48,826 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(37,920)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$7,758 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$19,006 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(90)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -1.6pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$(340)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double">$18,576 </td></tr>
<tr>
<td> </td>
<td style="width: 75px"> </td>
<td> </td>
<td style="width: 75px"> </td>
<td style="width: 75px"> </td>
<td> </td>
<td style="width: 75px"> </td>
<td style="width: 1px"> </td>
<td style="width: 75px"> </td>
<td style="width: 68px"> </td>
<td style="width: 83px"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0"><b>For the three and nine months ended September 30,
2010</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.55in 0 0">	 </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-left: -19.45pt; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid"> </td>
<td colspan="7" style="border: windowtext 1pt solid; padding-right: -5.4pt; layout-grid-mode: line; text-align: center">Solitario Shareholders’ Equity</td>
<td colspan="2" style="border: windowtext 1pt solid; padding-right: -5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border: windowtext 1pt solid"> </td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(in thousands, except</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">Accumulated   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Total</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Contra</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"> </td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Share amounts)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Additional</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">Other         </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Solitario</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Non-</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Non-</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Total</td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; tab-stops: 95.6pt right 376.0pt; text-autospace: ideograph-numeric">Common Stock</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Paid-in</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center; tab-stops: 95.6pt right 376.0pt; text-autospace: ideograph-numeric">Accumulated</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">Comprehensive</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shareholder</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Controlling</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Controlling</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shareholders’</td></tr>
<tr style="vertical-align: top">
<td style="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Shares</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Amount</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center; text-indent: -5.4pt">Capital</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Deficit</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Income</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.2pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Equity</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Interest</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Equity</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold">Balance at December 31, 2009</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">29,750,242 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$297 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$35,611 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$(32,930)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$11,722 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$14,700 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$      414 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: right">$15,114 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(905)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(905)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(70)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(975)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">    Net unrealized loss on marketable<br />       Equity securities (net of tax<br />       of $528)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">               -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">     -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    (888)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    (888)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   (888)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">               -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">     -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,793)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (70)    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,863)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Balance at March 31, 2010</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">29,750,242 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$297 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$35,611 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(33,835)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$10,834 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$12,907 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$344 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double">$13,251 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">    Net loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,292)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,292)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(64)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,356)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">    Net unrealized loss on marketable<br />       Equity securities (net of tax<br />       of $195)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">               -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">     -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    (328)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    (328)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">   (328)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">               -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">     -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,620)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (64)    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,684)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Balance at June 30, 2010</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">29,750,242 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$297 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$35,611 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(35,127)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$10,506 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$11,287 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$280 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double">$11,567 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Noncontrolling interest equity <br />    Contribution</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,188 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,188 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">1,594 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2,782 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Deconsolidation of PBM Subsidiary</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,844)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(1,844)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Comprehensive income:</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">    Net income</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">7 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">7 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(30)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">(23)</td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">    Net unrealized loss on marketable<br />       Equity securities (net of tax<br />       of $811)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">-  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    1,154 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    1,154 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">  1,154 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Comprehensive loss</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">             -    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">     -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">          -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">       -   </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">(1,161)</td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right"> (30)    </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">    -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-align: right">1,131 </td></tr>
<tr>
<td style="border: windowtext 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Balance at September 30, 2010</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">29,750,242 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$297 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$36,799 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$(35,120)</td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$11,660 </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">$13,636 </td>
<td colspan="2" style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$   -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-decoration: underline; text-underline-style: double; text-align: right">$   -  </td>
<td style="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-underline-style: double">$13,636 </td></tr>
<tr>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold"> </td>
<td style="vertical-align: bottom; padding-right: -5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: -1.3pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-underline-style: double; text-align: right"> </td>
<td style="vertical-align: bottom; padding-right: 2.15pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-underline-style: double; text-align: right"> </td></tr>
</table>
<p style="margin: 0pt"></p>
3320000
478000
1946000
558000
2527000
5214000
561000
421000
6408000
6113000
8883000
6153000
10836000
14557000
1782000
2276000
325000
509000
28234000
29608000
710000
630000
2000000
2823000
714000
481000
951000
1945000
124000
100000
4499000
5979000
3123000
4474000
2775000
342000
297000
48826000
36799000
-37920000
-36996000
7758000
11786000
19006000
11886000
-90000
1890000
-340000
18576000
13776000
28234000
29608000
2036000
2604000
3486000
1724000
584000
2312000
34000
13000
12000
56000
2270000
625000
592000
2152000
223000
63000
16000
55000
118000
61000
35000
88000
22000
6017000
2557000
1235000
4413000
1870000
553000
-494000
-113000
-52000
-52000
-4441000
-2470000
-363000
-2988000
-3965000
-1901000
-22000
-2354000
2049000
995000
29000
164000
-0.06
-0.03
0.00
-0.07
34163
29750
724000
724000
1376000
-113000
672000
1225000
-476000
-569000
-341000
-634000
1916000
906000
-7000
2190000
200000
200000
200000
200000
-1916000
-2190000
523000
851000
165000
-1870000
-575000
-168000
3000
110000
-470000
-5031000
-3792000
-1730000
-11000
-116000
-7000
1964000
730000
22000
1075000
1500000
1926000
500000
8937000
80000
1496000
232000
200000
7698000
2996000
2842000
-1388000
1240000
992000
-476000
-634000
-1083000
175000
-592000
-122000
-193000
-66000
52000
2049000
164000
724000
122000
-52000
57000
-65000
178000
attach interactive date files per Exhibit 101