Pacific Ethanol, Inc. | 2013 | FY | 3


   Number of
Shares
   Price per
Share
  Weighted
Average
Exercise Price
 
Balance at December 31, 2011   426   $1.80 – $745.50  $117.60 
Warrants issued   4,633   $6.45 – $8.85  $7.80 
Warrants exercised   (20)  $1.80 – $7.95  $2.85 
Balance at December 31, 2012   5,039   $1.80 – $745.50  $17.10 
Warrants issued   3,548   $6.32 – $7.59  $6.98 
Warrants exercised   

(285

)  $1.80 – $8.85  $7.27 
Warrants expired   (27)  $745.50  $745.50 
Balance at December 31, 2013   8,275   $5.47– $735.00  $10.04 

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