Turning to costs, our G&A expenses for the first quarter of 2012 were $6.9 million compared to $5.8 million in 2011. Total cash and equivalents as of March 31, 2012 were $192.5 million compared to $227.9 million as of December 31, 2011. The decrease in cash is primarily due to the second and final payment of $27.5 million to MedImmune under our February 20, 2011 settlement agreement.
Net cash provided by operating activities in the first quarter of 2012 was $17.9 million compared with net cash used of $13.2 million in equivalent period of 2011. Net income for the first quarter of 2012 was $40.2 million or $0.29 per diluted share as compared with net income of $44.5 million in the same period of 2011 or $0.25 per diluted share.
On slide five, you could see that adjusting for the effects of certain convertible note transactions and the resulting interesting expense, non-GAAP net income for the first quarter of 2012 on a fully diluted basis was $41.8 million or $0.30 per share compared to $44.5 million or $0.25 per share in that same period of 2011.
In accordance with our regular quarterly dividend policy, we paid the first of four dividends on March 14 th to all stockholders of record as of March 7 th for a total of $21 million.You can see on slide six that, in connection with this dividend payment, the conversion price for the $1 million outstanding on our February 2015 notes is approximately $6.29 per share effective March 8, 2011. For our May 2015 notes, the conversion price is approximately $7.18 per share effective March 5, 2011. The conversion price for the new series 2012 notes is approximately $6.29 per share effective March 5, 2012. Read the rest of this transcript for free on seekingalpha.com