diff --git a/README.md b/README.md
index bdd0729..33b3b39 100644
--- a/README.md
+++ b/README.md
@@ -48,11 +48,17 @@ Color Picker will use the value of the input field, which the picker is attached
 
 **Color Palette**
 
-Overrides the default color palette by passing an array of color values.
+Overrides the default color palette by passing an array of color values or an array of color objects with `name` and `hex` properties.
 
   ```javascript
     $('#color1').colorPicker({colors: ["333333", "111111"]});
   ```
+_or_
+
+  ```javascript
+    $('#color1').colorPicker({colors: [{name: "Asphault", hex: "333333"}, {name: "White as Snow", hex:"ffffff"}]});
+  ```
+
 
 **Transparency**
 
@@ -67,7 +73,7 @@ Enable transparency value as an option.
 Registers a callback that can be used to notify the calling code of a color change.
 
   ```javascript
-    $('#color1').colorPicker( { onColorChange : function(id, newValue) { console.log("ID: " + id + " has been changed to " + newValue); } } );
+    $('#color1').colorPicker( { onColorChange : function(id, newHexValue, newColorName) { console.log("ID: " + id + " has been changed to " + newValue); } } );
   ```
 
 If you want to set an option gloablly (to apply for all color pickers), use:
@@ -90,6 +96,7 @@ Let us know how you are using Really Simple Color Picker...
 
 * Lakshan Perera - http://laktek.com
 * Daniel Lacy  - http://daniellacy.com
+* Ross Brown - http://rossisbrown.com
 
 ### Issues & Suggestions
 
diff --git a/demo.html b/demo.html
index 5937e04..857a68c 100644
--- a/demo.html
+++ b/demo.html
@@ -7,19 +7,44 @@
 
 <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" />
 <script language="javascript" type="text/javascript" src="http://ajax.googleapis.com/ajax/libs/jquery/1.7.1/jquery.min.js"></script>
-<script language="javascript" type="text/javascript" src="jquery.colorPicker.js"/></script>
+<script language="javascript" type="text/javascript" src="jquery.colorPicker.min.js"/></script>
 
 <script type="text/javascript">
   //Run the code when document ready
   $(function() {    
    //use this method to add new colors to pallete
    //$.fn.colorPicker.addColors(['000', '000', 'fff', 'fff']);
+
+  var colors = [
+    "cb3398",
+    "cc0001",
+    "fe6500",
+    "32ccfe",
+    "fe98ca",
+    "ffcc00",
+    "000000",
+    "c2aeeb",
+    "006500"
+  ]
+
+  var namedColors = [
+      {name: "Hot Pink", hex: "cb3398"},
+      {name: "Red", hex: "cc0001"},
+      {name: "Orange", hex: "fe6500"},
+      {name: "Powder", hex: "32ccfe"},
+      {name: "Soft Pink", hex: "fe98ca"},
+      {name: "Navy Blue", hex: "010066"},
+      {name: "Yellow", hex: "ffcc00"},
+      {name: "Black", hex: "000000"},
+      {name: "Purple", hex: "c2aeeb"},
+      {name: "Green", hex: "006500"}
+  ]   
    
    $('#color1').colorPicker();
 
-   $('#color2').colorPicker();
+   $('#color2').colorPicker({pickerDefault: "ffffff", colors: colors});
 
-   $('#color3').colorPicker({pickerDefault: "ffffff", colors: ["ffffff", "000000", "111FFF", "C0C0C0", "FFF000"], transparency: true}); 
+   $('#color3').colorPicker({pickerDefault: "ffffff", colors: namedColors, transparency: true}); 
    
    //fires an event when the color is changed
    //$('#color1').change(function(){
diff --git a/jquery.colorPicker.js b/jquery.colorPicker.js
index 02ba9b0..0826450 100644
--- a/jquery.colorPicker.js
+++ b/jquery.colorPicker.js
@@ -39,7 +39,7 @@
             hexLabel: $('<label for="colorPicker_hex">Hex</label>'),
             hexField: $('<input type="text" id="colorPicker_hex" />')
         },
-        transparent     = "transparent",
+        transparent     = "#transparent",
         lastColor;
 
     /**
@@ -65,17 +65,27 @@
             /**
              * Build a color palette.
             **/
-            $.each(opts.colors, function (i) {
+            $.each(opts.colors, function (i, option) {
                 swatch = templates.swatch.clone();
-
-                if (opts.colors[i] === transparent) {
+                if (typeof option === 'object') {
+                    var color = {
+                        name: option.name,
+                        hex: "#" + option.hex
+                    }
+                } else {
+                    var color = {
+                        name: "#" + option,
+                        hex: "#" + option
+                    }
+                }
+                if (color.hex === transparent) {
                     swatch.addClass(transparent).text('X');
                     $.fn.colorPicker.bindPalette(newHexField, swatch, transparent);
                 } else {
-                    swatch.css("background-color", "#" + this);
-                    $.fn.colorPicker.bindPalette(newHexField, swatch);
+                    swatch.css("background-color", color.hex);
+                    $.fn.colorPicker.bindPalette(newHexField, swatch, color);
                 }
-                swatch.appendTo(newPalette);
+                swatch.appendTo(newPalette);                
             });
 
             newHexLabel.attr('for', 'colorPicker_hex-' + cItterate);
@@ -244,13 +254,14 @@
         /**
          * Update the input with a newly selected color.
         **/
-        changeColor : function (value) {
-            selectorOwner.css("background-color", value);
-            selectorOwner.prev("input").val(value).change();
+        changeColor : function (color) {
+            selectorOwner.css("background-color", color.hex);
+            selectorOwner.prev("input").val(color.hex).change();
 
             $.fn.colorPicker.hidePalette();
 
-            selectorOwner.data('onColorChange').call(selectorOwner, $(selectorOwner).prev("input").attr("id"), value);
+            selectorOwner.data('onColorChange').call(selectorOwner, $(selectorOwner).prev("input").attr("id"), color.hex.replace('#',''), color.name);
+            selectorOwner.data('selected-color', color);
         },
 
 
@@ -265,8 +276,7 @@
          * Bind events to the color palette swatches.
         */
         bindPalette : function (paletteInput, element, color) {
-            color = color ? color : $.fn.colorPicker.toHex(element.css("background-color"));
-
+            // color = color ? color : $.fn.colorPicker.toHex(element.css("background-color"));
             element.bind({
                 click : function (ev) {
                     lastColor = color;
@@ -274,22 +284,23 @@
                     $.fn.colorPicker.changeColor(color);
                 },
                 mouseover : function (ev) {
-                    lastColor = paletteInput.val();
+                    selectedColor = selectorOwner.data('selected-color')
+                    lastColor = selectedColor ? selectedColor : paletteInput.val();
 
                     $(this).css("border-color", "#598FEF");
 
-                    paletteInput.val(color);
+                    paletteInput.val(color.name);
 
-                    $.fn.colorPicker.previewColor(color);
+                    $.fn.colorPicker.previewColor(color.hex);
                 },
                 mouseout : function (ev) {
                     $(this).css("border-color", "#000");
 
                     paletteInput.val(selectorOwner.css("background-color"));
 
-                    paletteInput.val(lastColor);
+                    paletteInput.val(lastColor.name ? lastColor.name : "#" + $.fn.colorPicker.defaults.pickerDefault);
 
-                    $.fn.colorPicker.previewColor(lastColor);
+                    $.fn.colorPicker.previewColor(lastColor.hex ? lastColor.hex : "#" + $.fn.colorPicker.defaults.pickerDefault);
                 }
             });
         }
diff --git a/jquery.colorPicker.min.js b/jquery.colorPicker.min.js
index 65b3fb3..376cfe5 100644
--- a/jquery.colorPicker.min.js
+++ b/jquery.colorPicker.min.js
@@ -23,4 +23,5 @@
  * LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING
  * FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS
  * IN THE SOFTWARE.
- */(function(a){var b,c,d=0,e={control:a('<div class="colorPicker-picker">&nbsp;</div>'),palette:a('<div id="colorPicker_palette" class="colorPicker-palette" />'),swatch:a('<div class="colorPicker-swatch">&nbsp;</div>'),hexLabel:a('<label for="colorPicker_hex">Hex</label>'),hexField:a('<input type="text" id="colorPicker_hex" />')},f="transparent",g;a.fn.colorPicker=function(b){return this.each(function(){var c=a(this),g=a.extend({},a.fn.colorPicker.defaults,b),h=a.fn.colorPicker.toHex(c.val().length>0?c.val():g.pickerDefault),i=e.control.clone(),j=e.palette.clone().attr("id","colorPicker_palette-"+d),k=e.hexLabel.clone(),l=e.hexField.clone(),m=j[0].id,n;a.each(g.colors,function(b){n=e.swatch.clone(),g.colors[b]===f?(n.addClass(f).text("X"),a.fn.colorPicker.bindPalette(l,n,f)):(n.css("background-color","#"+this),a.fn.colorPicker.bindPalette(l,n)),n.appendTo(j)}),k.attr("for","colorPicker_hex-"+d),l.attr({id:"colorPicker_hex-"+d,value:h}),l.bind("keydown",function(b){if(b.keyCode===13){var d=a.fn.colorPicker.toHex(a(this).val());a.fn.colorPicker.changeColor(d?d:c.val())}b.keyCode===27&&a.fn.colorPicker.hidePalette()}),l.bind("keyup",function(b){var d=a.fn.colorPicker.toHex(a(b.target).val());a.fn.colorPicker.previewColor(d?d:c.val())}),a('<div class="colorPicker_hexWrap" />').append(k).appendTo(j),j.find(".colorPicker_hexWrap").append(l),a("body").append(j),j.hide(),i.css("background-color",h),i.bind("click",function(){a.fn.colorPicker.togglePalette(a("#"+m),a(this))}),b&&b.onColorChange?i.data("onColorChange",b.onColorChange):i.data("onColorChange",function(){}),c.after(i),c.bind("change",function(){c.next(".colorPicker-picker").css("background-color",a.fn.colorPicker.toHex(a(this).val()))}),c.val(h).hide(),d++})},a.extend(!0,a.fn.colorPicker,{toHex:function(a){if(a.match(/[0-9A-F]{6}|[0-9A-F]{3}$/i))return a.charAt(0)==="#"?a:"#"+a;if(!a.match(/^rgb\(\s*(\d{1,3})\s*,\s*(\d{1,3})\s*,\s*(\d{1,3})\s*\)$/))return!1;var b=[parseInt(RegExp.$1,10),parseInt(RegExp.$2,10),parseInt(RegExp.$3,10)],c=function(a){if(a.length<2)for(var b=0,c=2-a.length;b<c;b++)a="0"+a;return a};if(b.length===3){var d=c(b[0].toString(16)),e=c(b[1].toString(16)),f=c(b[2].toString(16));return"#"+d+e+f}},checkMouse:function(d,e){var f=c,g=a(d.target).parents("#"+f.attr("id")).length;if(d.target===a(f)[0]||d.target===b[0]||g>0)return;a.fn.colorPicker.hidePalette()},hidePalette:function(){a(document).unbind("mousedown",a.fn.colorPicker.checkMouse),a(".colorPicker-palette").hide()},showPalette:function(c){var d=b.prev("input").val();c.css({top:b.offset().top+b.outerHeight(),left:b.offset().left}),a("#color_value").val(d),c.show(),a(document).bind("mousedown",a.fn.colorPicker.checkMouse)},togglePalette:function(d,e){e&&(b=e),c=d,c.is(":visible")?a.fn.colorPicker.hidePalette():a.fn.colorPicker.showPalette(d)},changeColor:function(c){b.css("background-color",c),b.prev("input").val(c).change(),a.fn.colorPicker.hidePalette(),b.data("onColorChange").call(b,a(b).prev("input").attr("id"),c)},previewColor:function(a){b.css("background-color",a)},bindPalette:function(c,d,e){e=e?e:a.fn.colorPicker.toHex(d.css("background-color")),d.bind({click:function(b){g=e,a.fn.colorPicker.changeColor(e)},mouseover:function(b){g=c.val(),a(this).css("border-color","#598FEF"),c.val(e),a.fn.colorPicker.previewColor(e)},mouseout:function(d){a(this).css("border-color","#000"),c.val(b.css("background-color")),c.val(g),a.fn.colorPicker.previewColor(g)}})}}),a.fn.colorPicker.defaults={pickerDefault:"FFFFFF",colors:["000000","993300","333300","000080","333399","333333","800000","FF6600","808000","008000","008080","0000FF","666699","808080","FF0000","FF9900","99CC00","339966","33CCCC","3366FF","800080","999999","FF00FF","FFCC00","FFFF00","00FF00","00FFFF","00CCFF","993366","C0C0C0","FF99CC","FFCC99","FFFF99","CCFFFF","99CCFF","FFFFFF"],addColors:[]}})(jQuery)
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+ */(function($){var selectorOwner,activePalette,cItterate=0,templates={control:$('<div class="colorPicker-picker">&nbsp;</div>'),palette:$('<div id="colorPicker_palette" class="colorPicker-palette" />'),swatch:$('<div class="colorPicker-swatch">&nbsp;</div>'),hexLabel:$('<label for="colorPicker_hex">Hex</label>'),hexField:$('<input type="text" id="colorPicker_hex" />')},transparent="#transparent",lastColor;$.fn.colorPicker=function(options){return this.each(function(){var element=$(this),opts=$.extend({},$.fn.colorPicker.defaults,options),defaultColor=$.fn.colorPicker.toHex((element.val().length>0)?element.val():opts.pickerDefault),newControl=templates.control.clone(),newPalette=templates.palette.clone().attr('id','colorPicker_palette-'+cItterate),newHexLabel=templates.hexLabel.clone(),newHexField=templates.hexField.clone(),paletteId=newPalette[0].id,swatch;$.each(opts.colors,function(i,option){swatch=templates.swatch.clone();if(typeof option==='object'){var color={name:option.name,hex:"#"+option.hex}}else{var color={name:"#"+option,hex:"#"+option}}if(color.hex===transparent){swatch.addClass(transparent).text('X');$.fn.colorPicker.bindPalette(newHexField,swatch,transparent);}else{swatch.css("background-color",color.hex);$.fn.colorPicker.bindPalette(newHexField,swatch,color);}swatch.appendTo(newPalette);});newHexLabel.attr('for','colorPicker_hex-'+cItterate);newHexField.attr({'id':'colorPicker_hex-'+cItterate,'value':defaultColor});newHexField.bind("keydown",function(event){if(event.keyCode===13){var hexColor=$.fn.colorPicker.toHex($(this).val());$.fn.colorPicker.changeColor(hexColor?hexColor:element.val());}if(event.keyCode===27){$.fn.colorPicker.hidePalette();}});newHexField.bind("keyup",function(event){var hexColor=$.fn.colorPicker.toHex($(event.target).val());$.fn.colorPicker.previewColor(hexColor?hexColor:element.val());});$('<div class="colorPicker_hexWrap" />').append(newHexLabel).appendTo(newPalette);newPalette.find('.colorPicker_hexWrap').append(newHexField);$("body").append(newPalette);newPalette.hide();newControl.css("background-color",defaultColor);newControl.bind("click",function(){$.fn.colorPicker.togglePalette($('#'+paletteId),$(this));});if(options&&options.onColorChange){newControl.data('onColorChange',options.onColorChange);}else{newControl.data('onColorChange',function(){});}element.after(newControl);element.bind("change",function(){element.next(".colorPicker-picker").css("background-color",$.fn.colorPicker.toHex($(this).val()));});element.val(defaultColor).hide();cItterate++;});};$.extend(true,$.fn.colorPicker,{toHex:function(color){if(color.match(/[0-9A-F]{6}|[0-9A-F]{3}$/i)){return(color.charAt(0)==="#")?color:("#"+color);}else if(color.match(/^rgb(s*(d{1,3})s*,s*(d{1,3})s*,s*(d{1,3})s*)$/)){var c=([parseInt(RegExp.$1,10),parseInt(RegExp.$2,10),parseInt(RegExp.$3,10)]),pad=function(str){if(str.length<2){for(var i=0,len=2-str.length;i<len;i++){str='0'+str;}}return str;};if(c.length===3){var r=pad(c[0].toString(16)),g=pad(c[1].toString(16)),b=pad(c[2].toString(16));return'#'+r+g+b;}}else{return false;}},checkMouse:function(event,paletteId){var selector=activePalette,selectorParent=$(event.target).parents("#"+selector.attr('id')).length;if(event.target===$(selector)[0]||event.target===selectorOwner[0]||selectorParent>0){return;}$.fn.colorPicker.hidePalette();},hidePalette:function(){$(document).unbind("mousedown",$.fn.colorPicker.checkMouse);$('.colorPicker-palette').hide();},showPalette:function(palette){var hexColor=selectorOwner.prev("input").val();palette.css({top:selectorOwner.offset().top+(selectorOwner.outerHeight()),left:selectorOwner.offset().left});$("#color_value").val(hexColor);palette.show();$(document).bind("mousedown",$.fn.colorPicker.checkMouse);},togglePalette:function(palette,origin){if(origin){selectorOwner=origin;}activePalette=palette;if(activePalette.is(':visible')){$.fn.colorPicker.hidePalette();}else{$.fn.colorPicker.showPalette(palette);}},changeColor:function(color){selectorOwner.css("background-color",color.hex);selectorOwner.prev("input").val(color.hex).change();$.fn.colorPicker.hidePalette();selectorOwner.data('onColorChange').call(selectorOwner,$(selectorOwner).prev("input").attr("id"),color.hex.replace('#',''),color.name);selectorOwner.data('selected-color',color);},previewColor:function(value){selectorOwner.css("background-color",value);},bindPalette:function(paletteInput,element,color){element.bind({click:function(ev){lastColor=color;$.fn.colorPicker.changeColor(color);},mouseover:function(ev){selectedColor=selectorOwner.data('selected-color')
+lastColor=selectedColor?selectedColor:paletteInput.val();$(this).css("border-color","#598FEF");paletteInput.val(color.name);$.fn.colorPicker.previewColor(color.hex);},mouseout:function(ev){$(this).css("border-color","#000");paletteInput.val(selectorOwner.css("background-color"));paletteInput.val(lastColor.name?lastColor.name:"#"+$.fn.colorPicker.defaults.pickerDefault);$.fn.colorPicker.previewColor(lastColor.hex?lastColor.hex:"#"+$.fn.colorPicker.defaults.pickerDefault);}});}});$.fn.colorPicker.defaults={pickerDefault:"FFFFFF",colors:['000000','993300','333300','000080','333399','333333','800000','FF6600','808000','008000','008080','0000FF','666699','808080','FF0000','FF9900','99CC00','339966','33CCCC','3366FF','800080','999999','FF00FF','FFCC00','FFFF00','00FF00','00FFFF','00CCFF','993366','C0C0C0','FF99CC','FFCC99','FFFF99','CCFFFF','99CCFF','FFFFFF'],addColors:[]};})(jQuery);
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