diff --git a/usr/local/www/firewall_nat_out_edit.php b/usr/local/www/firewall_nat_out_edit.php
index e5fb88af5d..df0487f9ba 100755
--- a/usr/local/www/firewall_nat_out_edit.php
+++ b/usr/local/www/firewall_nat_out_edit.php
@@ -421,14 +421,12 @@ any)</td>
 <?php	if (is_array($config['virtualip']['vip'])):
 		foreach ($config['virtualip']['vip'] as $sn):
 			if ($sn['mode'] == "proxyarp" && $sn['type'] == "network"):
-				$baseip = ip2long32($sn['subnet']) & ip2long(gen_subnet_mask($sn['subnet_bits']));
-				$snip = long2ip32($baseip);
-?>
-				<option value="<?=$snip;?>" <?php if ($snip == $pconfig['target']) echo "selected"; ?>><?=htmlspecialchars("{$snip} ({$sn['descr']})");?></option>
-<?php
-				for ($i = $sn['subnet_bits']; $i <= 32; $i++):
-					$baseip = $baseip + 1;
-					$snip = long2ip32($baseip);
+				$start = ip2long32(gen_subnet($sn['subnet'], $sn['subnet_bits']));
+				$end = ip2long32(gen_subnet_max($sn['subnet'], $sn['subnet_bits']));
+				$len = $end - $start;
+
+				for ($i = 0; $i <= $len; $i++):
+					$snip = long2ip32($start+$i);
 ?>
 				<option value="<?=$snip;?>" <?php if ($snip == $pconfig['target']) echo "selected"; ?>><?=htmlspecialchars("{$snip} ({$sn['descr']})");?></option>
 				<?php endfor; ?>