t74259_10q.htm

0001188112-12-002568.txt : 20120814 0001188112-12-002568.hdr.sgml : 20120814 20120814170210 ACCESSION NUMBER: 0001188112-12-002568 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOTRAC CORP CENTRAL INDEX KEY: 0001051114 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 581592285 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23741 FILM NUMBER: 121034010 BUSINESS ADDRESS: STREET 1: 6655 SUGARLOAF PARKWAY CITY: DULUTH STATE: GA ZIP: 30097 BUSINESS PHONE: 678-584-4000 MAIL ADDRESS: STREET 1: 6655 SUGARLOAF PARKWAY CITY: DULUTH STATE: GA ZIP: 30097 10-Q 1 t74259_10q.htm FORM 10-Q t74259_10q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2012

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934

For the transition period from ______to______

Commission file number 000-23740

	INNOTRAC CORPORATION
(Exact name of registrant as specified in its charter)

	Georgia		58-1592285
	(State or other jurisdiction of		(I.R.S. Employer
	incorporation or organization)		Identification Number)

	6465 East Johns Crossing, Johns Creek, Georgia		30097
	(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (678) 584-4000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes x No o

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer o		Accelerated filer o
	Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Act) Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Outstanding at August 10, 2012

Common Stock $.10 par value per share (1)	13,010,440 Shares (includes 675,637 restricted shares)

INNOTRAC CORPORATION

INDEX


			Page
Part I. Financial Information

	Item 1.	Financial Statements:	2

		Condensed Consolidated Balance Sheets at
		June 30, 2012 (Unaudited) and December 31, 2011	3

		Condensed Consolidated Statements of Operations for the
		Three Months Ended June 30, 2012 and 2011 (Unaudited)	4

		Condensed Consolidated Statements of Operations for the
		Six Months Ended June 30, 2012 and 2011 (Unaudited)	5

		Condensed Consolidated Statements of Cash Flows for the
		Six Months Ended June 30, 2012 and 2011 (Unaudited)	6

		Notes to Condensed Consolidated Financial Statements (Unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

	Item 3.	Quantitative and Qualitative Disclosures About Market Risks	25

	Item 4.	Controls and Procedures	25

Part II. Other Information

	Item 6.	Exhibits	26

Signatures			27

Part I – Financial Information

Item 1 – Financial Statements

The following condensed consolidated financial statements of Innotrac Corporation, a Georgia corporation (“Innotrac” or the “Company”), have been prepared in accordance with the instructions to Form 10-Q and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments are of a normal and recurring nature, except those specified as otherwise, and include those necessary for a fair presentation of the financial information for the interim periods reported. Results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the results for the entire year ending December 31, 2012. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2011 Annual Report on Form 10-K, which is available on our website at www.innotrac.com.

INNOTRAC CORPORATION and SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	June 30,2012			December 31, 2011
	(unaudited)
ASSETS

Current assets:
Cash and cash equivalents	$	2,323		$	3,283
Accounts receivable (net of allowance for doubtful accounts of $100 at June 30, 2012 and $97 at December 31, 2011)		15,729			16,977
Inventories, net		605			743
Prepaid expenses and other		1,394			1,066
Total current assets		20,051			22,069

Property and equipment:

Computers, machinery and equipment		43,167			39,425
Furniture, fixtures and leasehold improvements		9,637			8,557
		52,804			47,982
Less accumulated depreciation and amortization		(38,516	)		(36,809	)
		14,288			11,173

Other assets, net		1,216			1,100

Total assets	$	35,555		$	34,342

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	5,631		$	7,914
Line of credit		-			-
Accrued salaries		1,730			1,669
Equipment lease payable		421			281
Accrued expenses and other		2,629			2,534
Equipment loan (See Note 2)		1,800			-
Total current liabilities		12,211			12,398

Noncurrent liabilities:
Deferred compensation		780			735
Equipment lease payable		757			251
Other noncurrent liabilities		1,037			1,142
Total noncurrent liabilities		2,574			2,128

Commitments and contingencies (see Note 5)		-			-

Shareholders’ equity:
Preferred stock: 10,000,000 shares authorized, $0.10 par value, no shares issued or outstanding		-			-
Common stock: 50,000,000 shares authorized, $0.10 par value, 13,010,440 shares issued and outstanding at June 30, 2012 13,035,440 shares issued and outstanding at December 31,2011		1,301			1,304
Additional paid-in capital		66,703			66,632
Accumulated other comprehensive loss		(4	)		(3	)
Accumulated deficit		(47,244	)		(48,132	)
Total Innotrac shareholders’ equity		20,756			19,801
Noncontrolling interest		14			15

Total equity		20,770			19,816

Total liabilities and equity	$	35,555		$	34,342

See notes to condensed consolidated financial statements.

Financial Statements-Continued

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2012 and 2011
(in thousands, except per share amounts)


	Three Months Ended June 30,
	2012		2011
	(unaudited)		(unaudited)

Service revenues	$	20,449	$	16,589
Freight revenues		2,497		2,025
Total revenues		22,946		18,614

Cost of service revenues		9,624		7,684
Freight expense		2,411		2,064
Selling, general and administrative expenses		9,508		8,794
Depreciation and amortization		891		840
Total operating expenses		22,434		19,382
Operating income (loss)		512		(768	)

Other expense (income):
Interest expense		69		48
Other expense		3		-
Total other expense		72		48

Income (loss) before income taxes		440		(816	)
Income taxes		-		-
Net income (loss)		440		(816	)
Net income (loss) attributable to noncontrolling interest		1		-
Net income (loss) attributable to Innotrac	$	441	$	(816	)

Earnings (loss) per share:

Basic	$	0.03	$	(0.06	)

Diluted	$	0.03	$	(0.06	)

Weighted average shares outstanding:

Basic		13,010		12,815

Diluted		13,010		12,815

See notes to condensed consolidated financial statements.

Financial Statements-Continued

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2012 and 2011
(in thousands, except per share amounts)


	Six Months Ended June 30,
	2012		2011
	(unaudited)		(unaudited)

Service revenues	$	41,769	$	33,876
Freight revenues		5,347		5,707
Total revenues		47,116		39,583


Cost of service revenues		19,958		15,436
Freight expense		5,176		5,702
Selling, general and administrative expenses		19,257		18,002
Depreciation and amortization		1,716		1,691
Total operating expenses		46,107		40,831
Operating income (loss)		1,009		(1,248	)

Other expense (income):
Interest expense		122		94
Other expense		2		-
Total other expense		124		94

Income (loss) before income taxes		885		(1,342	)
Income taxes		-		-
Net income (loss)		885		(1,342	)
Net income (loss) attributable to noncontrolling interest		1		-
Net income (loss) attributable to Innotrac	$	886	$	(1,342	)

Earnings (loss) per share:

Basic	$	0.07	$	(0.10	)

Diluted	$	0.07	$	(0.10	)

Weighted average shares outstanding:

Basic		13,020		12,838

Diluted		13,020		12,838

See notes to condensed consolidated financial statements.

Financial Statements-Continued

INNOTRAC CORPORATION and SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2012 and 2011
(in thousands)


	Six Months Ended June 30,
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities:
Net income (loss)	$	885		$	(1,342	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		1,716			1,691
Provision for bad debts		5			35
(Gain) loss on disposal of fixed assets		-			(16	)
Stock compensation expense-stock options		-			2
Stock compensation expense-restricted stock		68			(25	)
Changes in operating assets and liabilities:
Accounts receivable, gross		1,243			4,520
Inventory		138			2,838
Prepaid expenses and other		(294	)		(155	)
Decrease in other long-term assets		(68	)		38
Accounts payable		(2,499	)		(3,203	)
Accrued expenses, accrued salaries and other		157			(176	)
Increase in other long-term liabilities		(105	)		19
Net cash provided by operating activities		1,246			4,226

Cash flows from investing activities:
Capital expenditures		(3,753	)		(748	)
Proceeds from disposition of assets		-			17
Net change in noncurrent assets and liabilities		-			(7	)
Net cash used in investing activities		(3,753	)		(738	)

Cash flows provided by (used in) financing activities:
Net repayments under line of credit		-			-
Borrowings on equipment loan		1,800			-
Capital lease payments		(216	)		(142	)
Contribution from non-controlling interest		-			17
Loan commitment fees		(37	)		(34	)
Net cash provided by (used in) financing activities		1,547			(159	)

Net (decrease) increase in cash and cash equivalents		(960	)		3,329

Cash and cash equivalents, beginning of period		3,283			238
Cash and cash equivalents, end of period	$	2,323		$	3,567

Supplemental cash flow disclosures:

Cash paid for interest	$	83		$	63
Non-cash investing and financing activities:
Capital lease for warehouse and computer equipment	$	862		$	87
Capital expenditures in accounts payable	$	216		$	214

See notes to condensed consolidated financial statements.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011. Certain of the Company’s more significant accounting policies are as follows:

Principles of Consolidation. The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its majority owned subsidiary. On April 11, 2011 the Company completed the formation of Innotrac Europe GmbH (“Innotrac Europe”), a joint venture between Innotrac and PVS Fulfillment-Service GmbH (“PVS”) in Neckarsulm, Germany. Innotrac has a 50.1% ownership stake in the joint venture. All significant intercompany transactions and balances have been eliminated in consolidation.

Foreign Currency Translation. The financial statements of foreign subsidiaries have been translated into U.S. Dollars in accordance with Accounting Standards Codification (“ACS”) topic No. 830-30 - Translation of Financial Statements. The financial position and results of operations of the Company’s foreign subsidiary are measured using the foreign subsidiary’s local currency as the functional currency. Revenue and expenses of the subsidiary have been translated into U.S. Dollars at the average exchange rate prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. Since the resulting translation gain and loss adjustments are immaterial for all periods reported in the financial statements, we have reported those foreign currency translation adjustments on the consolidated balance sheet in accumulated other comprehensive loss. Realized foreign currency transaction gains and losses are included in other expense in the consolidated statements of operations.

Gains and losses that result from foreign currency transactions are included in the “other expense (income)” line in the consolidated statements of operations. For the three and six month periods ended June 30, 2012, we incurred an immaterial amount of net foreign currency transaction gains and losses.

Accounting Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets. The Company reviews long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment would be measured based on a projected cash flow model. If the projected undiscounted cash flows for the asset are not in excess of the carrying value of the related asset, the impairment would be determined based upon the excess of the carrying value of the asset over the projected discounted cash flows for the asset.

Accounting for Income Taxes. Innotrac utilizes the liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) topic No. 740 – Income Taxes. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance was recorded against the deferred tax asset as of December 31, 2011 and June 30, 2012 (see Note 4).

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

Revenue Recognition. Innotrac derives its revenue primarily from two sources: (1) fulfillment operations and (2) the delivery of call center services integrated with our fulfillment operations. Innotrac's fulfillment services operations record revenue at the conclusion of the material selection, packaging and upon completion of the shipping process. The shipping process is considered complete after transfer to an independent freight carrier and receipt of a bill of lading or shipping manifest from that carrier. Innotrac's call center service revenue is recognized according to written pricing agreements based on the number of calls, minutes or hourly rates when those calls and time rated services occur. All other revenues are recognized as services are rendered. As required by the consensus reached in ASC topic No. 605 – Revenue Recognition, 1) revenues have been recorded net of the cost of the goods for all fee-for-service clients and 2) the Company records reimbursements received from customers for out-of pocket expenses, primarily freight and postage fees, as revenue and the associated expense as cost of revenue. For two clients we purchase their product from our client’s vendor under agreements that require our clients to buy the product back from us at original cost when we ship the product to our client’s end consumer or after a period of time if the product has not been shipped from our fulfillment centers. The value of these products is repaid to us at the same amount as we paid for them and no service fees are generated on the products. We net the value of the purchase against the reimbursement from our customer with a resulting zero value in our reported revenue and costs of revenue.

Stock-Based Compensation Plans. The Company records compensation expense in the financial statements based on the fair value of all share based payments to employees, including grants of employee stock options. The expense is recognized over the period during which an employee is required to provide services in exchange for the award, which is usually the vesting period. The Company recorded no expense related to stock options in the three and six months ended June 30, 2012 due to all outstanding stock options having become fully vested in the second quarter of 2011. The Company recorded $37,000 and $68,000 in compensation expense for the three and six months ended June 30, 2012 resulting from the Company having issued 835,956 restricted shares to non-employee directors and management of the Company of which 23,333 have vested to non-employee directors and 160,319 shares have been forfeited and cancelled. With respect to restricted shares granted after June, 2011 to non-employee directors, shares vest 1/3 on issuance, 1/3 on the 1st anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company. All other restricted shares vest 25% on the 7th, 8th, 9th and 10th anniversary of the grant date unless earlier vested upon a change in control of the Company. Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share. As a result, the Company recorded $37,000 and $49,000 in compensation expense for restricted shares for the three months ended June 30, 2012 and 2011, respectively. The Company recorded $68,000 and ($25,000) in compensation expense (income) for restricted shares for the six months ended June 30, 2012 and 2011, respectively. Included in the ($25,000) (income) for the six months ended June 30, 2011 was $78,000 of expense offset by ($103,000) of recaptured expense when issued restricted shares were forfeited upon the departure of an executive in March 2011.

Fair Value Measurements. The Company accounts for fair value in accordance with ASC topic No. 820- Fair Value Measurements and Disclosures for all financial and non-financial assets and liabilities accounted for at fair value on a recurring basis. ASC topic No. 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

The Company determined the fair values of certain financial instruments based on the fair value hierarchy established in ASC topic No. 820. ASC topic No. 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.

Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

ASC topic No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The carrying value of our cash, accounts receivable, accounts payable and other debt instruments approximates fair value since our debt instrument consists of a revolving credit line, which under certain conditions can mature within one year of June 30, 2012, and because of its short term nature. The interest rate is equal to the market rate for such instruments of similar duration and credit quality.

	As of June 30, 2012
	Fair Value Measurements Using (in 000’s)
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Deferred Compensation plan assets held in Rabbi Trust (1)	$	780	$	-	$	-	$	780

Total	$	780	$	-	$	-	$	780

	As of December 31, 2011
	Fair Value Measurements Using (in 000’s)
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Deferred Compensation plan assets held in Rabbi Trust (1)	$	735	$	-	$	-	$	735

Total	$	735	$	-	$	-	$	735

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

(1)

This is an executive deferred compensation plan for certain employees, as designated by the Company’s Board of Directors. The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices. The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.

There were no significant transfers into and out of any level of the fair value hierarchy for assets measured at fair value for the three and six months ended June 30, 2012 or the year ended December 31, 2011.

All transfers, if any, are recognized by the Company at the end of each reporting period.

Transfers between Levels 1 and 2 generally relate to whether a market becomes active or inactive. Transfers between Levels 2 and 3 generally relate to whether significant relevant observable inputs are available for the fair value measurement in their entirety.

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04 to Topic 820 - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any impact on the Company’s consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, (Topic 220) - Comprehensive Income: Presentation of Comprehensive Income. The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011. The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.

In December 2011, the FASB issued ASU 2011-12 to Topic 220 - Presentation of Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The amendments to the Codification in this ASU defer the presentation of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. This ASU supersedes certain presentation requirements in ASU No. 2011-05, Comprehensive Income, discussed below, so that entities will not be required to comply with the presentation requirements in ASU No. 2011-05 that ASU No. 2011-12 is deferring. While the presentation requirements are being re-deliberated, entities are required to continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before ASU No. 2011-05. The amendments to this ASU are effective at the same time as the amendments in ASU No. 2011-05. The Company adopted these provisions in the first quarter of 2012. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements since the Company has only immaterial other comprehensive income amounts.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

2. FINANCING OBLIGATIONS

The Company has a revolving credit facility (the “Credit Facility”) with Wells Fargo, N.A. (the “Bank”) which has a maximum borrowing limit of $15.0 million. The Credit Facility is used to fund the Company’s capital expenditures, operational working capital and seasonal working capital needs. The Credit Facility was renewed on March 27, 2009 when the Company entered into a Fourth Amended and Restated Loan and Security Agreement with the Bank, setting forth the new terms of the Credit Facility. The Credit Agreement has been further amended by the First, Second and Third Amendments on May 14, 2010, March 30, 2011 and March 29, 2012, respectively. The Third Amendment to the Credit Facility (the “Third amendment”) provided for a $1.8 million equipment 5 year term loan (the “Equipment Loan”) as part of the $15.0 million borrowing limit. The amended Credit Agreement includes a maturity date of June 30, 2013 and continues the Bank’s security interest in all of the Company’s assets. As of June 30, 2012 the Equipment Loan had a balance of $1.8 million and there was no advance under the Credit Facility.

Interest on borrowings pursuant to the Credit Facility is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus between 2.00% and 2.50%, or the LIBOR Rate (as defined in the Credit Facility) plus between 3.00% and 3.50%, in each case with the applicable margin depending on the Company’s Average Excess Availability (as defined in the Credit Facility). Interest on amounts advanced to the Company on the 2012 Equipment Loan is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus 3.00%, or the LIBOR Rate (as defined in the Credit Facility) plus 4.00%. The Company pays a specified fee on undrawn amounts under the Credit Facility which fee was one-half of one percent, or 0.5% on and before March 30, 2011, the date of Second Amendment to the Credit Agreement, and is three quarters of one percent, or 0.75% thereafter. After an event of default, all loans will bear interest at the otherwise applicable rate plus 2.00% per annum.

The Credit Facility contains financial, affirmative and negative covenants by the Company as are usual and customary for financings of this kind which can result in the acceleration of the maturity of amounts borrowed under the Credit Facility, including, without limitation, a restriction on cash dividends, a change in ownership control covenant, a subjective material adverse change covenant and financial covenants. The financial covenants include an annual capital expenditure limit, a minimum excess availability limit and a fixed charge ratio covenant. The provisions of the Credit Facility require that the Company maintain a lockbox arrangement with the Bank, and allows the Bank to declare any outstanding borrowings to be immediately due and payable as a result of noncompliance with any of the covenants. Accordingly, in the event of noncompliance, the Company’s payment obligations with respect to such borrowings could be accelerated. Therefore, amounts outstanding on the Company’s Credit Facility and any amount outstanding on the Equipment Loan, are classified as current liabilities. As of June 30, 2012, the Company was in compliance with all terms of the Credit Facility.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

The Third Amendment was entered into on March 29, 2012 to i) increase the annual capital expenditure limit for 2012 to $6.0 million as required by the Company to invest in equipment for an eighth fulfillment facility, in Groveport, Ohio, required to support new business, ii) include up to $1.8 million of fulfillment equipment owned by the Company as collateral under the Credit Facility, iii) advance $1.8 million under a five year Equipment Loan to partially fund equipment purchased for the new Groveport facility, and; iv) reset requirements of the excess availability block (the “Availability Block”), representing the amount of collateral held by the Company before any advances can be made on the Credit Facility, to depend upon the Company obtaining specific fixed charge ratio (as defined in the Credit Facility) values. As a result of the Third amendment and as of June 30, 2012, the Availability Block is set at $4.0 million until which time i) the Company reports a twelve month trailing fixed charge ratio of at least 1.1 resulting in the Availability Block being reduced to $3.0 million or ii) the Company reports a trailing twelve month fixed charge ratio for three consecutive months of at least 1.2 and simultaneously projects exceeding a fixed charge ratio of at least 1.2 for the immediately upcoming three consecutive months resulting in the Availability Block to be reduced to $2.5 million.

Although the maximum borrowing limit was $15.0 million at June 30, 2012, the Credit Facility limits borrowings to the value of total collateral under the Credit Facility calculated as the sum of i) a specified percentage of eligible accounts receivable and inventory, which totaled $12.0 million at June 30, 2012 and ii) the value, as determined by an independent appraiser, of selected fulfillment equipment owned by the Company. At June 30, 2012, the Equipment Loan was fully advanced and amounted to $1.8 million. The Equipment Loan will be paid back in 60 equal $30,000 monthly payments with an equal offsetting monthly reduction in the value of the selected fulfillment equipment included as collateral under the Credit Facility. Additionally, the terms of the Credit Facility provide that the amount borrowed and outstanding at any time combined with certain reserves for rental payments, letters of credit outstanding and Availability Block be subtracted from the Credit Facility limit or the value of the total collateral to arrive at an amount of unused availability to borrow. Also, from time to time, as determined as necessary by the Bank, the value of the equipment included as collateral can be adjusted as an independent appraisal of that equipment may require. Excluding the $1.8 million of equipment supporting the Equipment Loan, the total collateral under the Credit Facility at June 30, 2012 amounted to $12.0 million. Excluding the Equipment Loan, there were no amounts borrowed under the Credit Facility at June 30, 2012, however the value of reserves, letters of credit and Availability Block at that date totaled $5.2 million. As a result, the Company had $6.8 million of borrowing availability under the Credit Facility at June 30, 2012.

The Company has entered into various capital leases mainly for the purchase of fork lift trucks, computer technology equipment and computer software. These capital leases have a term of 3 years. The amortization of these assets is included in depreciation expense. The total amount of remaining lease payments to be paid on capital leases, including interest and taxes, was $1.3 million and $606,000 at June 30, 2012 and December 31, 2011 respectively. For the three months ended June 30, 2012, the Company repaid $103,000 of principal outstanding and $17,000 of interest expense related to capital leases. For the three months ended June 30, 2011, the Company repaid $77,000 of principal outstanding and $6,000 of interest expense related to capital leases. For the six months ended June 30, 2012, the Company repaid $216,000 of principal outstanding and $27,000 of interest expense related to capital leases. For the six months ended June 30, 2011, the Company repaid $142,000 of principal outstanding and $11,000 of interest expense related to capital leases.

For the three months ended June 30, 2012, we recorded interest expense of $4,000 on the Credit Facility at a weighted average interest rate of 3.26%. The rate of interest being charged on the Credit Facility at June 30, 2012 was 3.25%. For the three months ended June 30, 2011, we recorded interest expense of $1,000 on the Credit Facility at a weighted average interest rate of 3.24%. The Company also incurred unused Credit Facility fees of approximately $25,000 and $26,000 for the three months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $69,000 and $48,000 for the three months ended June 30, 2012 and 2011 respectively.

For the six months ended June 30, 2012, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.29%. For the six months ended June 30, 2011, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.15%. The Company also incurred unused Credit Facility fees of approximately $51,000 and $42,000 for the six months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $122,000 and $94,000 for the six months ended June 30, 2012 and 2011 respectively.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

3.	EARNINGS PER SHARE

The following table shows the shares (in thousands) used in computing diluted earnings per share (“EPS”) in accordance with ASC topic No. 260 – Earnings per Share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Diluted earnings per share:
Weighted average shares outstanding		13,010		12,815		13,020		12,838
Employee and director stock options		-		-		-		-
Weighted average shares assuming dilution		13,010		12,815		13,020		12,838

Options outstanding to purchase 351,000 shares of the Company’s common stock for the three and six months ended June 30, 2012 and 593,000 shares for the three and six months ended June 30, 2011 were not included in the computation of diluted EPS because their effect was anti-dilutive. On January 1, 2009 the Company adopted an update to ASC topic No. 260, which requires the inclusion of all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations. As a result, we have included 675,637 of restricted shares in our calculation of basic and diluted EPS for the three months ended June 30, 2012 and 722,304 for the three months ended June 30, 2011. These restricted shares include 265,956 restricted shares issued on April 16, 2007 under the Innotrac Corporation 2000 Stock Option and Incentive Award Plan and 570,000 restricted shares issued under the Innotrac Corporation 2010 Stock Award Plan which amounts were subsequently reduced by 160,319 shares when a grantee’s employment or service as director terminated at which time such grantee’s unvested restricted shares were forfeited and cancelled. Both plans provide for immediate voting rights but vesting varies according to two vesting schedules. With respect to shares issued to non-employee directors after June, 2011, shares vest 1/3 on issuance, 1/3 on the 1st anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company. All other restricted shares vest 25% on the 7th, 8th, 9th and 10th anniversary of the grant date unless earlier vested upon a change in control of the Company. Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

4. INCOME TAXES

Innotrac utilizes the liability method of accounting for income taxes in accordance with ASC topic No. 740 – Income Taxes. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded against deferred tax assets if the Company considers it is more likely than not that deferred tax assets will not be realized. Innotrac’s gross deferred tax asset as of June 30, 2012 and December 31, 2011 was approximately $22.6 million and $23.0 million, respectively. This deferred tax asset was generated primarily by net operating loss carryforwards created by net losses in prior years. Innotrac has Federal net operating loss carryforwards of $51.8 million at December 31, 2011 that expire between 2020 and 2031.

Innotrac’s ability to generate taxable income from future operations is dependent upon general economic conditions, collection of existing outstanding accounts receivable, competitive pressures on sales and margins and other factors beyond management’s control. These factors, combined with losses in recent years, create uncertainty about the ultimate realization of the gross deferred tax asset in future years. Therefore, a valuation allowance of approximately $21.5 million and $21.8 million has been recorded as of June 30, 2012 and December 31, 2011, respectively. Income taxes associated with future earnings may be offset by a reduction in the valuation allowance. For the three and six months ended June 30, 2012, the deferred income tax expense of $174,000 and $350,000, respectively, was offset by a corresponding decrease in the deferred tax asset valuation allowance. When and if the Company can return to consistent profitability and management determines that it is more likely than not that the Company will be able to utilize the deferred tax assets prior to their expiration, the valuation allowance may be reduced or eliminated. The Company had a gross deferred tax asset of approximately $23.0 million at December 31, 2011, which did not change significantly during the six months ended June 30, 2012. As discussed in Note 7 to the financial statements in the 2011 Form 10-K, the Company has a valuation allowance against the full amount of its deferred tax asset.

ASC topic No. 740 requires that the Company determine whether it is more likely than not that a tax position will be sustained upon audit, based on the technical merits of the position. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has recognized tax benefits from all tax positions we have taken, and there has been no adjustment to any net operating loss carryforwards as a result of ASC topic No. 740 and there are no unrecognized tax benefits and no related ASC topic No. 740 tax liabilities at June 30, 2012.

The Company generally recognizes interest and/or penalties related to income tax matters in general and administrative expenses. As of June 30, 2012, we have no accrued interest or penalties related to uncertain tax positions.

5.	COMMITMENTS AND CONTINGENCIES

Legal Proceedings. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. There are no material pending legal proceedings to which the Company is a party.

INNOTRAC CORPORATION and SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2012 and 2011

(Unaudited)

6.	RELATED PARTY TRANSACTION

In early 2004, the Company learned that certain trading activity of the IPOF Fund L.P., an owner of more than 5% of the outstanding Common Stock, may have violated the short-swing profit rules under Section 16(b) of the Securities Exchange Act of 1934. The Company promptly conducted an investigation of the matter. IPOF Fund L.P. and its affiliates entered into a settlement agreement with the Company on March 3, 2004 regarding the potential Section 16(b) liability issues that provided for the Company’s recovery of $301,957 no later than March 3, 2006. In December 2005, the United States District Court in Cleveland, Ohio appointed a receiver to identify and administer the assets of the IPOF Fund, L.P. and its general partner, David Dadante. The Company informed the IPOF receiver of such agreement, but the likelihood of recovering such amount from the receiver is doubtful. The Company has not recorded any estimated receivable from this settlement. Additionally, the Federal Court has indefinitely restricted the financial institutions holding Company stock owned by the IPOF Fund L.P. and Mr. Dadante in margin accounts from selling any of these shares. The court has permitted open market sales by the receiver as he may in his sole discretion determine to be consistent with his duty to maximize the value of the assets of IPOF Fund, L.P. and as warranted by market conditions. The receiver has indicated to the Company that he does not intend to direct any open market sales during this period except in circumstances in which he believes that there would be no material adverse impact on the market price for the Company’s shares.

The Company leases a single engine aircraft from a company wholly-owned by the Chairman and Chief Executive Officer, pursuant to an agreement that provides for the Company to pay for approximately 86% of all expenses associated with this aircraft. This allocation is determined annually based on actual business usage and applied throughout the following year. The Company paid approximately $60,000 and $52,000 for use of the airplane for the three months ended June 30, 2012 and 2011, respectively. The Company paid approximately $108,000 and $106,000 for use of the airplane for the six months ended June 30, 2012 and 2011, respectively

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion may contain certain forward-looking statements that are subject to conditions that are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, the Company’s reliance on a small number of major clients; risks associated with the terms and pricing of our contracts; the effect on the Company of economic downturns; risks associated with the fluctuations in volumes from our clients; risks associated with upgrading, customizing, migrating or supporting existing technology; risks associated with competition; and other factors discussed in more detail in “Item 1A – Risk Factors” in our Annual Report on Form 10-K. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Innotrac Corporation (“Innotrac” or the “Company”), founded in 1984 and headquartered in Atlanta, Georgia, provides order processing, fulfillment and customer support “contact” center services to large corporations that outsource these functions. In order to perform contact center and fulfillment functions in-house, a company may be required to develop expensive, labor-intensive infrastructures, which may divert its resources and management’s focus from its principal or core business. By assuming responsibility for these tasks, Innotrac strives to improve the quality of the non-core operations of our clients and to reduce their overall operating costs.

We provide our services in the United States through an integrated network of eight fulfillment centers having a total footprint of 2.8 million square feet and one contact center which is expandable to over 400 workstations. Through Innotrac Europe, a joint venture created in 2011 and headquartered in Germany, we provide end to end fulfillment services in Europe through a network of operations with over 20 years of experience.

We receive most of our clients’ orders either through inbound contact center services, electronic data interchange (“EDI”) or the internet. On a same day basis, depending on product availability, the Company picks, packs, verifies and ships the item, tracks inventory levels through an automated, integrated perpetual inventory system, warehouses data and handles customer support inquiries. Our fulfillment and customer support services interrelate and are sold as a package, however they are individually priced. Our clients may utilize our fulfillment services, our customer support services, or both, depending on their individual needs.

Our core competencies include:

Fulfillment Services:

● sophisticated warehouse management technology

● automated shipping solutions

● real-time inventory tracking and order status

● purchasing and inventory management

● channel development

● zone skipping and freight optimization modeling for shipment cost reduction

● product sourcing and procurement

● packaging solutions

● back-order management

● returns management

● eCommerce consulting and integration

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Contact Center Services:

● inbound customer support services

● technical support and order status

● returns and refunds processing

● call center integrated into fulfillment platform

● cross-sell/up-sell services

● collaborative chat

● intuitive e-mail response

Business Mix – Revenues

	Three Months Ended June 30,						Six Months Ended June 30,
Business Line/Vertical	2012			2011			2012			2012
eCommerce / Direct to Consumer		74.1	%		65.3	%		71.8	%		61.5	%
Direct Marketing		15.2			18.1			17.1			22.1
Modems & Telecommunications products		8.6			13.2			8.9			13.6
Business-to-Business (“B2B”)		2.1			3.4			2.2			2.8
		100.0	%		100.0	%		100.0	%		100.0	%

Note: The above table is compiled by presenting the total of any individual client in a single Business Line/Vertical consistently in the years 2012 and 2011 based on the predominant category of the client’s revenues for the year ended 2011.

eCommerce/Direct-to-Consumer and Direct Marketing. The Company is a major provider of fulfillment and customer support services to eCommerce/Direct to Consumer and Direct Marketing clients which include such companies as Target.com, a division of Target Corporation, Ann Taylor Retail, Inc., Microsoft, Inc., Beachbody, LLC and Thane International. Our revenues are a result of the number of orders and customer service calls received. Our client contracts generally do not guarantee volumes. We anticipate that the percentage of our revenues attributable to our eCommerce and direct-to-consumer clients will increase during 2012 as we expect the growth in businesses from this group of clients to be higher than our other client categories.

Telecommunications and Modems. The Company has historically been a major provider of fulfillment and customer support services to the telecommunications industry. The consolidation in that industry over the last several years has resulted in a heavy concentration of volume in a few companies, and accordingly, concentration of the service providers to the telecommunication industry. We continue to provide fulfillment and technology services for several telecommunication companies however we project that the consolidation of service providers in this vertical will result in its percentage of our total revenue to continue to decline as the eCommerce/Direct-to-consumer vertical grows more quickly as a percentage of our total revenue.

Business-to-Business. The Company also provides fulfillment and customer support services for business-to-business (“B2B”) clients, including NAPA and The Walt Disney Company. Although we continue to provide services to business in this vertical, we expect future revenues in this category to remain a smaller portion of our total business mix.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

The following table sets forth unaudited summary operating data, expressed as a percentage of revenues, for the three and six months ended June 30, 2012 and 2011. The data has been prepared on the same basis as the annual financial statements. In the opinion of management, it reflects normal and recurring adjustments necessary for a fair presentation of the information for the periods presented. Operating results for any period are not necessarily indicative of results for any future period.

The financial information provided below has been rounded in order to simplify its presentation. However, the percentages below are calculated using the detailed information contained in the condensed consolidated financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011

Service revenues		89.1	%		89.1	%		88.7	%		85.6	%
Freight revenues		10.9			10.9			11.3			14.4
Total Revenues		100.0	%		100.0	%		100.0	%		100.0	%

Cost of service revenues		42.0			41.3			42.3			39.0
Freight expense		10.5			11.1			11.0			14.4
Selling, general and administrative expenses		41.4			47.2			40.9			45.5
Depreciation and amortization		3.9			4.5			3.6			4.3
Operating income (loss)		2.2			(4.1	)		2.2			(3.2	)
Other expense, net		(0.3	)		(0.3	)		(0.3	)		(0.2	)
Income (loss) before income taxes		1.9			(4.4	)		1.9			(3.4	)
Income tax benefit		-			-			-			-
Net income (loss) attributable to noncontrolling interest		-			-			-			-
Net income (loss)		1.9	%		(4.4	)%		1.9	%		(3.4	)%

Three Months Ended June 30, 2012 Compared to Three Months Ended June 30, 2011

Service Revenues. Net service revenues increased 23.3% to $20.4 million for the three months ended June 30, 2012 from $16.6 million for the three months ended June 30, 2011. This increase was attributable to a $4.5 million increase in revenue from our eCommerce clients due to the addition of several new clients and increases in volumes from existing clients, offset by i) a $492,000 decrease in revenue from our modems and telecommunications clients due to a decrease in volume; and ii) a $118,000 decrease in revenue from our B2B clients due to the reduction in volume.

Freight Revenues. The Company’s freight revenues increased 23.3% to $2.5 million for the three months ended June 30, 2012 from $2.0 million for the three months ended June 30, 2011. The $472,000 increase in freight revenues is primarily attributable to increased volume from existing clients that utilize Company owned freight accounts. Changes between reporting periods in freight revenue do not have a material impact on our operating profitability due to pricing practices for direct freight costs.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cost of Service Revenues. Cost of service revenues increased 25.2% to $9.6 million for the three months ended June 30, 2012, compared to $7.7 million for the three months ended June 30, 2011. Cost of service revenues as a percent of service revenues increased slightly to 47.1% from 46.3% mainly due to a higher usage of temporary labor in the second quarter of 2012 when compared to the second quarter of 2011 in response to a change in the mix of revenues by client.

Freight Expense. The Company’s freight expense increased 16.8% to $2.4 million for the three months ended June 30, 2012 compared to $2.1 million for the three months ended June 30, 2011 due to the increase in freight revenue as discussed above.

Selling, General and Administrative Expenses. S,G&A expenses for the three months ended June 30, 2012 increased to $9.5 million compared to $8.8 million for the same period in 2011. S,G&A expenses as a percent of total revenues decreased to 41.4% from 47.2% for the comparable three months ended June 30, 2012 and 2011, respectively. The increase in S,G&A expenses primarily resulted from a $359,000 increase in facility and facility management costs due to the addition of several new clients, a $181,000 increase in information technology costs due to costs related to new client implementations and a $169,000 net increase in all other S,G&A costs. S,G&A expenses as a percentage of total revenue decreased due to the service revenue increases being achieved with lesser increases in supporting SG&A expenses.

Interest Expense. Interest expense for the three months ended June 30, 2012 and 2011 was $69,000 and $48,000, respectively. The average daily amount of debt outstanding on the Credit Facility increased to $512,000 during the three months ended June 30, 2012 from $147,000 during the same quarter in 2011. Interest expense related to capital leases increased to $17,000 during the three months ended June 30, 2012 compared to $6,000 during the same quarter in 2011.

Income Taxes. The Company’s effective tax rate for the three months ended June 30, 2012 and 2011 was 0%. A valuation allowance continues to be recorded against the Company’s net deferred tax assets as historical losses have created uncertainty about the realization of tax benefits in future years. Income taxes associated with the profits from the three months ended June 30, 2012 and losses from the three months ended June 30, 2011 were offset by a respective corresponding decrease and increase of the valuation allowance resulting in an effective tax rate of 0% for the three months ended in the respective periods.

Six Months Ended June 30, 2012 Compared to Six Months Ended June 30, 2011

Service Revenues. Net service revenues increased 23.3% to $41.8 million for the six months ended June 30, 2012 from $33.9 million for the six months ended June 30, 2011. This increase was attributable to i) a $8.9 million increase in revenue from our eCommerce clients due to the addition of several new clients and increases in volumes from existing clients, and ii) a $298,000 increase in revenue from our direct marketing clients due to the addition of a new client and increases in volumes from existing clients, offset by a $1.2 million decrease in revenue from our modems and telecommunications clients due to a decrease in volume.

Freight Revenues. The Company’s freight revenues decreased 6.3% to $5.3 million for the six months ended June 30, 2012 from $5.7 million for the six months ended June 30, 2011. The $360,000 decrease in freight revenues is primarily attributable to two of our direct marketing clients transitioning all or a portion of their freight usage from Company owned freight accounts to their own freight account during the first half of 2011, offset by increased volumes from a new direct marketing client and other existing direct marketing and ecommerce clients which use our freight accounts. Changes between reporting periods in freight revenue do not have a material impact on our operating profitability due to pricing practices for direct freight costs.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cost of service revenues. Cost of service revenues increased 29.3% to $20.0 million for the six months ended June 30, 2012, compared to $15.4 million for the six months ended June 30, 2011. Cost of service revenues as a percent of service revenues increased slightly to 47.8% from 45.6% mainly due to a higher usage of temporary labor during the six months ended June 30, 2012 when compared to the same period in 2011 in response to a change in the mix of revenues by client.

Freight Expense. The Company’s freight expense decreased 9.2% to $5.2 million for the six months ended June 30, 2012 compared to $5.7 million for the six months ended June 30, 2011 due to the decrease in freight revenue as discussed above.

Selling, General and Administrative Expenses. S,G&A expenses for the six months ended June 30, 2012 increased to $19.3 million, or 40.9% of total revenues, compared to $18.0 million, or 45.5% of total revenues, for the same period in 2011. The increase in S,G&A expenses primarily resulted from a $476,000 increase in facility and facility management costs due to the addition of several new clients, a $390,000 increase in information technology costs due to costs related to new client implementations and a $385,000 net increase in all other S,G & A costs. S,G&A expenses as a percentage of total revenue decreased due to the service revenue increases being achieved with lesser increases in supporting SG&A expenses.

Interest Expense. Interest expense for the six months ended June 30, 2012 and June 30, 2011 was $122,000 and $94,000, respectively. The average daily amount of debt outstanding on the Credit Facility remained flat at $415,000 during the six months ended June 30, 2012 from $456,000 during the same period in 2011. Interest expense related to capital leases increased to $27,000 during the three months ended June 30, 2012 compared to $11,000 during the same quarter in 2011.

Income Taxes. The Company’s effective tax rate for the six months ended June 30, 2012 and 2011 was 0%. A valuation allowance continues to be recorded against the Company’s net deferred tax assets as historical losses have created uncertainty about the realization of tax benefits in future years. Income taxes associated with the profits from the six months ended June 30, 2012 and losses from the six months ended June 30, 2011 were offset by a respective corresponding decrease and increase of the valuation allowance resulting in an effective tax rate of 0% for the six months ended in the respective periods.

Liquidity and Capital Resources

The Company has a revolving credit facility (the “Credit Facility”) with Wells Fargo, N.A. (the “Bank”) which has a maximum borrowing limit of $15.0 million. The Credit Facility is used to fund the Company’s capital expenditures, operational working capital and seasonal working capital needs. The Credit Facility was renewed on March 27, 2009 when the Company entered into the Fourth amendment and Restatement the Credit Facility with the Bank, setting forth the new terms of the Credit Facility. The Credit Facility has been further amended by the First, Second and Third Amendments on May 14, 2010, March 30, 2011 and March 29, 2012 respectively. The amended Credit Facility includes a maturity date of June 30, 2013 and continues the Bank’s security interest in all of the Company’s assets.

The Third Amendment, among other terms, provided for inclusion of Equipment Loan within the $15.0 million borrowing limit and amended the definition of the assets of the Company included in the collateral supporting the Credit Facility to include up to $1.8 million of fulfillment equipment as valued by an independent appraiser. The Equipment Loan has a five year repayment term and will be paid back in 60 equal $30,000 monthly payments with an equal offsetting monthly reduction in the value of the selected fulfillment equipment included as collateral under the Credit Facility. As of June 30, 2012, the Equipment Loan had an outstanding balance of $1.8 million and there were no amounts outstanding under the Credit Facility.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Interest on borrowings outstanding under the Credit Facility, other than amounts advanced under the Equipment Loan, is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus between 2.00% and 2.50%, or the LIBOR Rate (as defined in the Credit Facility) plus between 3.00% and 3.50%, in each case with the applicable margin depending on the Company’s Average Excess Availability (as defined in the Credit Facility). Interest on amounts advanced and outstanding under the Equipment Loan will be payable monthly at an annual interest rate of, at the Company’s option, either the Base Rate (as defined in the Credit Facility) plus 3.00% or the LIBOR Rate (as defined in the Credit Facility) plus 4.0%. The Company pays a specified fee on undrawn amounts under the Credit Facility which fee was one-half of one percent, or 0.5% on and before March 30, 2011, the date of Second Amendment to the Credit Agreement, and is three quarters of one percent, or 0.75% thereafter. After an event of default, all loans will bear interest at the otherwise applicable rate plus 2.00% per annum.

an annual capital expenditure limit of $6.0 million for the 12 months ended December 31, 2012 and $3.5 million for 2013,

an Availability Block (as defined by the Credit Facility) of $3.0 million from January 1, 2012 to March 29, 2012 when the Third Amendment was signed,

after March 29, 2012 an Availability Block of $4.0 million, which block will be reduced to $3.0 million when the twelve month trailing fixed charge ratio (as defined by the Credit Facility) exceeds 1.1, and further reduced to $2.5 million when both the trailing twelve month fixed charge ratio has a) exceeded 1.2 for three consecutive months and b) is projected to exceed 1.2 for the immediately upcoming three consecutive months.

The provisions of the Credit Facility require that the Company maintain a lockbox arrangement with the Bank, and allows the Bank to declare any outstanding borrowings to be immediately due and payable as a result of noncompliance with any of the covenants. Accordingly, in the event of noncompliance, the Company’s payment obligations with respect to such borrowings could be accelerated. Therefore, amounts outstanding on the Company’s Credit Facility and any amount outstanding on the Equipment Loan, which is in the $15.0 million Credit Facility Limit, are classified as a current liabilities. As of June 30, 2012 the Company was in compliance with all terms of the Credit Facility.

Under the terms of the Credit Facility, the maximum borrowing limit of $15.0 million is limited to borrowings at a specified percentage of eligible accounts receivable and inventory, plus up to $1.8 million appraised value of equipment. As of June 30, 2012, there was $1.8 million advanced under the equipment loan with the first of 60 monthly installments due on July 1, 2012. Additionally, the terms of the Credit Facility provide that the amount borrowed and outstanding at any time combined with certain reserves for rental payments, letters of credit outstanding and an availability block be subtracted from the Credit Facility limit or the value of the total collateral to arrive at an amount of unused availability to borrow.

The total collateral, excluding the equipment value supporting the Equipment Loan, under the Credit Facility at June 30, 2012 amounted to $12.0 million. Excluding the Equipment Loan, there were no amounts borrowed under the Credit Facility at June 30, 2012 however the value of the availability block and letters of credit outstanding at that date totaled $5.2 million. As a result, the Company had $6.8 million of borrowing availability under the Credit Facility at June 30, 2012.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the three months ended June 30, 2012, we recorded interest expense of $4,000 on the Credit Facility at a weighted average interest rate of 3.26%. The rate of interest being charged on the Credit Facility at June 30, 2012 was 3.25%. For the three months ended June 30, 2011, we recorded interest expense of $1,000 on the Credit Facility at a weighted average interest rate of 3.24%. The Company also incurred unused Credit Facility fees of approximately $25,000 and $26,000 for the three months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $69,000 and $48,000for the three months ended June 30, 2012 and 2011 respectively.

For the six months ended June 30, 2012, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.29%. For the six months ended June 30, 2011, we recorded interest expense of $7,000 at a weighted average rate of 3.15% on the Credit Facility. The Company also incurred unused revolving credit facility fees of approximately $51,000 and $42,000 for the six months ended June 30, 2012 and 2011, respectively. Additionally, the Company reported total interest expense of $122,000 and $94,000 the six months ended June 30, 2012 and 2011, respectively.

For the six months ended June 30, 2012, the Company generated positive cash from operating activities of $1.2 million compared to $4.2 million cash from its operating activities in the same period of 2011. The $3.0 million decrease for the six months ended June 30, 2012 from the same period in 2011 was due to the net change in all operating assets and liabilities using $1.4 million of cash during the six months ended June 30, 2012 compared to providing $3.9 million during the same period in 2011, offset by the Company generating a net income of $885,000 for the six months ended June 30, 2012 compared to generating a net loss of $1.3 million in the same period in 2011. The $5.3 million decrease in cash provided by operating assets and liabilities for the six months ended June 30, 2012 compared to 2011 resulted mainly from the combined effect of i) $3.3 million decrease in cash provided by accounts receivable for the six months ended June 30, 2012 compared to the same period in 2011 due to higher growth in revenue during 2012 compared to revenue growth in 2011, and ii) $2.7 million greater decreases in inventory occurring in 2011 than in 2012 as a result of the end of an inventory buyback program in 2011 for a single client discussed below offset by a $704,000 decrease in cash used in accounts payable in 2012 compared to 2011. The $704,000 decrease in cash used for accounts payable was primarily due to an overall increase in vendor payables balance outstanding as of June 30, 2012 due to an increase in temporary employees and amounts due other suppliers to support the increased volume in 2012.

We only purchase inventory for two customers under contract terms that provide that the risk of inventory obsolescence remain with our customers. During 2010, one of our customers for whom we purchased inventory decided to discontinue a specific business program and liquidate the inventory supporting that program. The inventory buyback requirement is defined as the cost of that inventory, so upon buyback, there is no resulting revenue recorded in our operating results, consistent with past reporting by the Company. In the last week of March 2011, we shipped $2.9 million of inventory under normal payment terms and in mid May 2011, the resulting accounts receivable was collected from the customer.

During the six month periods ended June 30, 2012 and 2011, net cash used in investing activities consisted mainly of capital expenditures and were $3.8 million and $738,000 respectively. The $3.8 million of investing activities for the six months June 30, 2012 includes i) $2.9 million of purchased equipment for the build out of our new fulfillment center in Groveport, Ohio and ii) $884,000 for all other capital expenditures. The $738,000 of investing activities for the six months ended June 30, 2011 was mainly capital expenditures for all facilities which is comparable to the $884,000 spent in 2012 for capital expenditures excluding the Groveport facility. As of June 30, 2012, the build out of the Groveport, Ohio facility was materially completed and the Company had received the proceeds from the $1.8 million equipment loan to partially fund the capital expenditures related to this facility.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

As of June 30, 2012 and June 30, 2011, there were no borrowings under the line of credit and $1.8 million advanced under the Equipment Loan. The average daily borrowings outstanding on the Credit Facility for the six months ended June 30, 2012 and 2011 were $415,000 and $456,000, respectively. The maximum borrowing outstanding on the Credit Facility for any one day during the six months ended June 30, 2012 and 2011 were $2.4 million and $2.3 million, respectively. The $1.8 million Equipment Loan was funded in June 2012 with the first $30,000 monthly payment due on July 1, 2012. During the six months ended June 30, 2012 and 2011, the Company repaid $216,000 and $142,000 of principal outstanding on capital leases respectively. Additionally, during the six months ended June 30, 2012 and 2011, the Company incurred $37,000 and $34,000 of loan commitment fees as a result of the Third and Second Amendments to the Credit Agreement respectively. In addition, during the six months ended June 30, 2011, the Company received $17,000 from PVS related to their noncontrolling interest in Innotrac Europe.

The Company estimates that its cash and financing needs for at least the next twelve months will be met by cash on hand, cash flows from operations and availability under the Credit Facility.

Critical Accounting Policies

Critical accounting policies are those policies that can have a significant impact on the presentation of our financial position and results of operations and demand the most significant use of subjective estimates and management judgment. Because of the uncertainty inherent in such estimates, actual results may differ from these estimates. Specific risks inherent in our application of these critical policies are described below. For all of these policies, we caution that future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment. These policies often require difficult judgments on complex matters that are often subject to multiple sources of authoritative guidance. Additional information concerning our accounting policies can be found in Note 1 to the condensed consolidated financial statements in this Form 10-Q and Note 2 to the consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2011. The policies that we believe are most critical to an investor’s understanding of our financial results and condition and require complex management judgment are discussed below.

Accounting Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Accounting for Income Taxes. Innotrac utilizes the liability method of accounting for income taxes in accordance with ASC topic No. 740 – Income Taxes. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded against deferred tax assets if the Company considers it more likely than not that deferred tax assets will not be realized. Innotrac’s gross deferred tax asset as of June 30, 2012 and December 31, 2011 was approximately $22.6 million and $23.0 million, respectively. This deferred tax asset was generated primarily by net operating loss carryforwards created by net losses in prior years. Innotrac has Federal net operating loss carryforwards of $51.8 million at December 31, 2011 that expires between 2020 and 2031.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Innotrac’s ability to generate the expected amounts of taxable income from future operations is dependent upon general economic conditions, competitive pressures on sales and margins and other factors beyond management’s control. These factors, combined with losses in recent years, create uncertainty about the ultimate realization of the gross deferred tax asset in future years. Therefore, a valuation allowance of approximately $21.5 million and $21.8 million has been recorded as of June 30, 2012 and December 31, 2011, respectively. Income taxes associated with future earnings will be offset by the utilization of the net operating loss carryforward resulting in a reduction in the valuation allowance. For the six months ended June 30, 2012, the deferred tax expense of $350,000 was offset by a corresponding decrease of the deferred tax asset valuation allowance. When, and if, the Company can return to consistent profitability, and management determines that it will be able to utilize net operating losses prior to their expiration, then the valuation allowance can be reduced or eliminated.

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04 to Topic 820 - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any on the Company’s consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, (Topic 220) - Comprehensive Income: Presentation of Comprehensive Income. The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011. The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.

Item 3 - Quantitative and Qualitative Disclosures About Market Risks

Management believes the Company’s exposure to market risks (investments, interest rates and foreign currency) is immaterial. Innotrac holds no market risk sensitive instruments for trading purposes. At present, the Company does not employ any derivative financial instruments, and does not currently plan to employ them in the future. The Company transacts an immaterial amount of sales in foreign currency. To the extent that the Company has borrowings outstanding under its Credit Facility and Equipment Loan, the Company will have market risk relating to the amount of borrowings due to variable interest rates under the credit facility. All of the Company’s lease obligations are fixed in nature as noted in Note 6 to the Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2011, and the Company has no long-term purchase commitments.

Item 4 – Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial (and principal accounting) Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of June 30, 2012. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s internal controls over financial reporting were effective as of the end of the period covered by this report.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II – Other Information

Item 6 – Exhibits

Exhibits:

31.1* Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d – 14(a).

31.2* Certification of principal financial officer Pursuant to Rule 13a-14(a)/15d – 14(a).

32.1* Certification of Chief Executive Officer Pursuant to 18 U.S.C. § 1350.

32.2* Certification of principal financial officer Pursuant to 18 U.S.C. § 1350.

101*

The following financial information from Innotrac Corporation’s Quarterly Report on Form 10-Q for the Quarterly Period ended June 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011, (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2012 and 2011, (iii) Consolidated Statements of Cash Flows for the three and six months ended June 30, 2012 and 2011 and (iv) the Notes to Consolidated Financial Statements

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	INNOTRAC CORPORATION
	(Registrant)

Date: August 14, 2012	By:	/s/ Scott D. Dorfman
		Scott D. Dorfman
		President, Chief Executive Officer and Chairman
		of the Board (Principal Executive Officer)

Date: August 14, 2012	By:	/s/ George M. Hare
		George M. Hare
		Chief Financial Officer (Principal Financial
		Officer and Principal Accounting Officer)

EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

I, Scott D. Dorfman, certify that:

I have reviewed this quarterly report on Form 10-Q of Innotrac Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: August 14, 2012

	/s/ Scott D. Dorfman
	Scott D. Dorfman
	President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer)

EX-31.2 3 ex31-2.htm EXHIBIT 31.2 Unassociated Document

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)

I, George M. Hare, certify that:

I have reviewed this quarterly report on Form 10-Q of Innotrac Corporation;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: August 14, 2012

	/s/ George M. Hare
	George M. Hare
	Chief Financial Officer
	Principal Financial Officer (Principal Accounting Officer)

EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

I, Scott D. Dorfman, Chief Executive Officer of Innotrac Corporation (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Quarterly Report on Form 10-Q of the Company for three months ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	Dated: August 14, 2012

	/s/ Scott D. Dorfman
	Scott D. Dorfman
	President, Chief Executive Officer and Chairman
	of the Board (Principal Executive Officer)

EX-32.2 5 ex32-2.htm EXHIBIT 32.2 Unassociated Document

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

I, George M. Hare, Chief Financial and Principal Accounting Officer of Innotrac Corporation (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Quarterly Report on Form 10-Q of the Company for the three months ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	Dated: August 14, 2012

	/s/ George M. Hare
	George M. Hare
	Chief Financial Officer (Principal Accounting Officer)

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216000

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">1.         <font style="display: inline; font-weight: bold;">SIGNIFICANT ACCOUNTING POLICIES</font></font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div style="text-align: justify; text-indent: -27pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">           The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the Company’s Annual Report  on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011.  Certain of the Company’s more significant accounting policies are as follows:</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Principles of Consolidation.  </font>The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.  The consolidated financial statements include the accounts of the Company and its majority owned subsidiary.  On April 11, 2011 the Company completed the formation of Innotrac Europe GmbH (“Innotrac Europe”), a joint venture between Innotrac and PVS Fulfillment-Service GmbH (“PVS”) in Neckarsulm, Germany.  Innotrac has a 50.1% ownership stake in the joint venture.  All significant intercompany transactions and balances have been eliminated in consolidation.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Foreign Currency Translation.  </font>The financial statements of foreign subsidiaries have been translated into U.S. Dollars in accordance with Accounting Standards Codification (“ACS”) topic No. 830-30 - <font style="font-style: italic; display: inline;">Translation of Financial Statements</font>.  The financial position and results of operations of the Company’s foreign subsidiary are measured using the foreign subsidiary’s local currency as the functional currency.  Revenue and expenses of the subsidiary have been translated into U.S. Dollars at the average exchange rate prevailing during the period.  Assets and liabilities have been translated at the rates of exchange on the balance sheet date.  Since the resulting translation gain and loss adjustments are immaterial for all periods reported in the financial statements, we have reported those foreign currency translation adjustments on the consolidated balance sheet in accumulated other comprehensive loss. Realized foreign currency transaction gains and losses are included in other expense in the consolidated statements of operations.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Gains and losses that result from foreign currency transactions are included in the “other expense (income)” line in the consolidated statements of operations.  For the three and six month periods ended June 30, 2012, we incurred an immaterial amount of net foreign currency transaction gains and losses.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Accounting Estimates.  </font>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Impairment of Long-Lived Assets.</font>  The Company reviews long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Impairment would be measured based on a projected cash flow model.  If the projected undiscounted cash flows for the asset are not in excess of the carrying value of the related asset, the impairment would be determined based upon the excess of the carrying value of the asset over the projected discounted cash flows for the asset.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Accounting for Income Taxes.  </font>Innotrac utilizes the liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) topic No. 740 – <font style="font-style: italic; display: inline;">Income Taxes</font>.  Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance was recorded against the deferred tax asset as of December 31, 2011 and June 30, 2012 (see Note 4).</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Revenue Recognition.</font>  Innotrac derives its revenue primarily from two sources: (1) fulfillment operations and (2) the delivery of call center services integrated with our fulfillment operations.  Innotrac's fulfillment services operations record revenue at the conclusion of the material selection, packaging and upon completion of the shipping process.  The shipping process is considered complete after transfer to an independent freight carrier and receipt of a bill of lading or shipping manifest from that carrier.  Innotrac's call center service revenue is recognized according to written pricing agreements based on the number of calls, minutes or hourly rates when those calls and time rated services occur.  All other revenues are recognized as services are rendered.  As required by the consensus reached in ASC topic No. 605 – <font style="font-style: italic; display: inline;">Revenue Recognition</font>, 1)  revenues have been recorded net of the cost of the goods for all fee-for-service clients and 2)  the Company records reimbursements received from customers for out-of pocket expenses, primarily freight and postage fees, as revenue and the associated expense as cost of revenue.  For two clients we purchase their product from our client’s vendor under agreements that require our clients to buy the product back from us at original cost when we ship the product to our client’s end consumer or after a period of time if the product has not been shipped from our fulfillment centers.  The value of these products is repaid to us at the same amount as we paid for them and no service fees are generated on the products.  We net the value of the purchase against the reimbursement from our customer with a resulting zero value in our reported revenue and costs of revenue.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Stock-Based Compensation Plans.</font> The Company records compensation expense in the financial statements based on the fair value of all share based payments to employees, including grants of employee stock options.  The expense is recognized over the period during which an employee is required to provide services in exchange for the award, which is usually the vesting period.  The Company recorded no expense related to stock options in the three and six months ended June 30, 2012 due to all outstanding stock options having become fully vested in the second quarter of 2011.  The Company recorded $37,000 and $68,000  in compensation expense for the three and six months ended June 30, 2012 resulting from the Company having issued 835,956 restricted shares to non-employee directors and management of the Company of which 23,333 have vested to non-employee directors and 160,319 shares have been forfeited and cancelled.   With respect to restricted shares granted after June, 2011 to non-employee directors, shares vest 1/3 on issuance, 1/3 on the 1<font style="display: inline; font-size: 70%; vertical-align: text-top;">st</font> anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company.  All other restricted shares vest 25% on the 7<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font>, 8<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font>, 9<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font> and 10<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font> anniversary of the grant date unless earlier vested upon a change in control of the Company.  Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share.  As a result, the Company recorded $37,000 and $49,000 in compensation expense for restricted shares for the three months ended June 30, 2012 and 2011, respectively.  The Company recorded $68,000 and ($25,000) in compensation expense (income) for restricted shares for the six months ended June 30, 2012 and 2011, respectively.  Included in the ($25,000) (income) for the six months ended June 30, 2011 was $78,000 of expense offset by ($103,000) of recaptured expense when issued restricted shares were forfeited upon the departure of an executive in March 2011.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Fair Value Measurements.</font> The Company accounts for fair value in accordance with ASC topic No. 820- <font style="font-style: italic; display: inline;">Fair Value Measurements and Disclosures </font>for all financial and non-financial assets and liabilities accounted for at fair value on a recurring basis.  ASC topic No. 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">The Company determined the fair values of certain financial instruments based on the fair value hierarchy established in ASC topic No. 820. ASC topic No. 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 3: inputs to the valuation methodology are unobservable for the asset or liability.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">ASC topic No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">The carrying value of our cash, accounts receivable, accounts payable and other debt instruments approximates fair value since our debt instrument consists of a revolving credit line, which under certain conditions can mature within one year of June 30, 2012, and because of its short term nature.  The interest rate is equal to the market rate for such instruments of similar duration and credit quality.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">As of June 30, 2012</font></div> </td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Fair Value Measurements Using</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Quoted Prices in <br />Active Markets <br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Unobservable<br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%" colspan="3"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Total</font></div> </td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">As of December 31, 2011</font></div> </td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Fair Value Measurements Using</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Quoted Prices in<br />Active Markets<br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant<br />Unobservable <br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div><font style="font-family: times new roman,times;" size="2"> </font></div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="28%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="16%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="top" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> </tr> </table> </div> <div> <table align="center" style="width: 100%; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">(1)</font></div> </td> <td> <div align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">This is an executive deferred compensation plan for certain employees, as designated by the Company’s Board of Directors.  The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices.   The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">There were no significant transfers into and out of any level of the fair value hierarchy for assets measured at fair value for the three and six months ended June 30, 2012 or the year ended December 31, 2011.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">All transfers, if any, are recognized by the Company at the end of each reporting period.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Transfers between Levels 1 and 2 generally relate to whether a market becomes active or inactive. Transfers between Levels 2 and 3 generally relate to whether significant relevant observable inputs are available for the fair value measurement in their entirety.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Recent Accounting Pronouncements</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In May 2011, the FASB issued ASU 2011-04 to Topic 820 - <font style="font-style: italic; display: inline;">Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements </font>which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any impact on the Company’s consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In June 2011, the FASB issued ASU 2011-05, (Topic 220) - <font style="font-style: italic; display: inline;">Comprehensive Income:  Presentation of Comprehensive Income.  </font>The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011.  The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block;"><font style="font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In December 2011, the FASB issued ASU 2011-12 to Topic 220 - <font style="font-style: italic; display: inline;">Presentation of Comprehensive Income</font><font style="font-style: italic; display: inline;">: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.</font><font style="font-style: italic; display: inline; font-weight: bold;"> </font>The amendments to the Codification in this ASU defer the presentation of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  This ASU supersedes certain presentation requirements in ASU No. 2011-05, <font style="font-style: italic; display: inline;">Comprehensive Income,</font> discussed below, so that entities will not be required to comply with the presentation requirements in ASU No. 2011-05 that ASU No. 2011-12 is deferring.  While the presentation requirements are being re-deliberated, entities are required to continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before ASU No. 2011-05.  The amendments to this ASU are effective at the same time as the amendments in ASU No. 2011-05.  The Company adopted these provisions in the first quarter of 2012. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements since the Company has only immaterial other comprehensive income amounts.</font></div>

<div> <table align="center" style="width: 100%; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 35px;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;; font-family:times new roman,times" size="2">3.</font></div> </td> <td style="text-align: left;" width="946"> <div style="text-align: left;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline; font-weight: bold;">EARNINGS PER SHARE</font></font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">The following table shows the shares (in thousands) used in computing diluted earnings per share (“EPS”) in accordance with ASC topic No. 260 – <font style="font-style: italic; display: inline;">Earnings per Share</font>:</font></div> <div style="text-indent: 0pt; display: block;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Three Months</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Ended June 30,</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Six Months</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Ended June 30,</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">2011</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">2011</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td valign="bottom"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">                                    Diluted earnings per share:</font></div> </td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">                                         Weighted average shares outstanding</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> 13,010</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">12,815</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="background-color: #ffffff; display: inline; font-family: times new roman; font-size: 10pt;"> </font> 13,020</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">12,838</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"> <div align="justify" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">                                          Employee and director stock options</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">-</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="52%"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">                                         Weighted average shares assuming</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">                                              dilution                                                            </font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">13,010</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">12,815</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> 13,020</font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">12,838</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Options outstanding to purchase 351,000 shares of the Company’s common stock for the three and six months ended June 30, 2012 and 593,000 shares for the three and six months ended June 30, 2011 were not included in the computation of diluted EPS because their effect was anti-dilutive.  On January 1, 2009 the Company adopted an update to ASC topic No. 260, which requires the inclusion of all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations.  As a result, we have included 675,637 of restricted shares in our calculation of basic and diluted EPS for the three months ended June 30, 2012 and 722,304 for the three months ended June 30, 2011.    These restricted shares include 265,956 restricted shares issued on April 16, 2007 under the Innotrac Corporation 2000 Stock Option and Incentive Award Plan and 570,000 restricted shares issued under the Innotrac Corporation 2010 Stock Award Plan which amounts were subsequently reduced by 160,319 shares when a grantee’s employment or service as director terminated at which time such grantee’s unvested restricted shares were forfeited and cancelled.  Both plans provide for immediate voting rights but vesting varies according to two vesting schedules.  With respect to shares issued to non-employee directors after June, 2011, shares vest 1/3 on issuance, 1/3 on the 1<font style="display: inline; font-size: 70%; vertical-align: text-top;">st</font> anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company.  All other restricted shares vest 25% on the 7<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font>, 8<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font>, 9<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font> and 10<font style="display: inline; font-size: 70%; vertical-align: text-top;">th</font> anniversary of the grant date unless earlier vested upon a change in control of the Company.  Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share.</font></div>

<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;"><font style="font-family: times new roman; font-size: 10pt;"><font style="font-weight: normal;">4.</font>         <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">INCOME TAXES</font></font></font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-indent: 0pt; display: block;"> <div align="justify" style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Innotrac utilizes the liability method of accounting for income taxes in accordance with ASC topic No. 740 – <font style="font-family: times new roman; font-size: 10pt; font-style: italic; display: inline;">Income Taxes</font>. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded against deferred tax assets if the Company considers it is more likely than not that deferred tax assets will not be realized. Innotrac’s gross deferred tax asset as of June 30, 2012 and December 31, 2011 was approximately $22.6 million and $23.0 million, respectively. This deferred tax asset was generated primarily by net operating loss carryforwards created by net losses in prior years. Innotrac has Federal net operating loss carryforwards of $51.8 million at December 31, 2011 that expire between 2020 and 2031.</font></div> <font style="font-family: times new roman,times; ; font-family: times new roman,times;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;"></font></font> <div style="text-indent: 0pt; display: block;"> </div> <font style="font-family: times new roman,times; ; font-family: times new roman,times;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;"></font></font> <div align="justify" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Innotrac’s ability to generate taxable income from future operations is dependent upon general economic conditions, collection of existing outstanding accounts receivable, competitive pressures on sales and margins and other factors beyond management’s control. These factors, combined with losses in recent years, create uncertainty about the ultimate realization of the gross deferred tax asset in future years. Therefore, a valuation allowance of approximately $21.5 million and $21.8 million has been recorded as of June 30, 2012 and December 31, 2011, respectively. Income taxes associated with future earnings may be offset by a reduction in the valuation allowance. For the three and six months ended June 30, 2012, the deferred income tax expense of $174,000 and $350,000, respectively, was offset by a corresponding decrease in the deferred tax asset valuation allowance. When and if the Company can return to consistent profitability and management determines that it is more likely than not that the Company will be able to utilize the deferred tax assets prior to their expiration, the valuation allowance may be reduced or eliminated. The Company had a gross deferred tax asset of approximately $23.0 million at December 31, 2011, which did not change significantly during the six months ended June 30, 2012. As discussed in Note 7 to the financial statements in the 2011 Form 10-K, the Company has a valuation allowance against the full amount of its deferred tax asset.</font></div> <font style="font-family: times new roman,times; ; font-family: times new roman,times;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;"></font></font> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ASC topic No. 740 requires that the Company determine whether it is more likely than not that a tax position will be sustained upon audit, based on the technical merits of the position. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has recognized tax benefits from all tax positions we have taken, and there has been no adjustment to any net operating loss carryforwards as a result of ASC topic No. 740 and there are no unrecognized tax benefits and no related ASC topic No. 740 tax liabilities at June 30, 2012.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company generally recognizes interest and/or penalties related to income tax matters in general and administrative expenses. As of June 30, 2012, we have no accrued interest or penalties related to uncertain tax positions.</font></div> </div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"> </div>

<div> <table align="center" style="width: 100%; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 12px;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"><font style="font-weight: normal;">5.</font></font></div> </td> <td width="969"> <div align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-family: times new roman; font-size: 10pt;">       <font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">COMMITMENTS AND CONTINGENCIES</font></font></font></div> </td> </tr> </table> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-family: times new roman; font-size: 10pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;">Legal Proceedings.  </font><font style="display: inline; font-family: times new roman; font-size: 10pt;">The Company is subject to various legal proceedings and claims that arise in the ordinary course of business.  There are no material pending legal proceedings to which the Company is a party.</font></font></font></div>

<div> <table align="center" style="width: 100%; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 35px;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-weight: normal;">6.</font></font></div> </td> <td width="946"> <div align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">RELATED PARTY TRANSACTION</font></font></font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">In early 2004, the Company learned that certain trading activity of the IPOF Fund L.P., an owner of more than 5% of the outstanding Common Stock, may have violated the short-swing profit rules under Section 16(b) of the Securities Exchange Act of 1934.  The Company promptly conducted an investigation of the matter.  IPOF Fund L.P. and its affiliates entered into a settlement agreement with the Company on March 3, 2004 regarding the potential Section 16(b) liability issues that provided for the Company’s recovery of $301,957 no later than March 3, 2006.  In December 2005, the United States District Court in Cleveland, Ohio appointed a receiver to identify and administer the assets of the IPOF Fund, L.P. and its general partner, David Dadante.  The Company informed the IPOF receiver of such agreement, but the likelihood of recovering such amount from the receiver is doubtful.  The Company has not recorded any estimated receivable from this settlement.  Additionally, the Federal Court has indefinitely restricted the financial institutions holding Company stock owned by the IPOF Fund L.P. and Mr. Dadante in margin accounts from selling any of these shares.  The court has permitted open market sales by the receiver as he may in his sole discretion determine to be consistent with his duty to maximize the value of the assets of IPOF Fund, L.P. and as warranted by market conditions.  The receiver has indicated to the Company that he does not intend to direct any open market sales during this period except in circumstances in which he believes that there would be no material adverse impact on the market price for the Company’s shares.</font></div> <div style="text-indent: 0pt; display: block;"><font size="2" style="font-family:times new roman,times"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">The Company leases a single engine aircraft from a company wholly-owned by the Chairman and Chief Executive Officer, pursuant to an agreement that provides for the Company to pay for approximately 86% of all expenses associated with this aircraft.  This allocation is determined annually based on actual business usage and applied throughout the following year.  The Company paid approximately $60,000 and $52,000 for use of the airplane for the three months ended June 30, 2012 and 2011, respectively.  The Company paid approximately $108,000 and $106,000 for use of the airplane for the six months ended June 30, 2012 and 2011, respectively</font></div>

<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-style: italic; display: inline;">Foreign Currency Translation. </font>The financial statements of foreign subsidiaries have been translated into U.S. Dollars in accordance with Accounting Standards Codification (“ACS”) topic No. 830-30 - <font style="font-style: italic; display: inline;">Translation of Financial Statements</font>. The financial position and results of operations of the Company’s foreign subsidiary are measured using the foreign subsidiary’s local currency as the functional currency. Revenue and expenses of the subsidiary have been translated into U.S. Dollars at the average exchange rate prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. Since the resulting translation gain and loss adjustments are immaterial for all periods reported in the financial statements, we have reported those foreign currency translation adjustments on the consolidated balance sheet in accumulated other comprehensive loss. Realized foreign currency transaction gains and losses are included in other expense in the consolidated statements of operations.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gains and losses that result from foreign currency transactions are included in the “other expense (income)” line in the consolidated statements of operations. For the three and six month periods ended June 30, 2012, we incurred an immaterial amount of net foreign currency transaction gains and losses.</font></div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-style: italic; display: inline;">Accounting for Income Taxes.  </font>Innotrac utilizes the liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) topic No. 740 – <font style="font-style: italic; display: inline;">Income Taxes</font>.  Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance was recorded against the deferred tax asset as of December 31, 2011 and June 30, 2012 (see Note 4).</font></div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 36pt;"><font size="2" style="font-family:times new roman,times"> </font></div> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="font-style: italic; display: inline;">Revenue Recognition.</font>  Innotrac derives its revenue primarily from two sources: (1) fulfillment operations and (2) the delivery of call center services integrated with our fulfillment operations.  Innotrac's fulfillment services operations record revenue at the conclusion of the material selection, packaging and upon completion of the shipping process.  The shipping process is considered complete after transfer to an independent freight carrier and receipt of a bill of lading or shipping manifest from that carrier.  Innotrac's call center service revenue is recognized according to written pricing agreements based on the number of calls, minutes or hourly rates when those calls and time rated services occur.  All other revenues are recognized as services are rendered.  As required by the consensus reached in ASC topic No. 605 – <font style="font-style: italic; display: inline;">Revenue Recognition</font>, 1)  revenues have been recorded net of the cost of the goods for all fee-for-service clients and 2)  the Company records reimbursements received from customers for out-of pocket expenses, primarily freight and postage fees, as revenue and the associated expense as cost of revenue.  For two clients we purchase their product from our client’s vendor under agreements that require our clients to buy the product back from us at original cost when we ship the product to our client’s end consumer or after a period of time if the product has not been shipped from our fulfillment centers.  The value of these products is repaid to us at the same amount as we paid for them and no service fees are generated on the products.  We net the value of the purchase against the reimbursement from our customer with a resulting zero value in our reported revenue and costs of revenue.</font></div>

<div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-style: italic; display: inline;">Stock-Based Compensation Plans.</font> The Company records compensation expense in the financial statements based on the fair value of all share based payments to employees, including grants of employee stock options. The expense is recognized over the period during which an employee is required to provide services in exchange for the award, which is usually the vesting period. The Company recorded no expense related to stock options in the three and six months ended June 30, 2012 due to all outstanding stock options having become fully vested in the second quarter of 2011. The Company recorded $37,000 and $68,000 in compensation expense for the three and six months ended June 30, 2012 resulting from the Company having issued 835,956 restricted shares to non-employee directors and management of the Company of which 23,333 have vested to non-employee directors and 160,319 shares have been forfeited and cancelled. With respect to restricted shares granted after June, 2011 to non-employee directors, shares vest 1/3 on issuance, 1/3 on the 1<font style="font-size: 70%; vertical-align: text-top; display: inline;">st</font> anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company. All other restricted shares vest 25% on the 7<font style="font-size: 70%; vertical-align: text-top; display: inline;">th</font>, 8<font style="font-size: 70%; vertical-align: text-top; display: inline;">th</font>, 9<font style="font-size: 70%; vertical-align: text-top; display: inline;">th</font> and 10<font style="font-size: 70%; vertical-align: text-top; display: inline;">th</font> anniversary of the grant date unless earlier vested upon a change in control of the Company. Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share. As a result, the Company recorded $37,000 and $49,000 in compensation expense for restricted shares for the three months ended June 30, 2012 and 2011, respectively. The Company recorded $68,000 and ($25,000) in compensation expense (income) for restricted shares for the six months ended June 30, 2012 and 2011, respectively. Included in the ($25,000) (income) for the six months ended June 30, 2011 was $78,000 of expense offset by ($103,000) of recaptured expense when issued restricted shares were forfeited upon the departure of an executive in March 2011.</font></div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="font-style: italic; display: inline;">Fair Value Measurements.</font> The Company accounts for fair value in accordance with ASC topic No. 820- <font style="font-style: italic; display: inline;">Fair Value Measurements and Disclosures </font>for all financial and non-financial assets and liabilities accounted for at fair value on a recurring basis.  ASC topic No. 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">The Company determined the fair values of certain financial instruments based on the fair value hierarchy established in ASC topic No. 820. ASC topic No. 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Level 3: inputs to the valuation methodology are unobservable for the asset or liability.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">ASC topic No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">The carrying value of our cash, accounts receivable, accounts payable and other debt instruments approximates fair value since our debt instrument consists of a revolving credit line, which under certain conditions can mature within one year of June 30, 2012, and because of its short term nature.  The interest rate is equal to the market rate for such instruments of similar duration and credit quality.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">As of June 30, 2012</font></div> </td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Fair Value Measurements Using</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Quoted Prices in <br />Active Markets <br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Unobservable<br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%" colspan="3"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Total</font></div> </td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">As of December 31, 2011</font></div> </td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Fair Value Measurements Using</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Quoted Prices in<br />Active Markets<br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Significant<br />Unobservable <br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Total</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2"> </font></td> </tr> </table> </div> <div><font style="font-family: times new roman,times;" size="2"> </font></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div align="left" style="width: 100%;"><font style="display: inline; font-family: times new roman; font-size: 8pt; ; font-family: times new roman,times;" size="2">  </font></div> </div> </div> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="28%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="13%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="15%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="16%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="bottom" width="10%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> <td valign="top" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></td> </tr> </table> </div> <div> <table align="center" style="width: 100%; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 36pt;"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">  </font></div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">(1)</font></div> </td> <td> <div align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">This is an executive deferred compensation plan for certain employees, as designated by the Company’s Board of Directors.  The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices.   The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.</font></div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">There were no significant transfers into and out of any level of the fair value hierarchy for assets measured at fair value for the three and six months ended June 30, 2012 or the year ended December 31, 2011.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">All transfers, if any, are recognized by the Company at the end of each reporting period.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">Transfers between Levels 1 and 2 generally relate to whether a market becomes active or inactive. Transfers between Levels 2 and 3 generally relate to whether significant relevant observable inputs are available for the fair value measurement in their entirety.</font></div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="font-family: times new roman,times;" size="2"> </font></div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold; ; font-family: times new roman,times;" size="2">Recent Accounting Pronouncements</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In May 2011, the FASB issued ASU 2011-04 to Topic 820 - <font style="font-style: italic; display: inline;">Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements </font>which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any impact on the Company’s consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In June 2011, the FASB issued ASU 2011-05, (Topic 220) - <font style="font-style: italic; display: inline;">Comprehensive Income:  Presentation of Comprehensive Income.  </font>The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011.  The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 1.8pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; ; font-family: times new roman,times;" size="2">In December 2011, the FASB issued ASU 2011-12 to Topic 220 - <font style="font-style: italic; display: inline;">Presentation of Comprehensive Income</font><font style="font-style: italic; display: inline;">: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.</font><font style="font-style: italic; display: inline; font-weight: bold;"> </font>The amendments to the Codification in this ASU defer the presentation of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  This ASU supersedes certain presentation requirements in ASU No. 2011-05, <font style="font-style: italic; display: inline;">Comprehensive Income,</font> discussed below, so that entities will not be required to comply with the presentation requirements in ASU No. 2011-05 that ASU No. 2011-12 is deferring.  While the presentation requirements are being re-deliberated, entities are required to continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before ASU No. 2011-05.  The amendments to this ASU are effective at the same time as the amendments in ASU No. 2011-05.  The Company adopted these provisions in the first quarter of 2012. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements since the Company has only immaterial other comprehensive income amounts.</font></div>

<div align="justify" style="text-indent: 0pt; display: block; margin-left: 27pt; margin-right: -2.7pt;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">As of June 30, 2012</font></div> </td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Fair Value Measurements Using</font></div> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Quoted Prices in <br />Active Markets <br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Significant <br />Unobservable<br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="11%" colspan="3"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Total</font></div> </td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Total</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">780</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">As of December 31, 2011</font></div> </td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">  </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="47%" colspan="15"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Fair Value Measurements Using</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">(in 000’s)</font></div> </td> </tr> <tr> <td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Description</font></div> </td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Quoted Prices in<br />Active Markets<br />for Identical <br />Assets (Level 1)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Significant <br />Other <br />Observable <br />Inputs (Level 2)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Significant<br />Unobservable <br />Inputs</font></div> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> (Level 3)</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div align="center" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -2.7pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2">Total</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Deferred Compensation plan assets held in Rabbi Trust (1)</font></div> </td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> <tr> <td style="text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;" valign="bottom" width="52%"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">Total</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">-</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"><font style="display: inline;">735</font></font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;; font-family:times new roman,times" size="2"> </font></td> </tr> </table> </div> </div>

<div align="justify" style="widows: 2; text-transform: none; text-indent: 0pt; display: block; font: 13px 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 27pt; margin-right: 1.8pt; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"></font> </div> <div style="widows: 2; text-transform: none; text-indent: 0pt; display: block; font: 13px 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"> </div> <div align="left" style="widows: 2; text-transform: none; text-indent: 0px; font: 13px 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"> </div> <div style="widows: 2; text-transform: none; text-indent: 0pt; display: block; font: 13px 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Three Months</font></div> <div align="center" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Ended June 30,</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="6"> <div align="center" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Six Months</font></div> <div align="center" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Ended June 30,</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;">  </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2011</font></div> </td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom"> <div align="justify" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> Diluted earnings per share:</font></div> </td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div align="left" style="text-indent: -18pt; margin-right: 1.8pt; margin-left: 18pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">      Weighted average shares outstanding</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> 13,010</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,815</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline; background-color: #ffffff;"> </font> 13,020</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,838</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"> <div align="justify" style="text-indent: -18pt; margin-right: 1.8pt; margin-left: 18pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">      Employee and director stock options</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="52%"> <div align="justify" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">      Weighted average shares assuming</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">                                     dilution                                                            </font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13,010</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,815</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> 13,020</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,838</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 1.8pt; margin-left: 27pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"></font> </div> </div>

735000

780000

0.501

265956

570000

835956

23333

160319

1/3 1/3 0.25 49000 -25000 37000 68000 78000

15000000

P5Y

0.0200

0.0250

0.0300

0.0350

0.0300

0.0400

0.005

0.0075

0.0200 0.0200

6000000

1800000

4000000

1.1

3000000

1.2 2500000 12000000 5200000

6800000

P3Y

606000

1300000

77000 142000 103000 216000

6000

11000

17000

27000

1000

7000

4000

7000

0.0325

26000

42000

25000

51000

593000

351000

722304

675637

0.25

23000000

22600000

51800000

2020 and 2031

21800000

21500000

301957

0.05

52000

106000

60000

108000

0.86 inoc Yes No 1800000

-16000

17000

-1800000

17000

103000

174000

350000

0.0324 0.0315 0.0326 0.0329

1800000

60 30000

37000

68000

1800000 This is an executive deferred compensation plan for certain employees, as designated by the Company's Board of Directors. The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices. The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.

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Cash Provided By (Used In) Operating Activities, Continuing Operations Net cash (used in) provided by operating activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities: Capital Expenditures Capital expenditures Payments to Acquire Productive Assets, Total Capital expenditures Proceeds From Sale Of Property, Plant, and Equipment Proceeds from disposition of assets Net Change In Noncurrent Assets and Liabilities Net change in noncurrent assets and liabilities Net Change In Noncurrent Assets And Liabilities Net Cash Provided By (Used In) Investing Activities, Continuing Operations Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities, Continuing Operations [Abstract] Cash flows provided by (used in) financing activities: Repayments Of Long-Term Lines Of Credit Value of Equipment Purchased with Credit Facility Limits Borrowing Net repayments under line of credit Borrowings On Equipment Loan Borrowings on equipment loan The cash inflow from borrowings on equipment loan. Borrowings on equipment loan Repayments Of Long-Term Capital Lease Obligations Capital lease payments Capital lease payments Capital lease payments Proceeds From Noncontrolling Interests Contribution from non-controlling interest Loan Commitment Fees Loan commitment fees Loan commitment fees Net Cash Provided By (Used In) Financing Activities, Continuing Operations Net cash used in financing activities Net cash provided by (used in) financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net (decrease) increase in cash and cash equivalents Net (decrease) increase in cash and cash equivalents Supplemental Cash Flow Disclosures: Supplemental cash flow disclosures: Cash Paid For Interest Cash paid for interest Interest Paid, Net, Total Non-Cash Investing and Financing Activities: Non-cash investing and financing activities: Capital Lease Obligations Incurred Capital lease for warehouse and computer equipment Capital lease for warehouse equipment Capital Expenditures Incurred But Not Yet Paid Capital expenditures in accounts payable Capital expenditures in accounts payable Significant Accounting Policies [Abstract] Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Significant Accounting Policies Significant Accounting Policies Financing Obligations [Abstract] Financing Obligations [Abstract] Schedule Of Line Of Credit Facilities [Text Block] Financing Obligations Financing Obligations Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share [Text Block] Earnings Per Share Earnings Per Share Income Taxes [Abstract] Income Taxes [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Commitments and Contingencies [Abstract] Commitments and Contingencies [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Commitments and Contingencies Related Party Transaction [Abstract] Related Party Transaction [Abstract] dup_1_Related Party Transaction, Due from (to) Related Party, Noncurrent, Total Related Party Transactions Disclosure [Text Block] Related Party Transaction Related Party Transaction Consolidation, Policy [Policy Text Block] Principles of Consolidation Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Translation Use Of Estimates, Policy [Policy Text Block] Accounting Estimates Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block] Impairment of Long-Lived Assets Income Tax, Policy [Policy Text Block] Accounting for Income Taxes Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stock-Based Compensation Plans Fair Value Of Financial Instruments, Policy [Policy Text Block] Fair Value Measurements New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] Schedule of cash, accounts receivable, accounts payable and other debt instruments approximate fair value Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table Text Block] Schedule of computation of diluted earnings per share Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Recurring [Member] Fair Value Recurring Basis Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value, Inputs, Level 1 [Member] Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value, Inputs, Level 2 [Member] Significant Other Observable Inputs (Level 2) Fair Value, Inputs, Level 3 [Member] Significant Unobservable Inputs (Level 3) Estimate Of Fair Value, Fair Value Disclosure [Member] Total Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Assets, Fair Value Disclosure Total Joint Venture Ownership Percentage By Parent Percentage of ownership interest in Innotrac PVS Fulfillment-Service GmbH (PVS) The parent entity's interest in joint venture of the subsidiary, expressed as a percentage. Allocated Share-Based Compensation Expense Stock based Compensation expenses Stock Issued During Period, Shares, Restricted Stock Award, Gross The restricted stock includes stock issued under Stock option and Incentive award plan Restricted shares issued non-employee directors and management of the company Stock Issued During Period Shares Restricted Stock Award Vested Shares Vested to non-employee Directors As of the balance sheet date, the number of shares fully vested. Stock Issued During Period, Shares, Restricted Stock Award, Forfeited Shares forfeited and cancelled Shares forfeited and cancelled under 2010 Stock award plan Proportion Of Shares To Be Vested Over Three Years Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010 It is the proportion of shares to be issued over the period of plan. Share Based Compensation Arrangement By Share Based Payment Award Shares Vested Other Than Restricted Shares Vesting Percentage Percentage Shares, other than restricted shares for non-employee directors, Vested on 7th, 8th, 9th and 10th Anniversary Percentage of shares vested on specified date i.e. on 7,8,9 and 10th anniversary. Restricted Stock Expense Income Compensation expense (income) on issue of restricted shares The noncash expense that represents the cost of restricted stock issued to employees as compensation. Expenses On Forfeiture Expenses on forfeiture These are the expenses incurred on forfeiture of shares on departure of executive. Total Recaptured Expenses Represents total recaptured expenses incurred upon forfeiture of previously issued restricted shares. Total Recaptured Expenses Total Recaptured Expenses Line Of Credit Facility [Table] Line of Credit Facility [Table] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Equipment Loan [Member] Equipment Loan It represents the loan sanctioned for equipment acquisition related activity. Line Of Credit [Member] Line of Credit Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Line Of Credit Facility, Maximum Borrowing Capacity Maximum borrowing limit Revolving credit facility, maximum borrowing limit Duration Of Term Loan Amendment In Credit Agreement Duration of Term loan - Amendment in credit agreement Represents time period of term loan overwhich entity has to repay. Line Of Credit Facility, Amount Outstanding Equipment Loan, outstanding balance Credit Facility Rate Axis [Axis] Credit Facility Rate Axis [Axis] Information as to rate of credit facility. This represents the rate to be charged on loan facilities. Credit Facility Rate [Domain] Credit Facility Rate [Domain] Rate on credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing. Line Of Credit Base Rate [Member] Base Rate This represents the base rate of line of credit facility. Line Of Credit Libor Rate [Member] LIBOR Rate This represents this London inter bank offer rate. Range [Axis] Range [Axis] Range [Domain] Range [Domain] Maximum [Member] Maximum Minimum [Member] Minimum Debt Instrument, Basis Spread On Variable Rate Credit facility effective interest rate Line Of Credit Facility, Unused Capacity, Commitment Fee Percentage Fees for Credit Facility for undrawn amount Line Of Credit Facility Additional Interest Rate In Case Of Default Additional interest rate in case of default A default interest rate applies on all obligations during an event of default under the Credit Facility, which equal to or above the applicable interest rate. 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Income Taxes (Details Textuals) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2012

Dec. 31, 2011

Income Taxes [Abstract]

Gross Deferred tax asset $ 22,600,000 $ 22,600,000 $ 23,000,000

Federal net operating loss carryforwards 51,800,000

Federal net operating loss carryforwards Expiration period between 2020 and 2031

Valuation allowance 21,500,000 21,500,000 21,800,000

Deferred income tax expense offset by a corresponding decrease in the deferred tax asset valuation allowance $ 174,000 $ 350,000

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Income Taxes
6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Income Taxes
4.         INCOME TAXES

Innotrac utilizes the liability method of accounting for income taxes in accordance with ASC topic No. 740 – Income Taxes. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded against deferred tax assets if the Company considers it is more likely than not that deferred tax assets will not be realized. Innotrac’s gross deferred tax asset as of June 30, 2012 and December 31, 2011 was approximately $22.6 million and $23.0 million, respectively. This deferred tax asset was generated primarily by net operating loss carryforwards created by net losses in prior years. Innotrac has Federal net operating loss carryforwards of $51.8 million at December 31, 2011 that expire between 2020 and 2031.

Innotrac’s ability to generate taxable income from future operations is dependent upon general economic conditions, collection of existing outstanding accounts receivable, competitive pressures on sales and margins and other factors beyond management’s control. These factors, combined with losses in recent years, create uncertainty about the ultimate realization of the gross deferred tax asset in future years. Therefore, a valuation allowance of approximately $21.5 million and $21.8 million has been recorded as of June 30, 2012 and December 31, 2011, respectively. Income taxes associated with future earnings may be offset by a reduction in the valuation allowance. For the three and six months ended June 30, 2012, the deferred income tax expense of $174,000 and $350,000, respectively, was offset by a corresponding decrease in the deferred tax asset valuation allowance. When and if the Company can return to consistent profitability and management determines that it is more likely than not that the Company will be able to utilize the deferred tax assets prior to their expiration, the valuation allowance may be reduced or eliminated. The Company had a gross deferred tax asset of approximately $23.0 million at December 31, 2011, which did not change significantly during the six months ended June 30, 2012. As discussed in Note 7 to the financial statements in the 2011 Form 10-K, the Company has a valuation allowance against the full amount of its deferred tax asset.

ASC topic No. 740 requires that the Company determine whether it is more likely than not that a tax position will be sustained upon audit, based on the technical merits of the position. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has recognized tax benefits from all tax positions we have taken, and there has been no adjustment to any net operating loss carryforwards as a result of ASC topic No. 740 and there are no unrecognized tax benefits and no related ASC topic No. 740 tax liabilities at June 30, 2012.

The Company generally recognizes interest and/or penalties related to income tax matters in general and administrative expenses. As of June 30, 2012, we have no accrued interest or penalties related to uncertain tax positions.

X

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Earnings Per Share
6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

3.

EARNINGS PER SHARE

The following table shows the shares (in thousands) used in computing diluted earnings per share (“EPS”) in accordance with ASC topic No. 260 – Earnings per Share:

Three Months

Ended June 30,

Six Months

Ended June 30,

2012

2011

2012

2011

                                    Diluted earnings per share:

                                         Weighted average shares outstanding
13,010 12,815   13,020 12,838

                                          Employee and director stock options
- - - -

                                         Weighted average shares assuming

                                              dilution
13,010 12,815 13,020 12,838

Options outstanding to purchase 351,000 shares of the Company’s common stock for the three and six months ended June 30, 2012 and 593,000 shares for the three and six months ended June 30, 2011 were not included in the computation of diluted EPS because their effect was anti-dilutive.  On January 1, 2009 the Company adopted an update to ASC topic No. 260, which requires the inclusion of all unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS calculations.  As a result, we have included 675,637 of restricted shares in our calculation of basic and diluted EPS for the three months ended June 30, 2012 and 722,304 for the three months ended June 30, 2011.    These restricted shares include 265,956 restricted shares issued on April 16, 2007 under the Innotrac Corporation 2000 Stock Option and Incentive Award Plan and 570,000 restricted shares issued under the Innotrac Corporation 2010 Stock Award Plan which amounts were subsequently reduced by 160,319 shares when a grantee’s employment or service as director terminated at which time such grantee’s unvested restricted shares were forfeited and cancelled.  Both plans provide for immediate voting rights but vesting varies according to two vesting schedules.  With respect to shares issued to non-employee directors after June, 2011, shares vest 1/3 on issuance, 1/3 on the 1st anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company.  All other restricted shares vest 25% on the 7th, 8th, 9th and 10th anniversary of the grant date unless earlier vested upon a change in control of the Company.  Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share.

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)

Jun. 30, 2012

Dec. 31, 2011

Current assets:

Cash and cash equivalents $ 2,323,000 $ 3,283,000

Accounts receivable (net of allowance for doubtful accounts of $100 at June 30, 2012 and $97 at December 31, 2011) 15,729,000 16,977,000

Inventories, net 605,000 743,000

Prepaid expenses and other 1,394,000 1,066,000

Total current assets 20,051,000 22,069,000

Property and equipment:

Computers, machinery and equipment 43,167,000 39,425,000

Furniture, fixtures and leasehold improvements 9,637,000 8,557,000

Property and equipment, gross, total 52,804,000 47,982,000

Less accumulated depreciation and amortization (38,516,000) (36,809,000)

Property and equipment, net, total 14,288,000 11,173,000

Other assets, net 1,216,000 1,100,000

Total assets 35,555,000 34,342,000

Current liabilities:

Accounts payable 5,631,000 7,914,000

Line of credit

Accrued salaries 1,730,000 1,669,000

Equipment lease payable 421,000 281,000

Accrued expenses and other 2,629,000 2,534,000

Equipment Loan (See Note 2) 1,800,000

Total current liabilities 12,211,000 12,398,000

Noncurrent liabilities:

Deferred compensation 780,000 735,000

Equipment lease payable 757,000 251,000

Other noncurrent liabilities 1,037,000 1,142,000

Total noncurrent liabilities 2,574,000 2,128,000

Commitments and contingencies (see Note 5)

Shareholders' equity:

Preferred stock: 10,000,000 shares authorized, $0.10 par value, no shares issued or outstanding

Common stock: 50,000,000 shares authorized, $0.10 par value, 13,010,440 shares issued and outstanding at June 30, 2012 13,035,440 shares issued and outstanding at December 31,2011 1,301,000 1,304,000

Additional paid-in capital 66,703,000 66,632,000

Accumulated other comprehensive loss (4,000) (3,000)

Accumulated deficit (47,244,000) (48,132,000)

Total Innotrac shareholders' equity 20,756,000 19,801,000

Noncontrolling interest 14,000 15,000

Total equity 20,770,000 19,816,000

Total liabilities and equity $ 35,555,000 $ 34,342,000

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Significant Accounting Policies
6 Months Ended

Jun. 30, 2012

Significant Accounting Policies [Abstract]

Significant Accounting Policies
1.         SIGNIFICANT ACCOUNTING POLICIES

           The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011.  Certain of the Company’s more significant accounting policies are as follows:

Principles of Consolidation.  The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.  The consolidated financial statements include the accounts of the Company and its majority owned subsidiary.  On April 11, 2011 the Company completed the formation of Innotrac Europe GmbH (“Innotrac Europe”), a joint venture between Innotrac and PVS Fulfillment-Service GmbH (“PVS”) in Neckarsulm, Germany.  Innotrac has a 50.1% ownership stake in the joint venture.  All significant intercompany transactions and balances have been eliminated in consolidation.

Foreign Currency Translation.  The financial statements of foreign subsidiaries have been translated into U.S. Dollars in accordance with Accounting Standards Codification (“ACS”) topic No. 830-30 - Translation of Financial Statements.  The financial position and results of operations of the Company’s foreign subsidiary are measured using the foreign subsidiary’s local currency as the functional currency.  Revenue and expenses of the subsidiary have been translated into U.S. Dollars at the average exchange rate prevailing during the period.  Assets and liabilities have been translated at the rates of exchange on the balance sheet date.  Since the resulting translation gain and loss adjustments are immaterial for all periods reported in the financial statements, we have reported those foreign currency translation adjustments on the consolidated balance sheet in accumulated other comprehensive loss. Realized foreign currency transaction gains and losses are included in other expense in the consolidated statements of operations.

Gains and losses that result from foreign currency transactions are included in the “other expense (income)” line in the consolidated statements of operations.  For the three and six month periods ended June 30, 2012, we incurred an immaterial amount of net foreign currency transaction gains and losses.

Accounting Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Impairment of Long-Lived Assets.  The Company reviews long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Impairment would be measured based on a projected cash flow model.  If the projected undiscounted cash flows for the asset are not in excess of the carrying value of the related asset, the impairment would be determined based upon the excess of the carrying value of the asset over the projected discounted cash flows for the asset.

Accounting for Income Taxes.  Innotrac utilizes the liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) topic No. 740 – Income Taxes.  Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance was recorded against the deferred tax asset as of December 31, 2011 and June 30, 2012 (see Note 4).

Revenue Recognition.  Innotrac derives its revenue primarily from two sources: (1) fulfillment operations and (2) the delivery of call center services integrated with our fulfillment operations.  Innotrac's fulfillment services operations record revenue at the conclusion of the material selection, packaging and upon completion of the shipping process.  The shipping process is considered complete after transfer to an independent freight carrier and receipt of a bill of lading or shipping manifest from that carrier.  Innotrac's call center service revenue is recognized according to written pricing agreements based on the number of calls, minutes or hourly rates when those calls and time rated services occur.  All other revenues are recognized as services are rendered.  As required by the consensus reached in ASC topic No. 605 – Revenue Recognition, 1)  revenues have been recorded net of the cost of the goods for all fee-for-service clients and 2)  the Company records reimbursements received from customers for out-of pocket expenses, primarily freight and postage fees, as revenue and the associated expense as cost of revenue.  For two clients we purchase their product from our client’s vendor under agreements that require our clients to buy the product back from us at original cost when we ship the product to our client’s end consumer or after a period of time if the product has not been shipped from our fulfillment centers.  The value of these products is repaid to us at the same amount as we paid for them and no service fees are generated on the products.  We net the value of the purchase against the reimbursement from our customer with a resulting zero value in our reported revenue and costs of revenue.

Stock-Based Compensation Plans. The Company records compensation expense in the financial statements based on the fair value of all share based payments to employees, including grants of employee stock options.  The expense is recognized over the period during which an employee is required to provide services in exchange for the award, which is usually the vesting period.  The Company recorded no expense related to stock options in the three and six months ended June 30, 2012 due to all outstanding stock options having become fully vested in the second quarter of 2011.  The Company recorded $37,000 and $68,000  in compensation expense for the three and six months ended June 30, 2012 resulting from the Company having issued 835,956 restricted shares to non-employee directors and management of the Company of which 23,333 have vested to non-employee directors and 160,319 shares have been forfeited and cancelled.   With respect to restricted shares granted after June, 2011 to non-employee directors, shares vest 1/3 on issuance, 1/3 on the 1st anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company.  All other restricted shares vest 25% on the 7th, 8th, 9th and 10th anniversary of the grant date unless earlier vested upon a change in control of the Company.  Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share.  As a result, the Company recorded $37,000 and $49,000 in compensation expense for restricted shares for the three months ended June 30, 2012 and 2011, respectively.  The Company recorded $68,000 and ($25,000) in compensation expense (income) for restricted shares for the six months ended June 30, 2012 and 2011, respectively.  Included in the ($25,000) (income) for the six months ended June 30, 2011 was $78,000 of expense offset by ($103,000) of recaptured expense when issued restricted shares were forfeited upon the departure of an executive in March 2011.

Fair Value Measurements. The Company accounts for fair value in accordance with ASC topic No. 820- Fair Value Measurements and Disclosures for all financial and non-financial assets and liabilities accounted for at fair value on a recurring basis.  ASC topic No. 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements.

The Company determined the fair values of certain financial instruments based on the fair value hierarchy established in ASC topic No. 820. ASC topic No. 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.

Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

ASC topic No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The carrying value of our cash, accounts receivable, accounts payable and other debt instruments approximates fair value since our debt instrument consists of a revolving credit line, which under certain conditions can mature within one year of June 30, 2012, and because of its short term nature.  The interest rate is equal to the market rate for such instruments of similar duration and credit quality.

As of June 30, 2012

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 780 $ - $ - $ 780

Total
$ 780 $ - $ - $ 780

As of December 31, 2011

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 735 $ - $ - $ 735

Total
$ 735 $ - $ - $ 735

(1)

This is an executive deferred compensation plan for certain employees, as designated by the Company’s Board of Directors.  The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices.   The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.

There were no significant transfers into and out of any level of the fair value hierarchy for assets measured at fair value for the three and six months ended June 30, 2012 or the year ended December 31, 2011.

All transfers, if any, are recognized by the Company at the end of each reporting period.

Transfers between Levels 1 and 2 generally relate to whether a market becomes active or inactive. Transfers between Levels 2 and 3 generally relate to whether significant relevant observable inputs are available for the fair value measurement in their entirety.

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04 to Topic 820 - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any impact on the Company’s consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, (Topic 220) - Comprehensive Income:  Presentation of Comprehensive Income.  The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011.  The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.

In December 2011, the FASB issued ASU 2011-12 to Topic 220 - Presentation of Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The amendments to the Codification in this ASU defer the presentation of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  This ASU supersedes certain presentation requirements in ASU No. 2011-05, Comprehensive Income, discussed below, so that entities will not be required to comply with the presentation requirements in ASU No. 2011-05 that ASU No. 2011-12 is deferring.  While the presentation requirements are being re-deliberated, entities are required to continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before ASU No. 2011-05.  The amendments to this ASU are effective at the same time as the amendments in ASU No. 2011-05.  The Company adopted these provisions in the first quarter of 2012. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements since the Company has only immaterial other comprehensive income amounts.

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Financing Obligations (Details Textuals 5) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Line of Credit Facility [Line Items]

Total interest expense $ 69,000 $ 48,000 $ 122,000 $ 94,000

Equipment Loan

Line of Credit Facility [Line Items]

Interest expense on the Credit Facility 4,000 1,000 7,000 7,000

Weighted average interest rate on credit facility 3.26% 3.24% 3.29% 3.15%

Rate of interest being charged on the Credit Facility 3.25% 3.25%

Unused Credit Facility fees 25,000 26,000 51,000 42,000

Total interest expense $ 69,000 $ 48,000 $ 122,000 $ 94,000

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Earnings Per Share (Details Textuals)
0 Months Ended 3 Months Ended 6 Months Ended

Apr. 16, 2007

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

The restricted stock includes stock issued under Stock option and Incentive award plan 835,956

Shares forfeited and cancelled under 2010 Stock award plan 160,319

Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010 1/3

Restricted shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Anti dilutive ,Options outstanding (in shares) 351,000 593,000 351,000 593,000

Restricted shares Included in EPS Calculation 675,637 722,304

Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010 1/3

Percentage Shares, other than restricted shares for non-employee directors, Vested on 7th, 8th, 9th and 10th Anniversary 25.00%

Restricted shares | Stock Option and Incentive Award Plan 2000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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Restricted shares | Innotrac Corporation 2010 Stock Award Plan

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Financing Obligations
6 Months Ended

Jun. 30, 2012

Financing Obligations [Abstract]

Financing Obligations
2.       FINANCING OBLIGATIONS

The Company has a revolving credit facility (the “Credit Facility”) with Wells Fargo, N.A. (the “Bank”) which has a maximum borrowing limit of $15.0 million.  The Credit Facility is used to fund the Company’s capital expenditures, operational working capital and seasonal working capital needs.  The Credit Facility was renewed on March 27, 2009 when the Company entered into a Fourth Amended and Restated Loan and Security Agreement with the Bank, setting forth the new terms of the Credit Facility.  The Credit Agreement has been further amended by the First, Second and Third Amendments on May 14, 2010, March 30, 2011 and March 29, 2012, respectively.  The Third Amendment to the Credit Facility (the “Third amendment”) provided for a $1.8 million equipment 5 year term loan (the “Equipment Loan”) as part of the $15.0 million borrowing limit. The amended Credit Agreement includes a maturity date of June 30, 2013 and continues the Bank’s security interest in all of the Company’s assets. As of June 30, 2012 the Equipment Loan had a balance of $1.8 million and there was no advance under the Credit Facility.

Interest on borrowings pursuant to the Credit Facility is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus between 2.00% and 2.50%, or the LIBOR Rate (as defined in the Credit Facility) plus between 3.00% and 3.50%, in each case with the applicable margin depending on the Company’s Average Excess Availability (as defined in the Credit Facility).  Interest on amounts advanced to the Company on the 2012 Equipment Loan is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus 3.00%, or the LIBOR Rate (as defined in the Credit Facility) plus 4.00%.  The Company pays a specified fee on undrawn amounts under the Credit Facility which fee was one-half of one percent, or 0.5% on and before March 30, 2011, the date of Second Amendment to the Credit Agreement, and is three quarters of one percent, or 0.75% thereafter.  After an event of default, all loans will bear interest at the otherwise applicable rate plus 2.00% per annum.

The Credit Facility contains financial, affirmative and negative covenants by the Company as are usual and customary for financings of this kind which can result in the acceleration of the maturity of amounts borrowed under the Credit Facility, including, without limitation, a restriction on cash dividends, a change in ownership control covenant, a subjective material adverse change covenant and financial covenants.  The financial covenants include an annual capital expenditure limit, a minimum excess availability limit and a fixed charge ratio covenant.   The provisions of the Credit Facility require that the Company maintain a lockbox arrangement with the Bank, and allows the Bank to declare any outstanding borrowings to be immediately due and payable as a result of noncompliance with any of the covenants.  Accordingly, in the event of noncompliance, the Company’s payment obligations with respect to such borrowings could be accelerated.  Therefore, amounts outstanding on the Company’s Credit Facility and any amount outstanding on the Equipment Loan, are classified as current liabilities.  As of June 30, 2012, the Company was in compliance with all terms of the Credit Facility.

The Third Amendment was entered into on March 29, 2012 to i) increase the annual capital expenditure limit for 2012 to $6.0 million as required by the Company to invest in equipment for an eighth fulfillment facility, in Groveport, Ohio, required to support new business, ii) include up to $1.8 million of fulfillment equipment owned by the Company as collateral under the Credit Facility, iii) advance $1.8 million under a five year Equipment Loan to partially fund equipment purchased for the new Groveport facility, and; iv) reset requirements of the excess availability block (the “Availability Block”), representing the amount of collateral held by the Company before any advances can be made on the Credit Facility, to depend upon the Company obtaining specific fixed charge ratio (as defined in the Credit Facility) values.  As a result of the Third amendment and as of June 30, 2012, the Availability Block is set at $4.0 million until which time i) the Company reports a twelve month trailing fixed charge ratio of at least 1.1 resulting in the Availability Block being reduced to $3.0 million or ii) the Company reports a trailing twelve month fixed charge ratio for three consecutive months of at least 1.2 and simultaneously projects exceeding a fixed charge ratio of at least 1.2 for the immediately upcoming three consecutive months resulting in the Availability Block to be reduced to $2.5 million.

Although the maximum borrowing limit was $15.0 million at June 30, 2012, the Credit Facility limits borrowings to the value of total collateral under the Credit Facility calculated as the sum of i) a specified percentage of eligible accounts receivable and inventory, which totaled $12.0 million at June 30, 2012 and ii) the value, as determined by an independent appraiser, of selected fulfillment equipment owned by the Company.  At June 30, 2012, the Equipment Loan was fully advanced and amounted to $1.8 million.  The Equipment Loan will be paid back in 60 equal $30,000 monthly payments with an equal offsetting monthly reduction in the value of the selected fulfillment equipment included as collateral under the Credit Facility. Additionally, the terms of the Credit Facility provide that the amount borrowed and outstanding at any time combined with certain reserves for rental payments, letters of credit outstanding and Availability Block be subtracted from the Credit Facility limit or the value of the total collateral to arrive at an amount of unused availability to borrow.  Also, from time to time, as determined as necessary by the Bank, the value of the equipment included as collateral can be adjusted as an independent appraisal of that equipment may require.  Excluding the $1.8 million of equipment supporting the Equipment Loan, the total collateral under the Credit Facility at June 30, 2012 amounted to $12.0 million.  Excluding the Equipment Loan, there were no amounts borrowed under the Credit Facility at June 30, 2012, however the value of reserves, letters of credit and Availability Block at that date totaled $5.2 million.  As a result, the Company had $6.8 million of borrowing availability under the Credit Facility at June 30, 2012.

The Company has entered into various capital leases mainly for the purchase of fork lift trucks, computer technology equipment and computer software.  These capital leases have a term of 3 years.  The amortization of these assets is included in depreciation expense.  The total amount of remaining lease payments to be paid on capital leases, including interest and taxes, was $1.3 million and $606,000 at June 30, 2012 and December 31, 2011 respectively.  For the three months ended June 30, 2012, the Company repaid $103,000 of principal outstanding and $17,000 of interest expense related to capital leases.  For the three months ended June 30, 2011, the Company repaid $77,000 of principal outstanding and $6,000 of interest expense related to capital leases.  For the six months ended June 30, 2012, the Company repaid $216,000 of principal outstanding and $27,000 of interest expense related to capital leases.  For the six months ended June 30, 2011, the Company repaid $142,000 of principal outstanding and $11,000 of interest expense related to capital leases.

For the three months ended June 30, 2012, we recorded interest expense of $4,000 on the Credit Facility at a weighted average interest rate of 3.26%.  The rate of interest being charged on the Credit Facility at June 30, 2012 was 3.25%.  For the three months ended June 30, 2011, we recorded interest expense of $1,000 on the Credit Facility at a weighted average interest rate of 3.24%.  The Company also incurred unused Credit Facility fees of approximately $25,000 and $26,000 for the three months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $69,000 and $48,000 for the three months ended June 30, 2012 and 2011 respectively.

For the six months ended June 30, 2012, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.29%.  For the six months ended June 30, 2011, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.15%.  The Company also incurred unused Credit Facility fees of approximately $51,000 and $42,000 for the six months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $122,000 and $94,000 for the six months ended June 30, 2012 and 2011 respectively.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Consolidated Balance Sheets [Abstract]

Accounts receivable allowance for doubtful accounts (in dollars) $ 100 $ 97

Preferred stock, shares authorized 10,000,000 10,000,000

Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, shares authorized 50,000,000 50,000,000

Common stock, par value (in dollars per share) $ 0.10 $ 0.10

Common stock, shares issued 13,010,440 13,035,440

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Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2012

Significant Accounting Policies [Abstract]

Principles of Consolidation
Principles of Consolidation.  The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.  The consolidated financial statements include the accounts of the Company and its majority owned subsidiary.  On April 11, 2011 the Company completed the formation of Innotrac Europe GmbH (“Innotrac Europe”), a joint venture between Innotrac and PVS Fulfillment-Service GmbH (“PVS”) in Neckarsulm, Germany.  Innotrac has a 50.1% ownership stake in the joint venture.  All significant intercompany transactions and balances have been eliminated in consolidation.

Foreign Currency Translation
Foreign Currency Translation. The financial statements of foreign subsidiaries have been translated into U.S. Dollars in accordance with Accounting Standards Codification (“ACS”) topic No. 830-30 - Translation of Financial Statements. The financial position and results of operations of the Company’s foreign subsidiary are measured using the foreign subsidiary’s local currency as the functional currency. Revenue and expenses of the subsidiary have been translated into U.S. Dollars at the average exchange rate prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. Since the resulting translation gain and loss adjustments are immaterial for all periods reported in the financial statements, we have reported those foreign currency translation adjustments on the consolidated balance sheet in accumulated other comprehensive loss. Realized foreign currency transaction gains and losses are included in other expense in the consolidated statements of operations.

Gains and losses that result from foreign currency transactions are included in the “other expense (income)” line in the consolidated statements of operations. For the three and six month periods ended June 30, 2012, we incurred an immaterial amount of net foreign currency transaction gains and losses.

Accounting Estimates
Accounting Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Impairment of Long-Lived Assets
Impairment of Long-Lived Assets.  The Company reviews long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Impairment would be measured based on a projected cash flow model.  If the projected undiscounted cash flows for the asset are not in excess of the carrying value of the related asset, the impairment would be determined based upon the excess of the carrying value of the asset over the projected discounted cash flows for the asset.

Accounting for Income Taxes
Accounting for Income Taxes.  Innotrac utilizes the liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”) topic No. 740 – Income Taxes.  Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance was recorded against the deferred tax asset as of December 31, 2011 and June 30, 2012 (see Note 4).

Revenue Recognition

Revenue Recognition.  Innotrac derives its revenue primarily from two sources: (1) fulfillment operations and (2) the delivery of call center services integrated with our fulfillment operations.  Innotrac's fulfillment services operations record revenue at the conclusion of the material selection, packaging and upon completion of the shipping process.  The shipping process is considered complete after transfer to an independent freight carrier and receipt of a bill of lading or shipping manifest from that carrier.  Innotrac's call center service revenue is recognized according to written pricing agreements based on the number of calls, minutes or hourly rates when those calls and time rated services occur.  All other revenues are recognized as services are rendered.  As required by the consensus reached in ASC topic No. 605 – Revenue Recognition, 1)  revenues have been recorded net of the cost of the goods for all fee-for-service clients and 2)  the Company records reimbursements received from customers for out-of pocket expenses, primarily freight and postage fees, as revenue and the associated expense as cost of revenue.  For two clients we purchase their product from our client’s vendor under agreements that require our clients to buy the product back from us at original cost when we ship the product to our client’s end consumer or after a period of time if the product has not been shipped from our fulfillment centers.  The value of these products is repaid to us at the same amount as we paid for them and no service fees are generated on the products.  We net the value of the purchase against the reimbursement from our customer with a resulting zero value in our reported revenue and costs of revenue.

Stock-Based Compensation Plans
Stock-Based Compensation Plans. The Company records compensation expense in the financial statements based on the fair value of all share based payments to employees, including grants of employee stock options. The expense is recognized over the period during which an employee is required to provide services in exchange for the award, which is usually the vesting period. The Company recorded no expense related to stock options in the three and six months ended June 30, 2012 due to all outstanding stock options having become fully vested in the second quarter of 2011. The Company recorded $37,000 and $68,000 in compensation expense for the three and six months ended June 30, 2012 resulting from the Company having issued 835,956 restricted shares to non-employee directors and management of the Company of which 23,333 have vested to non-employee directors and 160,319 shares have been forfeited and cancelled. With respect to restricted shares granted after June, 2011 to non-employee directors, shares vest 1/3 on issuance, 1/3 on the 1st anniversary and 1/3 on the second anniversary of the grant date unless earlier vested upon a change in control of the Company. All other restricted shares vest 25% on the 7th, 8th, 9th and 10th anniversary of the grant date unless earlier vested upon a change in control of the Company. Restricted shares are valued at the closing NASDAQ market price per share as of the grant date and expensed over the vesting term of the restricted share. As a result, the Company recorded $37,000 and $49,000 in compensation expense for restricted shares for the three months ended June 30, 2012 and 2011, respectively. The Company recorded $68,000 and ($25,000) in compensation expense (income) for restricted shares for the six months ended June 30, 2012 and 2011, respectively. Included in the ($25,000) (income) for the six months ended June 30, 2011 was $78,000 of expense offset by ($103,000) of recaptured expense when issued restricted shares were forfeited upon the departure of an executive in March 2011.

Fair Value Measurements
Fair Value Measurements. The Company accounts for fair value in accordance with ASC topic No. 820- Fair Value Measurements and Disclosures for all financial and non-financial assets and liabilities accounted for at fair value on a recurring basis.  ASC topic No. 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America, and expands disclosures about fair value measurements.

The Company determined the fair values of certain financial instruments based on the fair value hierarchy established in ASC topic No. 820. ASC topic No. 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.

Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2: inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

ASC topic No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The carrying value of our cash, accounts receivable, accounts payable and other debt instruments approximates fair value since our debt instrument consists of a revolving credit line, which under certain conditions can mature within one year of June 30, 2012, and because of its short term nature.  The interest rate is equal to the market rate for such instruments of similar duration and credit quality.

As of June 30, 2012

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 780 $ - $ - $ 780

Total
$ 780 $ - $ - $ 780

As of December 31, 2011

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 735 $ - $ - $ 735

Total
$ 735 $ - $ - $ 735

(1)

This is an executive deferred compensation plan for certain employees, as designated by the Company’s Board of Directors.  The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices.   The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.

There were no significant transfers into and out of any level of the fair value hierarchy for assets measured at fair value for the three and six months ended June 30, 2012 or the year ended December 31, 2011.

All transfers, if any, are recognized by the Company at the end of each reporting period.

Transfers between Levels 1 and 2 generally relate to whether a market becomes active or inactive. Transfers between Levels 2 and 3 generally relate to whether significant relevant observable inputs are available for the fair value measurement in their entirety.

Recent Accounting Pronouncements
Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04 to Topic 820 - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements which provides guidance for required disclosure on fair value measurements, including a consistent meaning of the term “fair value”, thereby facilitating greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendment was adopted prospectively in the quarter ended March 31, 2012 and did not have any impact on the Company’s consolidated financial statements.

In June 2011, the FASB issued ASU 2011-05, (Topic 220) - Comprehensive Income:  Presentation of Comprehensive Income.  The amendments to the Codification in this ASU allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments to the Codification in the ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  The amendments are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2011.  The Company has adopted these provisions in the first quarter of 2012 but has not presented a separate statement of comprehensive income since the Company has only immaterial other comprehensive income amounts. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements.

In December 2011, the FASB issued ASU 2011-12 to Topic 220 - Presentation of Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The amendments to the Codification in this ASU defer the presentation of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented.  This ASU supersedes certain presentation requirements in ASU No. 2011-05, Comprehensive Income, discussed below, so that entities will not be required to comply with the presentation requirements in ASU No. 2011-05 that ASU No. 2011-12 is deferring.  While the presentation requirements are being re-deliberated, entities are required to continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect before ASU No. 2011-05.  The amendments to this ASU are effective at the same time as the amendments in ASU No. 2011-05.  The Company adopted these provisions in the first quarter of 2012. Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements since the Company has only immaterial other comprehensive income amounts.

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Related Party Transaction
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In early 2004, the Company learned that certain trading activity of the IPOF Fund L.P., an owner of more than 5% of the outstanding Common Stock, may have violated the short-swing profit rules under Section 16(b) of the Securities Exchange Act of 1934.  The Company promptly conducted an investigation of the matter.  IPOF Fund L.P. and its affiliates entered into a settlement agreement with the Company on March 3, 2004 regarding the potential Section 16(b) liability issues that provided for the Company’s recovery of $301,957 no later than March 3, 2006.  In December 2005, the United States District Court in Cleveland, Ohio appointed a receiver to identify and administer the assets of the IPOF Fund, L.P. and its general partner, David Dadante.  The Company informed the IPOF receiver of such agreement, but the likelihood of recovering such amount from the receiver is doubtful.  The Company has not recorded any estimated receivable from this settlement.  Additionally, the Federal Court has indefinitely restricted the financial institutions holding Company stock owned by the IPOF Fund L.P. and Mr. Dadante in margin accounts from selling any of these shares.  The court has permitted open market sales by the receiver as he may in his sole discretion determine to be consistent with his duty to maximize the value of the assets of IPOF Fund, L.P. and as warranted by market conditions.  The receiver has indicated to the Company that he does not intend to direct any open market sales during this period except in circumstances in which he believes that there would be no material adverse impact on the market price for the Company’s shares.

The Company leases a single engine aircraft from a company wholly-owned by the Chairman and Chief Executive Officer, pursuant to an agreement that provides for the Company to pay for approximately 86% of all expenses associated with this aircraft.  This allocation is determined annually based on actual business usage and applied throughout the following year.  The Company paid approximately $60,000 and $52,000 for use of the airplane for the three months ended June 30, 2012 and 2011, respectively.  The Company paid approximately $108,000 and $106,000 for use of the airplane for the six months ended June 30, 2012 and 2011, respectively

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Earnings Per Share (Details)
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Jun. 30, 2011

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[1] This is an executive deferred compensation plan for certain employees, as designated by the Company's Board of Directors. The Company invests contributions to this plan in employee-directed marketable equity securities which are recorded in other assets on the accompanying consolidated balance sheets at quoted market prices. The contributions are fully invested in five different mutual funds having various growth, industry and geographic characteristics.

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Significant Accounting Policies (Tables)
6 Months Ended

Jun. 30, 2012

Significant Accounting Policies [Abstract]

Schedule of cash, accounts receivable, accounts payable and other debt instruments approximate fair value

As of June 30, 2012

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 780 $ - $ - $ 780

Total
$ 780 $ - $ - $ 780

As of December 31, 2011

Fair Value Measurements Using

(in 000’s)

Description

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant
Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs

(Level 3)

Total

Deferred Compensation plan assets held in Rabbi Trust (1)
$ 735 $ - $ - $ 735

Total
$ 735 $ - $ - $ 735

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Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

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Earnings Per Share (Tables)
6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Schedule of computation of diluted earnings per share

Three Months

Ended June 30,

Six Months

Ended June 30,

2012

2011

2012

2011

Diluted earnings per share:

      Weighted average shares outstanding
13,010 12,815   13,020 12,838

      Employee and director stock options
- - - -

      Weighted average shares assuming

                                     dilution
13,010 12,815 13,020 12,838

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

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-Paragraph 1

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Significant Accounting Policies (Details Textuals) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Significant Accounting Policies [Abstract]

Percentage of ownership interest in Innotrac PVS Fulfillment-Service GmbH (PVS) 50.10% 50.10%

Stock based Compensation expenses $ 37,000 $ 68,000

Restricted shares issued non-employee directors and management of the company 835,956

Shares Vested to non-employee Directors 23,333

Shares forfeited and cancelled 160,319

Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010 1/3

Percentage Shares, other than restricted shares for non-employee directors, Vested on 7th, 8th, 9th and 10th Anniversary 25.00%

Compensation expense (income) on issue of restricted shares 37,000 49,000 68,000 (25,000)

Expenses on forfeiture 78,000

Total Recaptured Expenses $ (103,000)

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

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-Name Accounting Principles Board Opinion (APB)

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Financing Obligations (Details Textuals 4) (Equipment Loan, USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Dec. 31, 2011

Equipment Loan

Line of Credit Facility [Line Items]

Term of capital lease 3 years

Total amount of remaining lease payments to be paid on capital lease, including interest and taxes $ 1,300,000 $ 1,300,000 $ 606,000

Repayment of principal outstanding of Capital Lease 103,000 77,000 216,000 142,000

Interest expenses of Capital Lease $ 17,000 $ 6,000 $ 27,000 $ 11,000

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Represents principal portion of capital lease paid during the year.

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Related Party Transaction (Details Textuals) (USD $)

Mar. 03, 2004

Related Party Transaction [Abstract]

Amount receivable under settlement agreement from IPOF Fund L.P. for Violating Section 16(b) $ 301,957

Ownership interest in outstanding common stock by IPOF Fund L.P exceeds this percentage 5.00%

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- Definition

It is a litigation matter related to violation of short swing profit rules by the major shareholder.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Cash flows from operating activities:

Net income (loss) $ 885 $ (1,342)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization 1,716 1,691

Provision for bad debts 5 35

(Gain) loss on disposal of fixed assets (16)

Stock compensation expense-stock options 2

Stock compensation expense-restricted stock 68 (25)

Changes in operating assets and liabilities:

Accounts receivable, gross 1,243 4,520

Inventory 138 2,838

Prepaid expenses and other (294) (155)

Decrease in other long-term assets (68) 38

Accounts payable (2,499) (3,203)

Accrued expenses, accrued salaries and other 157 (176)

Increase in other long-term liabilities (105) 19

Net cash provided by operating activities 1,246 4,226

Cash flows from investing activities:

Capital expenditures (3,753) (748)

Proceeds from disposition of assets 17

Net change in noncurrent assets and liabilities (7)

Net cash used in investing activities (3,753) (738)

Cash flows provided by (used in) financing activities:

Net repayments under line of credit

Borrowings on equipment loan 1,800

Capital lease payments (216) (142)

Contribution from non-controlling interest 17

Loan commitment fees (37) (34)

Net cash provided by (used in) financing activities 1,547 (159)

Net (decrease) increase in cash and cash equivalents (960) 3,329

Cash and cash equivalents, beginning of period 3,283 238

Cash and cash equivalents, end of period 2,323 3,567

Supplemental cash flow disclosures:

Cash paid for interest 83 63

Non-cash investing and financing activities:

Capital lease for warehouse and computer equipment 862 87

Capital expenditures in accounts payable $ 216 $ 214

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Income Taxes	Jun. 30, 2012
Income Taxes [Abstract]
Income Taxes	4. INCOME TAXES Innotrac utilizes the liability method of accounting for income taxes in accordance with ASC topic No. 740 – Income Taxes. Under the liability method, deferred taxes are determined based on the difference between the financial and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is recorded against deferred tax assets if the Company considers it is more likely than not that deferred tax assets will not be realized. Innotrac’s gross deferred tax asset as of June 30, 2012 and December 31, 2011 was approximately $22.6 million and $23.0 million, respectively. This deferred tax asset was generated primarily by net operating loss carryforwards created by net losses in prior years. Innotrac has Federal net operating loss carryforwards of $51.8 million at December 31, 2011 that expire between 2020 and 2031. Innotrac’s ability to generate taxable income from future operations is dependent upon general economic conditions, collection of existing outstanding accounts receivable, competitive pressures on sales and margins and other factors beyond management’s control. These factors, combined with losses in recent years, create uncertainty about the ultimate realization of the gross deferred tax asset in future years. Therefore, a valuation allowance of approximately $21.5 million and $21.8 million has been recorded as of June 30, 2012 and December 31, 2011, respectively. Income taxes associated with future earnings may be offset by a reduction in the valuation allowance. For the three and six months ended June 30, 2012, the deferred income tax expense of $174,000 and $350,000, respectively, was offset by a corresponding decrease in the deferred tax asset valuation allowance. When and if the Company can return to consistent profitability and management determines that it is more likely than not that the Company will be able to utilize the deferred tax assets prior to their expiration, the valuation allowance may be reduced or eliminated. The Company had a gross deferred tax asset of approximately $23.0 million at December 31, 2011, which did not change significantly during the six months ended June 30, 2012. As discussed in Note 7 to the financial statements in the 2011 Form 10-K, the Company has a valuation allowance against the full amount of its deferred tax asset. ASC topic No. 740 requires that the Company determine whether it is more likely than not that a tax position will be sustained upon audit, based on the technical merits of the position. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has recognized tax benefits from all tax positions we have taken, and there has been no adjustment to any net operating loss carryforwards as a result of ASC topic No. 740 and there are no unrecognized tax benefits and no related ASC topic No. 740 tax liabilities at June 30, 2012. The Company generally recognizes interest and/or penalties related to income tax matters in general and administrative expenses. As of June 30, 2012, we have no accrued interest or penalties related to uncertain tax positions.

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 2,323,000	$ 3,283,000
Accounts receivable (net of allowance for doubtful accounts of $100 at June 30, 2012 and $97 at December 31, 2011)	15,729,000	16,977,000
Inventories, net	605,000	743,000
Prepaid expenses and other	1,394,000	1,066,000
Total current assets	20,051,000	22,069,000
Property and equipment:
Computers, machinery and equipment	43,167,000	39,425,000
Furniture, fixtures and leasehold improvements	9,637,000	8,557,000
Property and equipment, gross, total	52,804,000	47,982,000
Less accumulated depreciation and amortization	(38,516,000)	(36,809,000)
Property and equipment, net, total	14,288,000	11,173,000
Other assets, net	1,216,000	1,100,000
Total assets	35,555,000	34,342,000
Current liabilities:
Accounts payable	5,631,000	7,914,000
Line of credit
Accrued salaries	1,730,000	1,669,000
Equipment lease payable	421,000	281,000
Accrued expenses and other	2,629,000	2,534,000
Equipment Loan (See Note 2)	1,800,000
Total current liabilities	12,211,000	12,398,000
Noncurrent liabilities:
Deferred compensation	780,000	735,000
Equipment lease payable	757,000	251,000
Other noncurrent liabilities	1,037,000	1,142,000
Total noncurrent liabilities	2,574,000	2,128,000
Commitments and contingencies (see Note 5)
Shareholders' equity:
Preferred stock: 10,000,000 shares authorized, $0.10 par value, no shares issued or outstanding
Common stock: 50,000,000 shares authorized, $0.10 par value, 13,010,440 shares issued and outstanding at June 30, 2012 13,035,440 shares issued and outstanding at December 31,2011	1,301,000	1,304,000
Additional paid-in capital	66,703,000	66,632,000
Accumulated other comprehensive loss	(4,000)	(3,000)
Accumulated deficit	(47,244,000)	(48,132,000)
Total Innotrac shareholders' equity	20,756,000	19,801,000
Noncontrolling interest	14,000	15,000
Total equity	20,770,000	19,816,000
Total liabilities and equity	$ 35,555,000	$ 34,342,000

Financing Obligations (Details Textuals 5) (USD $)	3 Months Ended		6 Months Ended
Financing Obligations (Details Textuals 5) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Line of Credit Facility [Line Items]
Total interest expense	$ 69,000	$ 48,000	$ 122,000	$ 94,000
Equipment Loan
Line of Credit Facility [Line Items]
Interest expense on the Credit Facility	4,000	1,000	7,000	7,000
Weighted average interest rate on credit facility	3.26%	3.24%	3.29%	3.15%
Rate of interest being charged on the Credit Facility	3.25%		3.25%
Unused Credit Facility fees	25,000	26,000	51,000	42,000
Total interest expense	$ 69,000	$ 48,000	$ 122,000	$ 94,000

Earnings Per Share (Details Textuals)	0 Months Ended	3 Months Ended		6 Months Ended
Earnings Per Share (Details Textuals)	Apr. 16, 2007	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The restricted stock includes stock issued under Stock option and Incentive award plan				835,956
Shares forfeited and cancelled under 2010 Stock award plan				160,319
Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010				1/3
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti dilutive ,Options outstanding (in shares)		351,000	593,000	351,000	593,000
Restricted shares Included in EPS Calculation		675,637	722,304
Vesting proportion each year for restricted shares which were issued to non-employee directors after June 2010	1/3
Percentage Shares, other than restricted shares for non-employee directors, Vested on 7th, 8th, 9th and 10th Anniversary	25.00%
Restricted shares \| Stock Option and Incentive Award Plan 2000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The restricted stock includes stock issued under Stock option and Incentive award plan	265,956
Restricted shares \| Innotrac Corporation 2010 Stock Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The restricted stock includes stock issued under Stock option and Incentive award plan	570,000
Shares forfeited and cancelled under 2010 Stock award plan	160,319

Financing Obligations	6 Months Ended
Financing Obligations	Jun. 30, 2012
Financing Obligations [Abstract]
Financing Obligations	2. FINANCING OBLIGATIONS The Company has a revolving credit facility (the “Credit Facility”) with Wells Fargo, N.A. (the “Bank”) which has a maximum borrowing limit of $15.0 million. The Credit Facility is used to fund the Company’s capital expenditures, operational working capital and seasonal working capital needs. The Credit Facility was renewed on March 27, 2009 when the Company entered into a Fourth Amended and Restated Loan and Security Agreement with the Bank, setting forth the new terms of the Credit Facility. The Credit Agreement has been further amended by the First, Second and Third Amendments on May 14, 2010, March 30, 2011 and March 29, 2012, respectively. The Third Amendment to the Credit Facility (the “Third amendment”) provided for a $1.8 million equipment 5 year term loan (the “Equipment Loan”) as part of the $15.0 million borrowing limit. The amended Credit Agreement includes a maturity date of June 30, 2013 and continues the Bank’s security interest in all of the Company’s assets. As of June 30, 2012 the Equipment Loan had a balance of $1.8 million and there was no advance under the Credit Facility. Interest on borrowings pursuant to the Credit Facility is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus between 2.00% and 2.50%, or the LIBOR Rate (as defined in the Credit Facility) plus between 3.00% and 3.50%, in each case with the applicable margin depending on the Company’s Average Excess Availability (as defined in the Credit Facility). Interest on amounts advanced to the Company on the 2012 Equipment Loan is payable monthly at specified rates of either, at the Company’s option, the Base Rate (as defined in the Credit Facility) plus 3.00%, or the LIBOR Rate (as defined in the Credit Facility) plus 4.00%. The Company pays a specified fee on undrawn amounts under the Credit Facility which fee was one-half of one percent, or 0.5% on and before March 30, 2011, the date of Second Amendment to the Credit Agreement, and is three quarters of one percent, or 0.75% thereafter. After an event of default, all loans will bear interest at the otherwise applicable rate plus 2.00% per annum. The Credit Facility contains financial, affirmative and negative covenants by the Company as are usual and customary for financings of this kind which can result in the acceleration of the maturity of amounts borrowed under the Credit Facility, including, without limitation, a restriction on cash dividends, a change in ownership control covenant, a subjective material adverse change covenant and financial covenants. The financial covenants include an annual capital expenditure limit, a minimum excess availability limit and a fixed charge ratio covenant. The provisions of the Credit Facility require that the Company maintain a lockbox arrangement with the Bank, and allows the Bank to declare any outstanding borrowings to be immediately due and payable as a result of noncompliance with any of the covenants. Accordingly, in the event of noncompliance, the Company’s payment obligations with respect to such borrowings could be accelerated. Therefore, amounts outstanding on the Company’s Credit Facility and any amount outstanding on the Equipment Loan, are classified as current liabilities. As of June 30, 2012, the Company was in compliance with all terms of the Credit Facility. The Third Amendment was entered into on March 29, 2012 to i) increase the annual capital expenditure limit for 2012 to $6.0 million as required by the Company to invest in equipment for an eighth fulfillment facility, in Groveport, Ohio, required to support new business, ii) include up to $1.8 million of fulfillment equipment owned by the Company as collateral under the Credit Facility, iii) advance $1.8 million under a five year Equipment Loan to partially fund equipment purchased for the new Groveport facility, and; iv) reset requirements of the excess availability block (the “Availability Block”), representing the amount of collateral held by the Company before any advances can be made on the Credit Facility, to depend upon the Company obtaining specific fixed charge ratio (as defined in the Credit Facility) values. As a result of the Third amendment and as of June 30, 2012, the Availability Block is set at $4.0 million until which time i) the Company reports a twelve month trailing fixed charge ratio of at least 1.1 resulting in the Availability Block being reduced to $3.0 million or ii) the Company reports a trailing twelve month fixed charge ratio for three consecutive months of at least 1.2 and simultaneously projects exceeding a fixed charge ratio of at least 1.2 for the immediately upcoming three consecutive months resulting in the Availability Block to be reduced to $2.5 million. Although the maximum borrowing limit was $15.0 million at June 30, 2012, the Credit Facility limits borrowings to the value of total collateral under the Credit Facility calculated as the sum of i) a specified percentage of eligible accounts receivable and inventory, which totaled $12.0 million at June 30, 2012 and ii) the value, as determined by an independent appraiser, of selected fulfillment equipment owned by the Company. At June 30, 2012, the Equipment Loan was fully advanced and amounted to $1.8 million. The Equipment Loan will be paid back in 60 equal $30,000 monthly payments with an equal offsetting monthly reduction in the value of the selected fulfillment equipment included as collateral under the Credit Facility. Additionally, the terms of the Credit Facility provide that the amount borrowed and outstanding at any time combined with certain reserves for rental payments, letters of credit outstanding and Availability Block be subtracted from the Credit Facility limit or the value of the total collateral to arrive at an amount of unused availability to borrow. Also, from time to time, as determined as necessary by the Bank, the value of the equipment included as collateral can be adjusted as an independent appraisal of that equipment may require. Excluding the $1.8 million of equipment supporting the Equipment Loan, the total collateral under the Credit Facility at June 30, 2012 amounted to $12.0 million. Excluding the Equipment Loan, there were no amounts borrowed under the Credit Facility at June 30, 2012, however the value of reserves, letters of credit and Availability Block at that date totaled $5.2 million. As a result, the Company had $6.8 million of borrowing availability under the Credit Facility at June 30, 2012. The Company has entered into various capital leases mainly for the purchase of fork lift trucks, computer technology equipment and computer software. These capital leases have a term of 3 years. The amortization of these assets is included in depreciation expense. The total amount of remaining lease payments to be paid on capital leases, including interest and taxes, was $1.3 million and $606,000 at June 30, 2012 and December 31, 2011 respectively. For the three months ended June 30, 2012, the Company repaid $103,000 of principal outstanding and $17,000 of interest expense related to capital leases. For the three months ended June 30, 2011, the Company repaid $77,000 of principal outstanding and $6,000 of interest expense related to capital leases. For the six months ended June 30, 2012, the Company repaid $216,000 of principal outstanding and $27,000 of interest expense related to capital leases. For the six months ended June 30, 2011, the Company repaid $142,000 of principal outstanding and $11,000 of interest expense related to capital leases. For the three months ended June 30, 2012, we recorded interest expense of $4,000 on the Credit Facility at a weighted average interest rate of 3.26%. The rate of interest being charged on the Credit Facility at June 30, 2012 was 3.25%. For the three months ended June 30, 2011, we recorded interest expense of $1,000 on the Credit Facility at a weighted average interest rate of 3.24%. The Company also incurred unused Credit Facility fees of approximately $25,000 and $26,000 for the three months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $69,000 and $48,000 for the three months ended June 30, 2012 and 2011 respectively. For the six months ended June 30, 2012, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.29%. For the six months ended June 30, 2011, we recorded interest expense of $7,000 on the Credit Facility at a weighted average interest rate of 3.15%. The Company also incurred unused Credit Facility fees of approximately $51,000 and $42,000 for the six months ended June 30, 2012 and 2011 respectively, which unused Credit Facility fees are included in the total interest expense of $122,000 and $94,000 for the six months ended June 30, 2012 and 2011 respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Accounts receivable allowance for doubtful accounts (in dollars)	$ 100	$ 97
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	13,010,440	13,035,440
Common stock, shares outstanding	13,010,440	13,035,440

Financing Obligations (Details Textuals) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Line of Credit Facility [Line Items]
Revolving credit facility related to equipment loan with a term of 5 years	$ 1.8
Equipment Loan
Line of Credit Facility [Line Items]
Revolving credit facility related to equipment loan with a term of 5 years	1.8
Duration of Term loan - Amendment in credit agreement	5 years
Equipment Loan, outstanding balance	1.8
Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing limit	$ 15

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012	Aug. 10, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	INNOTRAC CORP
Entity Central Index Key	0001051114
Trading Symbol	inoc
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,010,440
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

Financing Obligations (Details Textuals 1)	3 Months Ended	6 Months Ended
Financing Obligations (Details Textuals 1)	Mar. 29, 2011	Jun. 30, 2012
Line of Credit
Line of Credit Facility [Line Items]
Fees for Credit Facility for undrawn amount	0.50%	0.75%
Additional interest rate in case of default	2.00%	2.00%
Line of Credit \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Credit facility effective interest rate		2.50%
Line of Credit \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Credit facility effective interest rate		2.00%
Line of Credit \| LIBOR Rate \| Maximum
Line of Credit Facility [Line Items]
Credit facility effective interest rate		3.50%
Line of Credit \| LIBOR Rate \| Minimum
Line of Credit Facility [Line Items]
Credit facility effective interest rate		3.00%
Equipment Loan \| Base Rate
Line of Credit Facility [Line Items]
Credit facility effective interest rate		3.00%
Equipment Loan \| LIBOR Rate
Line of Credit Facility [Line Items]
Credit facility effective interest rate		4.00%

Financing Obligations (Details Textuals 2) (Equipment Loan, USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Mar. 29, 2012
Equipment Loan
Line of Credit Facility [Line Items]
Revised annual capital expenditure limit	$ 6
Equipment purchased used as collateral		1.8
Availability Block Amount Set		4
Minimum Fixed charge ratio Alternative one	1.1
Reduction in the Availability block, due to change in Fixed charged ratio alternative one	3
Minimum Fixed charge ratio Alternative two	1.2
Reduction in the Availability block, due to change in Fixed charged ratio alternative two	$ 2.5

Related Party Transaction (Details Textuals) (USD $)	Mar. 03, 2004
Related Party Transaction [Abstract]
Amount receivable under settlement agreement from IPOF Fund L.P. for Violating Section 16(b)	$ 301,957
Ownership interest in outstanding common stock by IPOF Fund L.P exceeds this percentage	5.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 885	$ (1,342)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,716	1,691
Provision for bad debts	5	35
(Gain) loss on disposal of fixed assets		(16)
Stock compensation expense-stock options		2
Stock compensation expense-restricted stock	68	(25)
Changes in operating assets and liabilities:
Accounts receivable, gross	1,243	4,520
Inventory	138	2,838
Prepaid expenses and other	(294)	(155)
Decrease in other long-term assets	(68)	38
Accounts payable	(2,499)	(3,203)
Accrued expenses, accrued salaries and other	157	(176)
Increase in other long-term liabilities	(105)	19
Net cash provided by operating activities	1,246	4,226
Cash flows from investing activities:
Capital expenditures	(3,753)	(748)
Proceeds from disposition of assets		17
Net change in noncurrent assets and liabilities		(7)
Net cash used in investing activities	(3,753)	(738)
Cash flows provided by (used in) financing activities:
Net repayments under line of credit
Borrowings on equipment loan	1,800
Capital lease payments	(216)	(142)
Contribution from non-controlling interest		17
Loan commitment fees	(37)	(34)
Net cash provided by (used in) financing activities	1,547	(159)
Net (decrease) increase in cash and cash equivalents	(960)	3,329
Cash and cash equivalents, beginning of period	3,283	238
Cash and cash equivalents, end of period	2,323	3,567
Supplemental cash flow disclosures:
Cash paid for interest	83	63
Non-cash investing and financing activities:
Capital lease for warehouse and computer equipment	862	87
Capital expenditures in accounts payable	$ 216	$ 214

Related Party Transaction (Details Textuals 1) (USD $)	3 Months Ended		6 Months Ended
Related Party Transaction (Details Textuals 1) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Related Party Transaction [Abstract]
Lease rental of aircraft	$ 60,000	$ 52,000	$ 108,000	$ 106,000
Agreed Percentage to pay all expenses associated with this aircraft			86.00%