Deferred Offering Costs

12 Months Ended

Dec. 31, 2011

Deferred Offering Costs

Deferred Offering Costs

Note 17—Deferred Offering Costs

        In September 2010, the Company announced plans to sell a minority ownership position in its BEST subsidiary through an initial public offering of the capital stock of BEST. As a result of economic and market factors the timing of the BEST initial public offering is uncertain. Although BEST remains in registration, the Company expensed $3.4 million of deferred offering costs in 2011 based on the uncertainty in the timing of a future offering. These costs are recorded in write-off of deferred offering costs in the consolidated statements of income.