Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Intangible Assets Book Values by Major Class

Our intangible assets and their respective book values at June 30, 2012 are shown in the following table:



	Directory Services Agreements			Local Customer Relationships			National Customer Relationships			Trade Names and Trademarks			Technology, Advertising Commitments & Other			Total
Gross intangible assets carrying value	$	1,330,000		$	560,000		$	175,000		$	380,000		$	85,500		$	2,530,500
Accumulated amortization	(264,765		)	(134,529		)	(33,794		)	(63,930		)	(26,110		)	(523,128		)
Net intangible assets	$	1,065,235		$	425,471		$	141,206		$	316,070		$	59,390		$	2,007,372

Schedule of Estimated Weighted Average Useful Lives and Amortization Methodology

Therefore, the Company reduced the estimated useful lives of these intangible assets as shown in the following table:



Intangible Asset	Previous Weighted Average Useful Lives	Revised Weighted Average Useful Lives	Amortization Methodology
Directory services agreements	25 years	10 years	Income forecast method ⁽¹⁾
Local customer relationships	13 years	9 years	Income forecast method ⁽¹⁾
National customer relationships	24 years	9 years	Income forecast method ⁽¹⁾
Tradenames and trademarks	13 years	9 years	Straight-line method


⁽¹⁾	These intangible assets are being amortized under the income forecast method, which assumes the value derived from these intangible assets is greater in the earlier years and steadily declines over time.

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings (loss) per share (“EPS”) is presented below.



	Three Months Ended June 30,					Six Months Ended June 30,
	2012		2011			2012		2011
Basic EPS
Net income (loss)	$	52,940	$	(602,107	)	$	110,512	$	(546,698	)
Weighted average common shares outstanding	50,603		50,123			50,429		50,082
Basic EPS	$	1.05	$	(12.01	)	$	2.19	$	(10.92	)

Diluted EPS
Net income (loss)	$	52,940	$	(602,107	)	$	110,512	$	(546,698	)
Weighted average common shares outstanding	50,603		50,123			50,429		50,082
Dilutive effect of stock awards	—		—			10		—
Weighted average diluted shares outstanding	50,603		50,123			50,439		50,082
Diluted EPS	$	1.05	$	(12.01	)	$	2.19	$	(10.92	)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2012 and December 31, 2011, respectively, and the level within the fair value hierarchy in which the fair value measurements were included.



	Fair Value Measurements Using Significant Other Observable Inputs (Level 2)
Derivatives:	June 30, 2012			December 31, 2011
Interest Rate Swap – Liabilities	$	(1,840	)	$	(2,694	)
Interest Rate Cap – Assets	$	—		$	5