New Accounting Standards

3 Months Ended

Mar. 31, 2012

New Accounting Standards [Abstract]

New Accounting Standards

(3) NEW ACCOUNTING STANDARDS

Accounting Standards Update ("ASU") 2011-05, Presentation of Comprehensive Income, was issued in June 2011 with an effective date of January 1, 2012 for calendar year entities. Retrospective application is required upon adoption. This new guidance requires entities to report non-owner changes in equity as either a single continuous statement of comprehensive income or two separate but consecutive statements. The Company adopted ASU 2011-05 on January 1, 2012 and the disclosure requirements were applied retrospectively to the prior year period. Adoption of ASU 2011-05 provides enhanced disclosure and did not affect the Company's financial position or results of operation.

ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 , was issued in December 2011. This new guidance indefinitely defers the effective date for the requirement to reclassify adjustments from other comprehensive income ("OCI") to net income. ASU 2011-12 did not affect the other requirements of ASU 2011-05.