Recently Issued and Proposed Accounting Standards

6 Months Ended

Jun. 30, 2012

Recently Issued and Proposed Accounting Standards

Recently Issued and Proposed Accounting Standards

Note 2 - Recently Issued and Proposed Accounting Standards

Balance Sheet Offsetting:  In December 2011, the FASB amended the guidance governing the offsetting, or netting, of assets and liabilities on the balance sheet.  Under the revised guidance, an entity would be required to disclose both the gross and net information about instruments and transactions that are eligible for offset on the balance sheet, as well as instruments or transactions subject to a master netting agreement.  This standard is effective for annual periods beginning after January 1, 2013.  The application of this standard will not have a material impact on our results of operations, financial position or liquidity.

See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2011 for further information regarding recently issued and proposed accounting standards.