5. GOODWILL

The Company performed the required goodwill impairment test as of November 30^th for each of the years ended December 31, 2011, 2010 and 2009. The Company completed or obtained an analysis to assess the fair value of its reporting units to determine whether goodwill was impaired and the extent of such impairment, if any for the years ended December 31, 2011, 2010 and 2009. Based upon this analysis, the Company determined that its current goodwill balance was not impaired as of the date of testing.

A two-step approach is used in evaluating goodwill for impairment. First, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the carrying amount of its net assets. In calculating fair value, the Company uses the income approach. The income approach is a valuation technique under which the Company estimates future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Future estimated cash flows are discounted to their present value to calculate fair value. The discount rate used is the value-weighted average of the Company estimated cost of capital derived using both known and estimated customary market metrics. In determining the fair value of the Company's reporting units, the Company is required to estimate a number of factors, including projected future operating results, terminal growth rates, economic conditions, anticipated future cash flows, the discount rate and the allocation of shared or corporate items. For reasonableness, the summation of the Company's reporting units' fair values is compared to the Company consolidated fair value as indicated by our market capitalization plus an appropriate control premium. If the carrying amount of a reporting unit's net assets exceeds its estimated fair value, the second step of the goodwill impairment analysis requires the Company to measure the amount of the impairment loss. An impairment loss is calculated by comparing the implied fair value of the goodwill to its carrying amount. In calculating the implied fair value of the goodwill, the Company measures the fair value of the reporting unit's assets and liabilities, excluding goodwill. The excess of the fair value of the reporting unit over the amount assigned to its assets and liabilities, excluding goodwill, are the implied fair value of the reporting unit's goodwill.

The changes in the carrying amount of goodwill for the years presented are as follows:


Carrying amount at December 31, 2008	$	7,581
Goodwill acquired during the year (Note 3)		2,136
Carrying amount at December 31, 2009		9,717
Revision to prior year purchase price allocation		(8	)
Carrying amount at December 31, 2010		9,709
Changes to the carrying amount		—
Carrying amount at December 31, 2011	$	9,709