New Accounting Standards

3 Months Ended

Mar. 31, 2012

New Accounting Standards [Abstract]

New Accounting Standards

Note 2—New Accounting Standards

In May 2011, the FASB issued an amendment to achieve common fair value measurement and disclosure requirements between U.S. and international accounting principles. Overall, the guidance is consistent with existing U.S. accounting principles; however, there are some provisions that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition, but the additional disclosures are included in Note 5.

In June 2011, the FASB amended existing guidance and eliminated the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendment requires that comprehensive income be presented in either a single continuous statement or in two separate consecutive statements. The adoption of this amendment changed the presentation of the statement of comprehensive income for the Company to two consecutive statements instead of presenting comprehensive income as part of the consolidated statement of stockholders’ equity. The adoption of this amendment had no impact on the consolidated financial statements as the prior presentation of comprehensive income was in compliance with this amendment.