Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

Recently Issued Accounting Standards

In May 2011, The Financial and Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, “Fair Value Measurement.” This ASU amends the requirements for measuring fair value and disclosing information about fair value measurements and is effective for Century on January 1, 2012.  Upon adoption, we do not expect this standard to have a material impact on its financial condition or results of operations.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income”.  This ASU addresses the financial statement presentation of other comprehensive income and its components.  Companies may elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. We are currently evaluating which presentation option we will utilize.  This guidance will only impact the presentation of our financial statements and have no impact on our financial position, results of operations or cash flows.  This ASU is effective for Century on January 1, 2012.