SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

As disclosed in Note 14 of the 2012 Form 10-K, the Company was notified in 2010 by the Internal Revenue Service (“IRS”) of its intention to examine the 2006 federal income tax return related to certain transfer pricing tax positions. This examination was subsequently extended to include the 2007 — 2010 federal income tax returns. In April 2013, the Company reached a tentative settlement to conclude the IRS examination that will increase US taxable income and result in additional taxes payable of $2.7 million for the cumulative 2006 – 2010 tax years.  The Company will record the additional tax expense and reverse reserves for uncertain tax positions related to these tax years which will result in a material net benefit in the second quarter of 2013.