Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Note 2 — Recent Accounting Pronouncements

In May 2011, the FASB issued guidance which will result in common fair value measurement and disclosure requirements in GAAP and International Financial Reporting Standards. For public entities, the guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We expect to adopt the provisions for the quarter ended March 31, 2012 and we do not anticipate that this will have a material impact on our financial position or results of operations.

In June 2011, the FASB issued guidance which eliminates the option to present components of other comprehensive income as part of the statement of changes in shareholders' equity and requires that all nonowner changes in shareholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. For public entities, the guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We expect to adopt the provisions for the quarter ended March 31, 2012 and we do not anticipate that this will have a material impact on our financial position or results of operations.