Derivative Instruments

6 Months Ended

Jun. 30, 2011

Derivative Instruments [Abstract]

DERIVATIVE INSTRUMENTS

6.   DERIVATIVE INSTRUMENTS

In October 2010, the Company entered into a foreign currency forward exchange contract as part of its overall foreign currency risk management strategy. On the value date, June 30, 2011, the Company sold Australian Dollars (“AU$”) 45.0 million for $42.5 million. The contract exchange rate was AU$1 for $0.9439. On June 15, 2011, the Company effectively closed out the contract by entering into a forward exchange contract, with a value date of June 30, 2011, where it bought AU$45.0 million for $48.0 million. For the three and six months ended June 30, 2011, the change in the fair value of the contract was $(1.5) million and $(1.9) million, the effect of which the Company has recognized as a foreign exchange loss included as part of its net earnings.