Equity Method Investments

6 Months Ended

Jun. 30, 2011

Equity Method Investments [Abstract]

9. Equity Method Investments

As of June 30, 2011, we had investments in eight joint ventures (one located in each of Japan, Saudi Arabia, South Korea, and the United Arab Emirates and two located in each of China and India) that were accounted for using the equity method. Summarized below is combined income statement information, based on the most recent financial information (unaudited), for those investments:


	Three Months Ended June 30,
(Amounts in thousands)	2011			2010
Revenues	$	70,909		$	52,556
Gross profit		20,209			17,623
Income before provision for income taxes		13,338			13,239
Provision for income taxes		(3,902	)		(3,586	)

Net income	$	9,436		$	9,653


	Six Months Ended June 30,
(Amounts in thousands)	2011			2010
Revenues	$	150,141		$	113,920
Gross profit		47,925			40,258
Income before provision for income taxes		33,136			29,743
Provision for income taxes		(10,132	)		(7,954	)

Net income	$	23,004		$	21,789

The provision for income taxes is based on the tax laws and rates in the countries in which our investees operate. The tax jurisdictions vary not only by their nominal rates, but also by the allowability of deductions, credits and other benefits. Our share of net income is reflected in our condensed consolidated statements of income.

- Definition

Equity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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