Recently Issued and Proposed Accounting Standards

6 Months Ended

Jun. 30, 2011

Recently Issued and Proposed Accounting Standards

Recently Issued and Proposed Accounting Standards

Note 2 - Recently Issued and Proposed Accounting Standards

Fair Value:  In May 2011, the Financial Accounting Standards Board (FASB) issued guidance clarifying how to measure and disclose fair value. The guidance is intended to result in common fair value measurement and disclosure requirements in U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards. This guidance amends the application of the “highest and best use” concept to be used only in the measurement of fair value of nonfinancial assets, clarifies that the measurement of the fair value of equity-classified financial instruments should be performed from the perspective of a market participant who holds the instrument as an asset, clarifies that an entity that manages a group of financial assets and liabilities on the basis of its net risk exposure can measure those financial instruments on the basis of its net exposure to those risks, and clarifies when premiums and discounts should be taken into account when measuring fair value. The fair value disclosure requirements also were amended. The revised guidance will be applicable for interim and annual periods beginning after December 15, 2011. The application of this standard is not expected to have a material impact on our results of operations, financial position or liquidity.

Other Comprehensive Income:  In June 2011, the FASB amended the guidance governing the presentation of other comprehensive income. Under the revised guidance, items of net income and other comprehensive income may be presented in one single statement, or in two separate, but consecutive, statements. The statements are required to be presented with equal prominence as the other primary financial statements. The revised guidance will be applicable for interim and annual periods beginning after December 15, 2011. The application of this standard will not have an impact on our results of operations, financial position or liquidity.

See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2010 for further information regarding recently issued and proposed accounting standards.