Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(6) Discontinued Operations

     In August 2008, we completed the sale of our remaining New Zealand permit for $15.0 million; with three $5.0 million payments to be received nine months after the sale, 18 months after the sale, and 30 months after the sale. The Company initially deferred the gain on the sale due to legal claims around the transfer of this property. In July 2011, a settlement was reached and all legal claims were dismissed. As a result, in the second quarter of 2011 the Company recognized sale proceeds of $15.0 million, net of $0.6 million in capitalized costs in assets held for sale, relating to our remaining New Zealand permit. In accordance with guidance contained in FASB ASC 360-10, the results of operations for the New Zealand operations have been excluded from continuing operations and reported as discontinued operations for the current and prior periods. As of June 30, 2011 all payments under this sale agreement had been received. There is essentially no income tax expense on this gain as the Company has offsetting New Zealand tax losses that were previously unrecognized due to a valuation allowance.

     Our income from discontinued operations was $14.3 million for the three and six months ended June 30, 2011, which equated to $0.33 per basic and diluted share for the periods. Our loss from discontinued operations, net of taxes was less than $0.1 million for the three and six months ended June 30, 2010, which equated to $0.00 per basic and diluted share for the periods. Our cash provided by operating activities — discontinued operations was less than $0.1 million for the three and six months ended June 30, 2011, and June 30, 2010.