Transactions with Parent

6 Months Ended

Jun. 30, 2011

Transactions with Parent [Abstract]

TRANSACTIONS WITH PARENT

NOTE 12 — TRANSACTIONS WITH PARENT

In connection with the Merger, we received approximately $71.4 million in funding from our Parent. The proceeds were mainly used to pay off debt, debt related interest and merger related expenses. The merger related expenses were primarily for legal and professional fees and change of control provisions. The three and four months ended June 30, 2011 includes Parent allocations of interest charges of approximately $969,000 and $1.3 million, respectively, and other administrative charges of approximately $1.8 million. Parent administrative charges are allocated proportional to the average EBIT and revenue contribution. The allocation method used is considered reasonable by management and our estimated costs that would have been incurred on a stand alone basis would not have been materially different. The amount due to Parent was approximately $74.4 million at June 30, 2011 and balance is classified as a long-term liability. The interest rate used for allocation of interest charges was 5.3% as of June 30, 2011.