Transactions with Parent

9 Months Ended

Sep. 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 seven months ended September 30, 2011 includes Parent allocations of interest charges of approximately $1.2 million and $2.5 million, respectively, and other administrative charges of approximately $5.9 million and $7.7 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 standalone basis would not have been materially different. The amount due to Parent was approximately $91.3 million at September 30, 2011 and balance is classified as a long-term liability. The interest rate used for allocation of interest charges was 6.2% as of September 30, 2011.