Foreign Currency Forward Contracts

3 Months Ended

Mar. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Forward Contracts

Foreign Currency Forward Contracts. On February 29, 2012, we forecasted a net exposure for March 31, 2012 (representing the difference between Euro and GBP-denominated receivables and Euro-denominated payables) of approximately 771,000 Euros and 356,000 GBPs. In order to partially offset such risks at February 29, 2012, we entered into a 30-day forward contract for the Euro and GBP with a notional amount of approximately 771,000 Euros and notional amount of 356,000 GBPs. We enter into similar transactions at various times during the year to partially offset exchange rate risks we bear throughout the year. These contracts are marked to market at each month-end. During the three months ended March 31, 2012 and 2011, the effect on our consolidated statement of income for the three months ended March 31, 2012 and 2011 of all forward contracts and the fair value of our open positions as of those dates was not material.