Foreign Currency Forward Contracts

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Forward Contracts

Foreign Currency Forward Contracts. On May 31, 2012, we forecasted a net exposure for June 30, 2012 (representing the difference between Euro and GBP-denominated receivables and Euro-denominated payables) of approximately 1,163,000 Euros and 351,000 GBPs. In order to partially offset such risks at May 31, 2012, we entered into a 30-day forward contract for the Euro and GBP with a notional amount of approximately 1,163,000 Euros and notional amount of 351,000 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. The effect on our consolidated statement of income for the three and six months ended June 30, 2012 and 2011 of all forward contracts, and the fair value of our open positions as of June 30, 2012, were not material.