Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

INCOME TAXES

9. INCOME TAXES

The Company’s consolidated income tax benefit (expense) was $0.0 million for both the three and six months ended June 30, 2011 and 2010.

During the three months ended June 30, 2011, the Company generated tax expense of $44.5 million on the sale of its holdings in Advanced BioHealing, which was entirely offset by capital loss carryforwards and net operating loss carryforwards which had been reduced by a full valuation allowance.

The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the income tax expense that would have been recognized in the six months ended June 30, 2011 and the benefit of the net operating loss that would have been recognized in the six months ended June 30, 2010 were offset by changes in the valuation allowance.

During the six months ended June 30, 2011, the Company had no material changes in uncertain tax positions.