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Recently Issued Accounting Standards
6 Months Ended
Jun. 30, 2012
Recently Issued Accounting Standards [Abstract]  
Recently Issued Accounting Standards

(18)

Recently Issued Accounting Standards

 

 

 

 

In June 2011, the FASB issued amendments to the FASB Accounting Standards Codification relating to the financial statement presentation of comprehensive income. The amendments eliminate the option to report other comprehensive income and its components in the statement of changes in stockholders' equity, and require that all nonowner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements of income and comprehensive income. Upon adoption on January 1, 2012, the Company elected to present comprehensive income in two separate but consecutive statements as part of the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

 

 

 

 

In September 2011, the FASB issued ASU No 2010-28, "Intangibles – Goodwill and Other – that introduces the use of qualitative factors when considering the need to perform a step 1 goodwill impairment test. If the Company concludes that qualitative factors indicate that it is more likely than not that the fair value exceeds the carrying value, then they do not need to perform a step 1 goodwill impairment test. This update to ASC 350 is effective for the first quarter of 2012 and will be applicable to the Company's annual impairment analysis conducted during the Company's fourth quarter of 2012. Adoption is not expected to have a material impact on the Company's consolidated financial statements.