RECENTLY ISSUED ACCOUNTING STANDARDS

6 Months Ended

Jun. 30, 2012

RECENTLY ISSUED ACCOUNTING STANDARDS

RECENTLY ISSUED ACCOUNTING STANDARDS

NOTE K — RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2011, guidance was issued that (i) will require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements and (ii) eliminates the option to present the components of other comprehensive income as part of the statement of equity. The Company adopted this guidance beginning January 1, 2012 and it did not have a material impact on the Company’s consolidated financial statements.