INCOME TAXES

3 Months Ended

Mar. 31, 2012

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 11-INCOME TAXES

The benefit for income tax for the first quarter of 2012 was approximately $0.1 million which primarily consists of a provision for foreign taxes offset by an income tax benefit provided within the intraperiod tax allocation rules.

Intraperiod tax allocation requires that the provision for income taxes be allocated between continuing operations and other categories of earnings, such as discontinued operations or OCI, for each tax jurisdiction. In periods in which there is a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, the tax provision is first allocated to the other categories of earnings. A related tax benefit is then recorded in continuing operations. While intraperiod tax allocation in general does not change the overall tax provision, it may result in a gross-up of the individual components, thereby changing the amount of tax provision included in each category. Included in the Company's continuing operations income tax provision is a tax benefit of approximately $0.3 million for the three months ended March 31, 2012 related to unrealized gains recorded in OCI.

Due to the Company's history of cumulative operating losses, management concluded that, after considering all the available objective evidence, it is not more likely than not that all the Company's net deferred tax assets will be realized. Accordingly, all of the U.S. deferred tax assets continue to be subject to a valuation allowance as of March 31, 2012.

As of March 31, 2012, there have been no material changes to the total amount of unrecognized tax benefits.