ARS Call and Redemption, Settlement of the Put Right and UBS Credit Facility Repayment

12 Months Ended

Dec. 31, 2011

NOTE 7. ARS CALL AND REDEMPTION, SETTLEMENT OF THE PUT RIGHT AND UBS CREDIT FACILITY REPAYMENT [Abstract]

ARS Call and Redemption, Settlement of the Put Right and UBS Credit Facility Repayment [Text Block]

AUCTION RATE SECURITIES CALL AND REDEMPTION, SETTLEMENT OF THE PUT RIGHT AND UBS CREDIT FACILITY REPAYMENT

During 2010, $37.2 million of our auction rate securities (“ARS”) were called at par. The remaining total of $61.7 million of our ARS were put to UBS AG (together with its affiliates, “UBS”) on June 30, 2010 in accordance with our put right (the “Put Right”). As of December 31, 2010 we no longer held any investments in ARS. Additionally, in conjunction with the redemption of the ARS, we no longer have a value assigned to the UBS Put Right. We recorded a gain on the settlement of the ARS of $11.7 million in 2010 as a component of other income, net. Offsetting this gain in other income, net in 2010 were charges due to the write off of our Put Right of $11.7 million.

The cash proceeds from the calls and redemption of the ARS were first used to repay the amount outstanding under the UBS Credit Facility in accordance with the settlement agreement. Following these calls and redemption, and as of December 31, 2010, there was no longer a balance outstanding on the UBS Credit Facility. The UBS Credit Facility was terminated in connection with the full repayment of amounts outstanding.

The net amount recorded as a component of other income (expense), net related to the ARS and the Put Right was zero in 2011 and totaled $26,000 and $0.5 million in 2010 and 2009, respectively.