Recently Issued Accounting Standards

3 Months Ended

Mar. 31, 2012

Recently Issued Accounting Standards [Abstract]

RECENTLY ISSUED ACCOUNTING STANDARDS

2. RECENTLY ISSUED ACCOUNTING STANDARDS

There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements, from those disclosed in the Company’s 2011 Annual Report on Form 10-K.

Effective January 1, 2012, the Company adopted the new accounting standard on fair value measurements that clarifies the application of existing guidance and disclosure requirements, changes certain fair value measurement principles and requires additional disclosures about fair value measurements. The adoption did not have an impact on the Company’s consolidated financial position or results of operations.

Effective January 1, 2012, the Company adopted the new standard that requires the presentation 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. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. In December 2011, an amendment was issued that defers the requirement to present reclassification adjustments out of accumulated other comprehensive income on the face of the consolidated statement of income. The adoption concerns presentation and disclosure only and did not have an impact on the Company’s consolidated financial position or results of operations.