Annual report pursuant to Section 13 and 15(d)

Description of Business and Basis of Presentation (Tables)

v2.4.0.6
Description of Business and Basis of Presentation (Tables)
 12 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule correction on the previously reported Balance Sheet as of December 31, 2011
Correction of an Immaterial Error
During the second quarter of 2012, the Company determined that its December 31, 2011 financial statements reflected a misstatement caused by an error in adjusting the Company's deferred tax position at December 31, 2011. Management concluded that the impact of this error was immaterial on the prior reporting period. However, because the adjustment to correct the error in 2012 would have had a material impact on the 2012 financial statements, we corrected the prior period financial statements in the second quarter 2012 Form 10-Q and within the December 31, 2012 Form 10-K in accordance with SEC guidance. The adjustment had no effect on the Company's cash flow, and the information included in this Form 10-K sets forth the effects of this correction on the previously reported Balance Sheet and Income Statement as of and for the year ended December 31, 2011 as follows:
 
 
Year ended December 31, 2011
 
 
As Reported
 
Adjustment
 
As Adjusted
Balance Sheet:
 
 
 
 
 
 
Deferred tax asset
 
$
63,496

 
$
2,247

 
$
65,743

Total assets
 
367,460

 
2,247

 
369,707

Retained deficit
 
(127,537
)
 
2,247

 
(125,290
)
Total stockholders' equity
 
198,955

 
2,247

 
201,202

Total liabilities and stockholders' equity
 
367,460

 
2,247

 
369,707

 
 
 
 
 
 
 
Income Statement:
 
 
 
 
 
 
Income tax benefit
 
$
(67,036
)
 
$
(2,247
)
 
$
(69,283
)
Net income available to common shares
 
104,149

 
2,247

 
106,396

Net income per common share - Basic
 
2.75

 
0.06

 
2.81

Net income per common share - Diluted
 
2.70

 
0.06

 
2.76