Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
3 Months Ended
Mar. 31, 2012
Income Taxes [Abstract]  
INCOME TAXES

NOTE 6 — INCOME TAXES

Under GAAP, a valuation allowance must be recorded if it is “more likely than not” that such deferred tax assets will not be realized. Appropriate consideration is given to all available evidence (both positive and negative) related to the realization of the deferred tax assets on a quarterly basis.

At March 31, 2012, valuation allowance decreased to $79.3 million compared to $82.3 million at December 31, 2011.