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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2012
FAIR VALUE MEASUREMENT |
Schedule of inputs into the fair value measurements of the Company's assets or liabilities that are measured at fair value on a recurring basis |
|  | Fair Value Measurements at Reporting Date Using |
--- | --- | --- | ---
As of December 31, 2012 |  | Total Fair Value and Carrying Value on the Balance Sheet |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange option contracts |  | $ | 100,837 |  | $ | — |  | $ | 100,837 |  | $ | — |
Foreign exchange forward contracts |  | $ | 1,249,820 |  | $ | — |  | $ | 1,249,820 |  | $ | — |
Total Assets |  | $ | 1,350,657 |  | $ | — |  | $ | 1,350,657 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange option contracts |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Foreign exchange forward contracts |  | $ | 365,226 |  | $ | — |  | $ | 365,226 |  | $ | — |
Total Liabilities |  | $ | 365,226 |  | $ | — |  | $ | 365,226 |  | $ | — |
|  | Fair Value Measurements at Reporting Date Using |
--- | --- | --- | ---
As of December 31, 2011 |  | Total Fair Value and Carrying Value on the Balance Sheet |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange option contracts |  | $ | 479,333 |  | $ | — |  | $ | 479,333 |  | $ | — |
Foreign exchange forward contracts |  | $ | 2,247,205 |  | $ | — |  | $ | 2,247,205 |  | $ | — |
Total Assets |  | $ | 2,726,538 |  | $ | — |  | $ | 2,726,538 |  | $ | — |
Schedule of effect of fair values of derivative instruments on the consolidated balance sheets |
|  | Fair Values of Derivatives Asset |
--- | --- | --- | ---
|  | At December 31, 2011 |  | At December 31, 2012 |
|  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |
Foreign exchange option contracts |  | Foreign currency derivative assets |  | $ | 479,333 |  | Foreign currency derivative assets |  | $ | 100,837 |
Foreign exchange forward contracts |  | Foreign currency derivative assets |  | $ | 2,247,205 |  | Foreign currency derivative assets |  | $ | 1,249,820 |
Total derivatives |  |  |  | $ | 2,726,538 |  |  |  | $ | 1,350,657 |
|  | Fair Values of Derivatives Liability |
--- | --- | --- | ---
|  | At December 31, 2011 |  | At December 31, 2012 |
|  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |
Foreign exchange option contracts |  | Foreign currency derivative liabilities |  | $ | — |  | Foreign currency derivative liabilities |  | $ | — |
Foreign exchange forward contracts |  | Foreign currency derivative liabilities |  | $ | — |  | Foreign currency derivative liabilities |  | $ | 365,226 |
Total derivatives |  |  |  | $ | — |  |  |  | $ | 365,226 |
Schedule of effect of derivative instruments on consolidated statements of operations |
|  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives |
--- | --- | --- | --- | --- | ---
|  |  |  | Year Ended December 31 |
|  | Location of Gain (Loss) Recognized in Income on Derivatives |
|  | 2010 |  | 2011 |  | 2012 |
Foreign exchange option contracts |  | Gain on foreign currency derivatives |  | $ | 6,636,821 |  | $ | (6,933, |  | $ | 428,340 |
Foreign exchange forward contracts |  | Gain on foreign currency derivatives |  | $ | (4,979,893 | ) | $ | 1,182 |  | $ | (4,797,513 | )
Total |  |  |  | $ | 1,656,928 |  | $ | (5,750,981 | ) | $ | (4,369,173 | )

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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