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INCOME TAXES
 6 Months Ended
Jun. 30, 2012
INCOME TAXES  
INCOME TAXES

15.  INCOME TAXES

 

The valuation allowance for net deferred tax assets at June 30, 2012 and December 31, 2011 was $155.1 million and $162.3 million, respectively. The $7.2 million decrease in our valuation allowance during the six months ended June 30, 2012 was attributable to a decrease in our net deferred tax assets resulting from the net operating income recognized in the six months ended June 30, 2012. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. Based upon the Company’s cumulative three year loss position and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will be unable to realize the benefits of these deductible differences. The amount of the net deferred tax asset considered realizable, however, could change if estimates of future taxable income during the carryforward period change.