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INVESTMENT IN TITAN EUROPE | 6 Months Ended
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Jun. 30, 2012
INVESTMENT IN TITAN EUROPE [Abstract] |
INVESTMENT IN TITAN EUROPE | INVESTMENT IN TITAN EUROPE Investment in Titan Europe Plc consisted of the following (amounts in thousands):
| June 30, 2012 |  | December 31, 2011
Investment in Titan Europe Plc | $ | 29,534 |  |  | $ | 28,998 |
Titan Europe Plc is publicly traded on the AIM market in London, England. The Company’s investment in Titan Europe represents a 21.8% ownership percentage. The Company has considered the applicable guidance in Accounting Standards Codification (ASC) 323 Investments – Equity Method and Joint Ventures and has concluded that the Company’s investment in Titan Europe Plc should be accounted for as an available-for-sale security and recorded at fair value in accordance with ASC 320 Investments – Debt and Equity Securities as the Company does not have significant influence over Titan Europe Plc. The investment in Titan Europe Plc is included as a component of other assets on the Consolidated Condensed Balance Sheets. Titan’s cost basis in Titan Europe is $5.0 million. Titan’s accumulated other comprehensive income includes a gain on the Titan Europe Plc investment of $15.8 million, which is net of tax of $8.7 million.

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