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INVESTMENT IN TITAN EUROPE
 6 Months Ended
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.