PRODUCT WARRANTIES

3 Months Ended

Mar. 31, 2012

The following table presents the changes in the product warranty accrual included in Other Accrued Liabilities (in thousands):

	2012			2011
Balance as of January 1	$	11,437		$	11,936
Provision for warranties issued in current year		822			683
Payments		(783	)		(559	)
Balance as of March 31	$	11,476		$	12,060

The Company offers a limited warranty for its products. With respect to Company products manufactured prior to 2005, the limited warranty coverage period is five years. Beginning in 2005, the coverage period for DuraPlate^® trailer panels was extended to ten years, with all other product components remaining at five years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale.