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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2012	May 01, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,846,342

Consolidated Balance Sheets - USD ($)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash	$ 1,676,919	$ 6,174
Restricted Cash	2,779,511	2,779,511
Refundable Income Taxes		399,905
Land and Development Costs	27,858,696	27,825,924
Intangible Assets	3,474,689	3,572,096
Assets Held for Sale	7,694,710	7,694,710
Other Assets	8,443,413	8,023,872
Total Assets Before Property, Plant and Equipment	51,927,938	50,302,192
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,118,781	15,109,298
Golf Buildings, Improvements, and Equipment	2,535,294	2,535,294
Income Properties, Land, Buildings, and Improvements	111,564,674	111,564,673
Other Furnishings and Equipment	2,048,046	2,320,766
Total Property, Plant, and Equipment	131,266,795	131,530,031
Less, Accumulated Depreciation and Amortization	(11,734,101)	(11,566,420)
Net - Property, Plant, and Equipment	119,532,694	119,963,611
TOTAL ASSETS	171,460,632	170,265,803
LIABILITIES
Accounts Payable	443,808	385,685
Accrued Liabilities	6,844,815	7,317,676
Accrued Stock Based Compensation	384,748	484,489
Pension Liability	1,373,971	1,586,513
Income Taxes Payable	119,860
Deferred Income Taxes	32,074,964	32,060,283
Notes Payable	16,226,849	15,266,714
TOTAL LIABILITIES	57,469,015	57,101,360
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock	5,725,442	5,724,147
Additional Paid in Capital	6,029,032	5,697,554
Retained Earnings	103,366,568	102,872,167
Accumulated Other Comprehensive Loss	(1,129,425)	(1,129,425)
TOTAL SHAREHOLDERS' EQUITY	113,991,617	113,164,443
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 171,460,632	$ 170,265,803

Consolidated Statements Of Operations - USD ($)	3 Months Ended
Consolidated Statements Of Operations - USD ($)	Mar. 31, 2012	Mar. 31, 2011
Real Estate Operations:
Revenues	$ 1,073,720	$ 69,824
Costs and Other Expenses	(293,837)	(318,093)
Total Real Estate Income	779,883	(248,269)
Income Properties
Revenues	2,339,023	2,208,209
Costs and Other Expenses	(654,589)	(609,752)
Total Properties Income	1,684,434	1,598,457
Golf Operations
Revenues	1,329,579	1,373,576
Costs and Other Expenses	(1,504,989)	(1,634,160)
Total Golf Operations	(175,410)	(260,584)
Total Real Estate Operations	2,288,907	1,089,604
Interest and Other Income	112,889	175,211
Operating Income	2,401,796	1,264,815
General and Administrative Expenses	(1,520,241)	(1,792,613)
Loss on Early Extinguishment of Debt	(245,726)
Income (Loss) from Continuing Operations Before Income Taxes	635,829	(527,798)
Income Taxes	(243,096)	192,991
Income (Loss) from Continuing Operations	392,733	(334,807)
Income from Discontinued Operations (net of tax)	101,668	75,902
Net Income (Loss)	$ 494,401	$ (258,905)
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ 0.07	$ (0.06)
Income from Discontinued Operations (net of tax)	0.02	0.01
Net Income (Loss) Per Share	0.09	(0.05)
Dividends Per Share	$ 0.00	$ 0.01

Consolidated Statements Of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net Income (Loss)	$ 494,401	$ (258,905)
Other Comprehensive Income
Cash Flow Derivative (net of tax of $30,932)		49,254
Total Other Comprehensive Income, Net of Tax		49,254
Total Comprehensive Income (Loss)	$ 494,401	$ (209,651)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

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+ Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment.

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+ Details

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)	3 Months Ended
	Mar. 31, 2011 USD ($)
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Cash flow derivative, tax	$ 30,932

Consolidated Statement Of Shareholders' Equity - 3 months ended Mar. 31, 2012 - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2011	$ 5,724,147	$ 5,697,554	$ 102,872,167	$ (1,129,425)	$ 113,164,443
Net Income			494,401		494,401
Exercise of Stock Options	1,295	36,234			37,529
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options		295,244			295,244
Balance at Mar. 31, 2012	$ 5,725,442	$ 6,029,032	$ 103,366,568	$ (1,129,425)	$ 113,991,617

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Mar. 31, 2012	Mar. 31, 2011
Cash Flow from Operating Activities
Net Income (Loss)	$ 494,401	$ (258,905)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used In) Operating Activities:
Depreciation and Amortization	537,808	658,268
Gain on Disposition of Property, Plant, and Equipment	(85,000)	(91,300)
Deferred Income Taxes	14,681	(117,955)
Non-Cash Compensation	250,025	449,153
Decrease (Increase) in Assets:
Refundable Income Taxes	399,905	29,351
Land and Development Costs	(32,772)	(49,579)
Other Assets	(419,541)	235,077
(Decrease) Increase in Liabilities:
Accounts Payable	58,123	(854,006)
Income Taxes Payable	119,860
Accrued Liabilities and Accrued Stock Based Compensation	(704,485)	(321,159)
Net Cash Provided by (Used in) Operating Activities	633,005	(321,055)
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(9,484)	(364,509)
Proceeds from Calls or Maturities of Investment Securities		725,741
Acquisition of Investment Securities		(607,995)
Proceeds from Disposition of Property, Plant, and Equipment	85,000	91,300
Net Cash Provided by (Used In) Investing Activities	75,516	(155,463)
Cash Flow from Financing Activities:
Proceeds from Notes Payable	17,115,849	2,535,000
Payments on Notes Payable	(16,155,714)	(2,220,061)
Cash Proceeds from Exercise of Stock Options	2,089
Dividends Paid		(57,240)
Net Cash Provided by Financing Activities	962,224	257,699
Net Increase (Decrease) in Cash	1,670,745	(218,819)
Cash, Beginning of Year	6,174	337,617
Cash, End of Period	$ 1,676,919	$ 118,798

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statements Of Cash Flows [Abstract]
Income taxes refunded	$ 227,500	$ 33,000

Description Of Business And Principles Of Interim Statements	3 Months Ended
	Mar. 31, 2012
Description Of Business And Principles Of Interim Statements [Abstract]
Description Of Business And Principles Of Interim Statements	NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS *Description of Business* The terms "us," "we," "our," and "the Company" as used in this report refer to Consolidated-Tomoka Land Co. ("CTLC") together with our consolidated subsidiaries. We are a diversified real estate operating company. We own, acquire and, manage commercial real estate properties in four states in the U.S., with two self developed properties located in Florida. We also own and manage a land portfolio, in excess of 11,000 acres in Florida, of which approximately 9,700 acres are located within and form a substantial portion of the western boundary of the City of Daytona Beach and are well-located near central Florida's Interstate 4 corridor and along both sides of Interstate 95. We also have golf course operations, conduct agricultural operations on Company owned land, and own and manage subsurface oil and mineral rights. The results of our agricultural and subsurface leasing operations are included in Real Estate Operations on our consolidated statement of operations. Our agricultural operations consist of growing, managing, and selling timber and hay on approximately 9,700 acres of our land portfolio. Our operations and land portfolio are predominantly located in Volusia County, Florida, with income properties located in Colorado, Florida, Georgia, and North Carolina. *Interim Financial Information* The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures, which are normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles, have been omitted pursuant to those rules and regulations. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The consolidated format is designed to be read in conjunction with our last annual report on Form 10-K. For further information, refer to the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. *Principles of Consolidation* The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. *Use of Estimates in Preparation of Financial Statements* The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Because of the adverse market conditions that currently exist in the Florida and national real estate markets, and financial and credit markets, it is possible that the estimates and assumptions, most notably with the Company's investment in income properties and its pension liability, could change materially during the time span associated with the continued weakened state of these real estate and financial markets. The results of operations for the First Quarter of 2012 are not necessarily indicative of results to be expected for the year ending December 31, 2012.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-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
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-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 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-URI http://asc.fasb.org/subtopic&trid=2197480

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-Name Accounting Standards Codification
-Topic 275
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-URI http://asc.fasb.org/subtopic&trid=2134480

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-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
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+ Details

Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 2. DISCONTINUED OPERATIONS

Two income properties are classified as held for sale as we have an active program to market and sell the properties with a high probability that a sales transaction will occur within one year. A property classified as held for sale is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. Also, during the fourth quarter of 2011, we sold the former Barnes & Noble property in Lakeland, Florida ("Lakeland Property"). This property had been vacant since the lease expired at the end of January 2011.

Operations from two investment properties classified as held for sale at March 31, 2012, plus the Lakeland Property, which was sold in the fourth quarter 2011, are reported as discontinued operations. Their respective results of operations have been reclassified as income from discontinued operations on our consolidated statements of operations. In accordance with FAS ASC 360, depreciation was discontinued once the properties were classified as held for sale.

The following is a summary of income from discontinued operations:


	Three Months Ended
	March 31, 2012			March 31, 2011
Leasing Revenue and Other Income	$	165,516		$	165,516
Costs and Other Expenses		—			(41,948	)

Income from Operations before Income Tax		165,516			123,568
Income Tax		(63,848	)		(47,666	)

Income from Discontinued Operations	$	101,668		$	75,902

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-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
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-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

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+ Details

Fair Value Of Financial Instruments	3 Months Ended
Fair Value Of Financial Instruments	Mar. 31, 2012
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company accounts for financial instruments as required by the "Fair Value Measurements and Disclosure Topic of FASB ASC." The carrying amounts of the Company's financial assets and liabilities, including cash, restricted cash, accounts receivable, and accounts payable, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company's notes payable approximates fair value since the notes are at variable rates, which approximate current market rates for notes with similar risks and maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-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 Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-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
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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 157
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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+ Details

Common Stock And Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Common Stock And Earnings (Loss) Per Share [Abstract]

Common Stock And Earnings (Loss) Per Share

NOTE 4. COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per common share was computed by dividing net Income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted income (loss) per common share is based on the assumption of the conversion of stock options at the beginning of each period using the treasury stock method at average cost for the periods.


	Three Months Ended
	March 31, 2012		March 31, 2011
Income (Loss) Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	392,733	$	(334,807	)
Income from Discontinued Operations		101,668		75,902

Net Income (Loss)	$	494,401	$	(258,905	)

Weighted Average Shares Outstanding		5,725,086		5,723,980
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—

Total Shares Applicable to Diluted Earnings (Loss)		5,725,086		5,723,980

Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$	0.07	$	(0.06	)
Income from Discontinued Operations		0.02		0.01

Net Income (Loss)	$	0.09	$	(0.05	)

No impact was considered on the conversion of stock options during the 2012 and 2011 periods as the effect would be anti-dilutive.

Pension Plan

3 Months Ended

Mar. 31, 2012

Pension Plan [Abstract]

Pension Plan

NOTE 5. PENSION PLAN

The Company has funded a non-contributory, Defined Benefit Pension Plan (the "Plan") covering all eligible employees. Effective December 31, 2011, the Company amended the Plan to freeze participant benefits with no future accrual after that date. Any current or future employee who was not a participant of the Plan on December 31, 2011, will not be eligible to enter the Plan. Although the Plan will remain active with no new entrants and no future accruals, the Company's contribution level is expected to be reduced over time. The contribution to the Plan in 2012 is expected to be approximately $330,000.

Following are the components of the Net Periodic Benefit Cost:


	Three Months Ended
	March 31, 2012			March 31, 2011
Service Cost	$	23,594		$	74,595
Interest Cost		101,672			113,933
Expected Return on Plan Assets		(135,492	)		(166,487	)
Net Amortization		17,425			9,053

Net Periodic Benefit Cost	$	7,199		$	31,094

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-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.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-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 132R
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-Subparagraph h
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Notes Payable

3 Months Ended

Mar. 31, 2012

Notes Payable [Abstract]

Notes Payable

NOTE 6. NOTES PAYABLE

On February 27, 2012, the Company entered into a new Credit Agreement (the "Agreement") with Bank of Montreal ("BMO") as Administrative Agent, Letter of Credit Issuer, and a Lender. The Agreement consists of a $46.0 million revolving credit facility with a maturity date of February 27, 2015 (the "Credit Facility"). The indebtedness outstanding under the Agreement accrues interest at a rate ranging from the 30-day London Interbank Offer Rate ("LIBOR") plus 175 basis points to LIBOR plus 250 basis points based on the amount drawn on the facility. This facility also includes an accordion feature allowing the Company to increase the facility size to $75 million. The credit facility is unsecured and is guaranteed by certain subsidiaries of the Company.

The Agreement contains restrictive covenants, customary for this type of transaction, including, but not limited to, limitations on the Company's ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Agreement also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company's other indebtedness and the occurrence of a change of control. The Company's failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company's debt and other financial obligations under the Agreement.

The Credit Facility replaces the $25.0 million revolving credit facility with SunTrust Bank, which had a maturity date of June 27, 2014. Additionally, funds from the initial disbursement of the Credit Agreement were used to pay-off the approximate $5.5 million term loan with SunTrust Bank, which had a maturity date of July 1, 2012. The indebtedness under the prior SunTrust revolving credit facility and term loan were secured by certain assets of the Company. The Company wrote-off $245,726 of deferred loan costs in the first quarter of 2012 on this early extinguishment of debt.

Notes payable consist of the following:


	March 31, 2012
	Total		Due Within One Year
$46 Million Credit Facility	$	16,226,849	$	—

	$	16,226,849	$	—

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending March 31,
2013	$	—
2014		—
2015		16,226,849
2016		—
2017 and Thereafter		—

	$	16,226,849

For the first three-months of 2012, interest expensed was $150,229 with interest totaling $115,440 paid during the period. No interest was capitalized during the first three months of 2012.

For the first three months of 2011, interest expensed was $188,350, net of $5,758 interest capitalized during the period, with interest totaling $194,108 paid during the period.

The Company is in compliance with all of its debt covenants as of March 31, 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

NOTE 7. STOCK-BASED COMPENSATION

Under the 2010 Consolidated-Tomoka Land Co. Equity Incentive Plan (the "2010 Plan"), the Company granted to certain key employees non-vested restricted stock with vesting based upon the achievement of specified market conditions, which are defined as the Company's total shareholder return as compared to the total shareholder return of certain peer groups during a five-year performance period.

The Company used a Monte Carlo simulation valuation model to determine the fair value of its market condition awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company's stock price, and shareholder returns to those companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the three months ended March 31, 2012 is presented below:

Market Condition Non-Vested Restricted Shares


	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(1,417	)		23.13

Outstanding at March 31, 2012		7,900		$	23.13

As of March 31, 2012, there was $133,058 of unrecognized compensation cost adjusted for estimated forfeitures related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 3.6 years.

In connection with the appointment of John P. Albright as President and Chief Executive Officer of the Company, the Company granted the following equity awards, effective August 1, 2011:

•

Non-Qualified Stock Option Award: Pursuant to the Consolidated-Tomoka Land Co. Non-Qualified Stock Option Award Agreement between the Company and Mr. Albright (the "Stock Option Award Agreement"), Mr. Albright was granted an option to purchase 50,000 shares of Company common stock under the 2010 Plan with an exercise price per share equal to the fair market value on the grant date. One-third of the option will vest on each of the first, second, and third anniversaries of the grant date, provided Mr. Albright is an employee of the Company on those dates. In addition, any unvested portion of the option will vest upon a change in control. The option expires on the earliest of (a) the tenth anniversary of the grant date, (b) twelve months after Mr. Albright's death or termination for disability, or (c) thirty days after the termination of Mr. Albright's employment for any reason other than death or disability.

•

Restricted Share Award: An "inducement" grant of 96,000 shares of restricted Company common stock outside of the 2010 Plan was awarded to Mr. Albright pursuant to the Consolidated-Tomoka Land Co. Restricted Share Award Agreement (the "Restricted Share Award Agreement") between the Company and Mr. Albright. The restricted shares will vest in six increments of 16,000 shares each based upon the price per share of Company common stock during the term of Mr. Albright's employment (or within 60 days after termination of his employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of the restricted stock.

Both the Stock Option Award and the Restricted Share Award were determined to be equity-based awards under the Share-Based Payment Topic of FASB ASC.

The Company used a Monte Carlo simulation valuation model to determine the fair value and vesting period of the restricted share award. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company's stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of the activity for both awards during the three months ended March 31, 2012, is presented below:

NON-QUALIFIED STOCK OPTION AWARD


	Shares		Wtd Avg Ex Price		Wtd Avg Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000	$	28.90
Granted		—		—
Exercised		—		—
Expired		—		—

Outstanding at March 31, 2012		50,000	$	28.90		9.33		—

Exercisable at March 31, 2012		—		—		—		—

As of March 31, 2012, there was $390,780 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a period of 2.3 years.

MARKET CONDITION INDUCEMENT GRANT OF RESTRICTED SHARES


	Shares		Wtd Avg Ex Price
Outstanding at December 31, 2011		96,000	$	18.47
Granted		—		—
Vested		—		—
Forfeited		—		—

Outstanding at March 31, 2012		96,000	$	18.47

As of March 31, 2012, there was $1,101,145 of unrecognized compensation cost adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 1.6 years.

The Company has maintained a stock option plan (the "2001 Plan") pursuant to which 500,000 shares of the Company's common stock could be issued. The plan expired in 2010. No new stock options can be issued.

A summary of share option activity under the 2001 Plan as of March 31, 2012, and changes during the three months then ended is presented below:

STOCK OPTIONS


	Shares			Wtd Avg Ex Price		Wtd Avg Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(4,000	)		20.12
Expired		(77,200	)		55.92

Outstanding at March 31, 2012		124,600		$	52.44		4.86	$	34,668

Exercisable at March 31, 2012		104,440		$	54.26		4.56	$	34,668

STOCK APPRECIATION RIGHTS


	Shares			Wtd Avg Fair Value		Wtd Avg Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(4,000	)		4.77
Expired		(77,200	)		0.60

Outstanding at March 31, 2012		124,600		$	1.12		4.86	$	18,667

Exercisable at March 31, 2012		104,440		$	0.96		4.56	$	18,667

In connection with the exercise of 4,000 option shares, 1,295 shares of stock were issued and 2,705 shares of stock were surrendered to relieve the stock option liability by $35,440. Cash proceeds of $2,089 were received on the exercise of stock options. The intrinsic value of the stock options and stock appreciation rights exercised during the period was $35,440 and $19,083, respectively.

As of March 31, 2012, there was $23,106 unrecognized compensation related to stock options and stock appreciation rights under the 2001 Plan, which will be recognized over a weighted average period of 1.69 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2012
Commitments And Contingencies [Abstract]
Commitments And Contingencies	NOTE 8. COMMITMENTS AND CONTINGENCIES In November 2008, the Company's Board of Directors authorized the Company to repurchase, from time to time, up to $8 million of its common stock. Through March 31, 2012, the Company had repurchased 4,660 shares at a total cost of $104,648 with no new shares repurchased in 2012. In September 2010, St. Johns River Water Management District (the "District") served the Company with an administrative complaint, filed in the Division of Administrative Hearings for the State of Florida, in connection with certain Company agricultural operations that alleged the Company constructed and operated a surface water management system without the proper permit. The Company disagreed with the District's assertions in the complaint and requested an administrative hearing. This case was subsequently continued in abeyance due to new legislation affecting the agricultural exemption and to accommodate settlement discussions between the parties. The District recently elected, pursuant to the new legislation, to have a binding determination made by the Florida Department of Agriculture and Consumer Services ("DACS") as to whether the agricultural exemption applies to the operations subject to the complaint (the "Determination"). On May 1, 2012, DACS rendered the Determination finding that, based on site-specific characteristics, historical land use, and documented industry practices, the Company engaged in normal and customary agricultural practices for operations on 117 acres, and the agricultural exemption from permitting applied those acres. With respect to the remaining 101 acres alleged by the District to be wetlands, DACS believes that a portion of such 101 acres may have required an Environmental Resource Permit prior to the commencement of operations in those areas. DACS anticipates that the Company and the District will work together using the information contained in the Determination to calculate the final exempt and non-exempt acres. The parties are to advise the court of the status of this matter by May 15, 2012. While management cannot predict the ultimate outcome of any final calculation or further discussions with the District, the Company does not believe the resolution of this matter will have a material adverse effect on the Company's net income or financial condition. On November 21, 2011, the Company (and its affiliates Indigo Mallard Creek LLC and Indigo Development LLC) was served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the Harris Teeter income property located in Charlotte, North Carolina. As a result of the proposed road modifications, an all-access intersection with a traffic signal at Mallard Creek Road is proposed to be modified to right-in/right-out only access. Harris Teeter, Inc. ("Harris Teeter"), as the tenant under the lease for this property, notified the Company that it believes the loss of the all-access intersection materially adversely affects its business at this location. According to Harris Teeter's interpretation of the lease, this allows it the right to terminate the lease, which it originally anticipated would occur immediately preceding construction commencement (which Harris Teeter estimated to be approximately July 31, 2012). The Company does not believe the road modifications result in a taking that rises to this level since no access is permanently taken and has responded to Harris Teeter through North Carolina counsel engaged by the Company to represent its interests in both the condemnation proceeds and the tenant matter. The Company, through counsel, has also reached out to other affected businesses and to the North Carolina Department of Transportation ("NCDOT") in an effort to persuade NCDOT to keep the all-access intersection intact. The Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in May 2010 in order to enforce its approximately $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC ("FM Bayberry") for FM Bayberry's share of the costs for construction of Tournament Drive. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company's lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company's claim of lien, which the Company disputed. BB&T and the Company each filed motions for summary judgment as to priority of their respective interests in the property which were heard by the court on January 12, 2011. The court determined that Consolidated-Tomoka's interests were superior to the lien imposed by BB&T and all other interests. In April 2012, the Company filed a motion for summary judgment of foreclosure for which a hearing will be rescheduled. In December 2008, Wintergreen Advisers, LLC ("Wintergreen"), a Delaware limited liability company and the largest shareholder of the Company, filed a Verified Application for Court Ordered Inspection of the Company's business records in the Circuit Court for the Seventh Judicial Circuit for Volusia County, Florida. On March 2, 2012, the Company and Wintergreen reached a resolution and the Company considers this matter to be concluded. On April 26, 2012, the Company announced that its Board of Directors approved a voluntary Odd-Lot Buy Back Program (the "Program"). The Company will offer to purchase shares from shareholders who own less than 100 shares of common stock as of April 26, 2012. The Company will pay all costs associated with the Program and will purchase a maximum of 20,000 shares from all participants in the Program. The Company mailed the Program materials to eligible shareholders on or about May 1, 2012. The Company will allow shareholders to sell shares in accordance with the terms of the Program with Registrar and Transfer Company acting as the Program Administrator. The Company will pay a fixed per share price of $31.00. The Program will expire on June 30, 2012. Holders of fewer than 100 shares who elect to accept the offer must sell all of the shares owned by them. The Company does not provide any recommendation regarding shareholder participation and the decision is entirely that of the shareholder as to whether to sell shares in the Program. The Company may withdraw the offer at any time. The Company announced that Bruce W. Teeters, pursuant to an agreement between the Company and Mr. Teeters executed April 19, 2012, will remain employed by the Company as Senior Vice President - Real Estate Operations through September 30, 2012. At its regular Board meeting on April 25, 2012, the Company declared a semi-annual dividend of $0.02 per share. From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of our business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-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 Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Business Segment Data

3 Months Ended

Mar. 31, 2012

Business Segment Data [Abstract]

Business Segment Data

NOTE 9. BUSINESS SEGMENT DATA

The Company primarily operates in three business segments: real estate, income properties, and golf. Real estate operations include land transactions, agriculture operations, and leasing properties for oil and mineral exploration.

The Company evaluates performance based on income or loss from continuing operations before income taxes. The Company's reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company's operations in different segments is as follows:


	Three Months Ended
	March 31, 2012			March 31, 2011
Revenues:
Real Estate	$	1,073,720		$	69,827
Income Properties		2,339,023			2,208,209
Golf		1,329,579			1,374,576
General, Corporate, and Other		112,889			175,211

	$	4,855,211		$	3,827,823

Income (Loss) from Continuing Operations Before Income Taxes:
Real Estate	$	779,883		$	(248,269	)
Income Properties		1,684,434			1,598,457
Golf		(175,410	)		(260,584	)
General, Corporate, and Other		(1,653,078	)		(1,617,402	)

	$	635,829		$	(527,798	)

Identifiable Assets:
Real Estate	$	45,574,980
Income Properties		116,633,758
Golf		3,113,402
General, Corporate, and Other		6,138,492

	$	171,460,632

Depreciation and Amortization:
Real Estate	$	19,835
Income Properties		461,124
Golf		43,763
General, Corporate, and Other		13,086

	$	537,808

Capital Expenditures:
Real Estate	$	9,484
Income Properties		—
Golf		—
General, Corporate, and Other		—

	$	9,484

Income represents income (loss) from continuing operations before income taxes. Identifiable assets by segment are those assets that are used in the Company's operations in each segment. General corporate assets and assets used in the Company's other operations consist primarily of cash, investment securities and property, plant, and equipment. There were no transactions between segments for either of the periods

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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
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+ Details

Concentration Of Risks And Uncertainties	3 Months Ended
Concentration Of Risks And Uncertainties	Mar. 31, 2012
Concentration Of Risks And Uncertainties [Abstract]
Concentration Of Risks And Uncertainties	NOTE 10. CONCENTRATION OF RISKS AND UNCERTAINTIES The Company's real estate investments are concentrated in the State of Florida. Uncertainty of the duration of the prolonged real estate and economic slump could have an adverse impact on the Company's real estate values.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-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 AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-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.

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+ Details

Recently Issued Accounting Policies	3 Months Ended
Recently Issued Accounting Policies	Mar. 31, 2012
Recently Issued Accounting Policies [Abstract]
Recently Issued Accounting Policies	NOTE 11. RECENTLY ISSUED ACCOUNTING POLICIES On January 1, 2012, the Company adopted Financial Accounting Standards Board ("FASB") issued changes related to fair value measurement and disclosure. The changes are the result of convergence with International Financial Reporting Standards and clarify certain fair value measurement concepts and expand on existing disclosure requirements on Level 3 fair value measurements. The adoption of these changes did not have a material impact on the Company's consolidated financial statements. On January 1, 2012, the Company adopted FASB issued changes related to the presentation of comprehensive income. The changes remove certain presentation options and require entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. There were no changes to the items that are reported in other comprehensive income. In December 2011, the FASB indefinitely deferred a requirement dealing with the presentation of reclassification adjustments out of accumulated other comprehensive income. Other than the sequencing of financial statements, the adoption of these changes did not have an impact on the Company's consolidated financial statements. In December 2011, the FASB issued changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. Management is currently evaluating these changes and believes that it may require additional disclosure, but will not have a material impact on the Company's consolidated financial statements. These changes become effective for the Company on January 1, 2013, with retrospective application required.