diff --git a/CHANGELOG b/CHANGELOG
index 706137d..d724be4 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -39,9 +39,14 @@
 2.1.2  Sep 16 2009
   - Fixed support for Solaris, OpenSolaris.
 
-3.0.0 Aug 24, 2011
+3.0.0  Aug 24 2011
   - Bcrypt C implementation replaced with a public domain implementation.
   - License changed to MIT
 
-3.0.1
+3.0.1  Sep 12 2011
   - create raises an exception if the cost is higher than 31. GH #27
+
+3.1.0  May 07 2013
+  - Add BCrypt::Password.valid_hash?(str) to check if a string is a valid bcrypt password hash
+  - BCrypt::Password cost should be set to DEFAULT_COST if nil
+  - Add BCrypt::Engine.cost attribute for getting/setting a default cost externally
diff --git a/bcrypt-ruby.gemspec b/bcrypt-ruby.gemspec
index 09344b4..be42123 100644
--- a/bcrypt-ruby.gemspec
+++ b/bcrypt-ruby.gemspec
@@ -1,6 +1,6 @@
 Gem::Specification.new do |s|
   s.name = 'bcrypt-ruby'
-  s.version = '3.0.1'
+  s.version = '3.1.0'
 
   s.summary = "OpenBSD's bcrypt() password hashing algorithm."
   s.description = <<-EOF