I am taking a date from a JSON object in the format of 2012-12-31 and trying to convert it into friendly values and output it.
var redeemableDate = item.
The yyyy-mm-dd (ISO 8601) date format is not supported in Safari and IE. It is part of ECMAscript 5 though, so it should be just a matter of time.
A solution would be to pass the date in as arguments to Date.
var date = "2012-12-31".split("-");
var your_date = new Date(date[0], date[1]-1, date[2]);
Note that month parameter starts at zero (for January), so you must subtract 1 from the value obtained from the string.
EDIT: For a shortcut see answer by joe larson below.