XML 95 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements and Disclosures
3 Months Ended
Mar. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures
Assets and Liabilities Reported at Fair Value
The only assets and liabilities we record at fair value on a recurring basis on our consolidated financial statements are the marketable securities and corresponding deferred compensation plan liability, both of which are related to our deferred compensation plan. The following table sets forth the fair value of our marketable securities and related deferred compensation plan liability as of March 31, 2012 and December 31, 2011:
 
Fair Value (Level  1)(1)
Description
March 31, 2012
 
December 31, 2011
 
(in thousands)
Marketable securities (2)
$
6,459

 
$
5,691

Deferred compensation plan liability (3)
6,364

 
5,597

________________________
(1)
Based on quoted prices in active markets for identical securities.
(2)
The marketable securities are held in a limited rabbi trust.
(3)
The deferred compensation plan liability is reported on our consolidated balance sheets in accounts payable, accrued expenses, and other liabilities.
We report the change in the fair value of the marketable securities at the end of each accounting period in interest income and other net investment gains in the consolidated statements of operations. We adjust the deferred compensation plan liability to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, which results in a corresponding increase or decrease to compensation cost for the period. The following table sets forth the related amounts recorded during the three months ended March 31, 2012 and 2011:
 
Three Months Ended
Description
March 31, 2012
 
March 31, 2011
 
(in thousands)
Net gain on marketable securities
$
435

 
$
187

(Increase) to compensation cost
(435
)
 
(187
)

Financial Instruments Disclosed at Fair Value
The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2012 and December 31, 2011:
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
 
March 31, 2012
 
December 31, 2011
 
(in thousands)
Liabilities
 
 
 
 
 
 
 
Secured debt (1)
$
350,219

 
$
367,287

 
$
351,825

 
$
367,402

Exchangeable notes (1)
308,689

 
326,842

 
306,892

 
320,919

Unsecured debt (2)
1,130,651

 
1,215,425

 
980,569

 
1,011,982

Unsecured line of credit (1)

 

 
182,000

 
182,299

7.80% Series E and 7.50% Series F Cumulative Redeemable Preferred stock, called for redemption (3)
126,500

 
126,500

 

 

________________________
(1)
Fair value calculated using Level II inputs which are based on model−derived valuations in which significant inputs and significant value drivers are observable in active markets.
(2)
Fair value calculated primarily using Level I inputs which are based on quoted prices for identical instruments in active markets. The fair value of the Series B unsecured senior notes and the Unsecured Term Loan Facility are calculated using Level II inputs which are based on model−derived valuations in which significant inputs and significant value drivers are observable in active markets. The carrying value and fair value of these Level II instruments is $233.0 million and $240.6 million, respectively, as of March 31, 2012. The carrying value and fair value of the Level II instruments, which only included the Series B unsecured senior notes at December 31,2011, was $83.0 million and $88.9 million, respectively.
(3)
Fair value calculated using Level I inputs