Fair Value Measurements and Disclosures

12 Months Ended

Dec. 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 we record at fair value on our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan (see Note 13). The following table sets forth the fair value of our marketable securities as of December 31, 2012 and 2011 :

	Fair Value (Level 1) (1)
	2012		2011
Description	(in thousands)
Marketable securities (2)	$	7,435	$	5,691

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(1) Based on quoted prices in active markets for identical securities.

(2) The marketable securities are held in a limited rabbi trust.

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 also adjust the related 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 net gain (loss) on marketable securities recorded during the years ended December 31, 2012, 2011, and 2010:

Description	December 31, 2012		December 31, 2011			December 31, 2010
	(in thousands)
Net gain (loss) on marketable securities	$	723	$	(153	)	$	435

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 December 31, 2012 and 2011:

	December 31,
	2012				2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Liabilities
Secured debt (1)	$	561,096	$	591,993	$	351,825	$	367,402
Exchangeable senior notes, net (1)	163,944		181,223		306,892		320,919
Unsecured debt, net (2)	1,130,895		1,254,047		980,569		1,011,982
Unsecured line of credit (1)	185,000		185,049		182,000		182,299

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(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 carrying value and fair value of the Level I instruments was $653.0 million and $573.0 million, respectively, as of December 31, 2012. The carrying value and fair value of the Level I instruments at December 31, 2011, was $897.6 million and $923.1 million, respectively. The carrying value and fair value of the Level II instruments was $601.0 million and $558.0 million, respectively, as of December 31, 2012. The carrying value and fair value of the Level II instruments at December 31, 2011, was $83.0 million and $88.9 million, respectively.