Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2013

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of March 31, 2013 and December 31, 2012:



	Fair Value (Level 1)⁽¹⁾
Description	March 31, 2013		December 31, 2012
	(in thousands)
Marketable securities ⁽²⁾	$	8,029	$	7,435

________________________


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


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

Fair value adjustment of marketable securities and deferred compensation plan liability

The following table sets forth the net gain (loss) on marketable securities recorded during the three months ended March 31, 2013 and 2012:



	Three Months Ended
Description	March 31, 2013		March 31, 2012
	(in thousands)
Net gain (loss) on marketable securities	$	356	$	435

Carrying value and fair value of company's remaining financial assets and liabilities

The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2013 and December 31, 2012:



	Carrying Value		Fair Value		Carrying Value		Fair Value
	March 31, 2013				December 31, 2012
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	570,676	$	603,791	$	561,096	$	591,993
Exchangeable senior notes, net ⁽¹⁾	165,022		180,612		163,944		181,223
Unsecured debt, net ⁽²⁾	1,430,880		1,561,378		1,130,895		1,254,047
Unsecured line of credit ⁽¹⁾	—		—		185,000		185,049

________________________


(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 using Level I and Level II inputs. Level I inputs are based on quoted prices for identical instruments in active markets. The carrying value and fair value of the Level I instruments was $873.3 million and $960.1 million, respectively, as of March 31, 2013. The carrying value and fair value of the Level I instruments at December 31,2012, was $573.3 million and $653.0 million, respectively. The carrying value and fair value of the Level II instruments was $557.6 million and $601.3 million, respectively, as of March 31, 2013. The carrying value and fair value of the Level II instruments at December 31, 2012, was $557.6 million and $601.0 million, respectively.

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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