Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2013

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of September 30, 2013 and December 31, 2012:



	Fair Value (Level 1) ⁽¹⁾
	September 30, 2013		December 31, 2012
Description	(in thousands)
Marketable securities ⁽²⁾	$	9,192	$	7,435

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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.

Fair value adjustment of marketable securities and deferred compensation plan liability

The following table sets forth the net gain on marketable securities recorded during the three and nine months ended September 30, 2013 and 2012:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Description	(in thousands)
Net gain on marketable securities	$	669	$	315	$	995	$	595

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 September 30, 2013 and December 31, 2012:



	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	563,898	$	574,661	$	561,096	$	591,993
Exchangeable senior notes, net ⁽¹⁾	167,236		178,379		163,944		181,223
Unsecured debt, net ⁽²⁾	1,431,048		1,522,228		1,130,895		1,254,047
Unsecured line of credit ⁽¹⁾	—		—		185,000		185,049

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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 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 $841.9 million and $932.2 million, respectively, as of September 30, 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 $589.2 million and $590.0 million, respectively, as of September 30, 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 of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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