Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

12. Fair Value of Financial Instruments

At March 31, 2012 and December 31, 2011, the Company’s financial instruments included receivables, payables, accrued expenses, other liabilities and debt. The fair values of these financial instruments, excluding the Bank Loan, were not materially different from their recorded values at March 31, 2012 and December 31, 2011. All of the Company’s debt at March 31, 2012 and December 31, 2011 was floating rate based. Regarding the Bank Loan, the fair value of this debt is estimated to be approximately $3,764,000 and $5,628,000 at March 31, 2012 and December 31, 2011, respectively, which is lower than the recorded amounts of $3,794,000 and $5,691,000 at March 31, 2012 and December 31, 2011, respectively. The estimated fair value reflects the effect of higher interest rate spreads on debt being issued under current market conditions, as compared to the conditions that existed when the Bank Loan was obtained. See Note 6 for more information about the Company’s debt.