Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 4: Fair Value Measurements

Financial assets and liabilities are classified and disclosed in one of the following three categories:

• Level 1: Inputs based on quoted market prices for identical assets or liabilities in active markets.

• Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

• Level 3: Unobservable inputs that are not corroborated by market data and typically reflect management's estimates of assumptions that market participants would use in pricing the asset. The fair values are then determined using model-based techniques.

Our Level 1 financial instrument values are based on quoted market prices in active markets for identical assets, which we use to value our money market funds and equity securities. Our Level 2 financial instrument values are based on quoted prices in active markets for similar assets, which we use to value our certificates of deposit, or comparable sales, such as quoted market rates for similar contracts.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our financial assets and liabilities subject to these fair value measurement provisions as of December 31, 2011 and 2010 consisted of the following (in thousands):

	Level 1		Level 2		Level 3		Fair Value at December 31, 2011
Money market funds	$	15,275	$	-	$	-	$	15,275
Certificates of deposit		-		3,555		-		3,555
Stock		170		-		-		170
Derivative instruments – assets		-		985		-		985
Total assets at fair value	$	15,445	$	4,540	$	-	$	19,985
	Level 1		Level 2		Level 3		Fair Value at December 31, 2011
Derivative instruments – liabilities	$	-	$	(1,801)	$	-	$	(1,801)
Total liabilities at fair value	$	-	$	(1,801)	$	-	$	(1,801)

	Level 1		Level 2		Level 3		Fair Value at December 31, 2010
Money market funds	$	121,943	$	-	$	-	$	121,943
Certificates of deposit		-		36,268		-		36,268
Stock		224		-		-		224
Derivative instruments – assets		-		887		-		887
Total assets at fair value	$	122,167	$	37,155	$	-	$	159,322
	Level 1		Level 2		Level 3		Fair Value at December 31, 2010
Derivative instruments – liabilities	$	-	$	(761)	$	-	$	(761)
Total liabilities at fair value	$	-	$	(761)	$	-	$	(761)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

All other nonfinancial assets and liabilities measured at fair values in the consolidated financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial nonrecurring assets and liabilities included on our consolidated balance sheets include long lived assets that are measured at fair value to test for and measure impairment, at least annually or when necessary. For the years ended December 31, 2011 and 2010, we recorded fair market value adjustments with a charge to earnings of approximately $0.9 and $3.0 million, respectively, related to two separate real estate assets. At the time of the fair value adjustment, the fair value was measured using unobservable inputs (Level 3), reflecting our assessment of the assumptions market participants would use in valuing the asset, based on a valuation technique that is consistent with the market approach. One real estate asset was sold in December of 2010 at approximately the value to which it had been adjusted. The other real estate asset is held for sale at the year ended December 31, 2011. No other nonfinancial assets or liabilities were subject to fair value measurements for the years ended December 31, 2011 or 2010.

The estimated fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and payroll and related expenses at December 31, 2011 and 2010, approximate their carrying values due to their short-term nature. The fair value of long-term debt at December 31, 2011 approximates its carrying value.