Financial Instruments

6 Months Ended

Jun. 30, 2011

Financial Instruments

Financial Instruments

Note 11 – Financial instruments:

The following table presents the carrying value and estimated fair value of our financial instruments:

	December 31, 2010				June 30, 2011
	Carrying amount		Fair value		Carrying amount		Fair value
	(In thousands)
Restricted cash equivalents	$	250	$	250	$	249	$	249
Accounts receivable, net		46,765		46,765		70,524		70,524
Accounts payable		6,694		6,694		12,287		12,287
Debt:
Variable-rate debt		27,740		27,740		48,331		48,331
Fixed-rate debt		941		1,019		962		1,029

Due to their nature, the carrying amounts of our restricted cash equivalents and variable rate indebtedness are considered equivalent to fair value. Additionally, due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. The fair value of our fixed-rate indebtedness was based on the net present value of our remaining debt payments at an interest rate commensurate with our variable-rate debt which represents Level 3 inputs as defined in ASC Topic 820-10-35. Note that 99% of the carrying value of our fixed-rate debt at December 31, 2010 and June 30, 2011 relates to a $1.1 million non-interest bearing note. Because it is non-interest bearing, we have calculated an imputed interest rate on the note and carry the note at a value discounted for such interest.