Financial Instruments

3 Months Ended

Mar. 31, 2012

Financial Instruments [Abstract]

Financial Instruments

Note 9 – Financial instruments:

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

	December 31, 2011				March 31, 2012
	Carrying amount		Fair value		Carrying amount		Fair value
	(In thousands)
Accounts receivable, net	$	58,976	$	58,976	$	73,253	$	73,253
Accounts payable		14,334		14,334		15,811		15,811
Debt:
Variable-rate debt		33,630		33,630		52,480		52,480
Fixed-rate debt		984		1,029		995		1,039

Due to its nature, the carrying amount of our variable rate indebtedness is 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 substantially all of the carrying value of our fixed-rate debt at March 31, 2011 and 2012 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.