FAIR VALUE OF FINANCIAL ASSETS

12 Months Ended

Dec. 31, 2011

FAIR VALUE OF FINANCIAL ASSETS [Abstract]

3. FAIR VALUE OF FINANCIAL ASSETS

The carrying values and estimated fair values of the Company's financial instruments for the periods presented are as follows:

	Estimated Fair Value Measurements
	Carrying Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2011:
Financial Assets
Cash and cash equivalents	$	1,627	$	1,627	$	-	$	-
Total Financial Assets	$	1,627	$	1,627	$	-	$	-

December 31, 2010:
Financial Assets
Cash and cash equivalents	$	4,195	$	4,195	$	-	$	-
Auction rate securities		7,089		-		-		7,089
Preferred shares		37		-		-		37
Total short-term investments	$	7,126	$	-	$	-	$	7,126
Total Financial Assets	$	11,321	$	4,195	$	-	$	7,126

Level 1- The Company's Level 1 assets consist solely of cash.

Level 2 - At December 31, 2011 and 2010, the Company had no investments which were considered to be Level 2 assets.

Level 3 – At December 31, 2011, the Company had no investments which were considered to be Level 3 assets. At December 31, 2010, the Company's Level 3 assets consisted of the Company's investment in auction rate securities and preferred shares.

The carrying value of the Company's investments in its Level 3 assets as of December 31, 2010, represented the Company's best estimate of the fair value of these investments based on the available information at the time. The Company estimated the fair values of the investment securities quarterly based upon consideration of such factors as: issuer and insurer credit rating; comparable market data, if available; current market conditions; the credit quality of the investment securities; the rate of interest received since the date the auctions began; and yields of securities similar to the underlying investment securities. These considerations were used to determine a range of values for each security from moderate to highly conservative. The Company based its evaluation on the mid-point of that range. Specifically, the Company considered the composition of the collateral supporting the investment securities and the default probabilities of the collateral underlying the ARS in its overall valuation of each security. The Company had also researched the secondary market. Additionally, the Company looked at the probabilities of default, probabilities of successful auctions and probabilities of earning the maximum (failed auction) rate.

The following table presents additional information about assets measured at fair value using Level 3 inputs at December 31, 2010:

	December 31, 2010
	Amortized Cost		Unrealized Loss			Estimated Fair Value

Short-term investments:
Auction rate securities	$	12,300	$	(5,211	)	$	7,089
Preferred shares		6,150		(6,113	)		37
Total short-term investments	$	18,450	$	(11,324	)	$	7,126

The table below provides a summary of changes in fair value for the Company's available for sale investments:

	Auction Rate Securities			Preferred Shares			Total

Balance as of January 1, 2011	$	7,089		$	37		$	7,126

Realized (loss) gain from sale or settlement		(929	)		19			(910	)

Proceeds from sales or settlements		(6,160	)		(56	)		(6,216	)

Balance as of December 31, 2011	$	-		$	-		$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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