Notes Payable, Long Term Debt and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2012

Notes Payable Long Term Debt and Other Obligations [Abstract]

Notes payable, long-term debt and other obligations

Notes payable, long-term debt and other obligations consist of:

	March 31, 2012			December 31, 2011
Vector:
11% Senior Secured Notes due 2015, net of unamortized discount of $549 and $591*	$	414,451		$	414,409
6.75% Variable Interest Senior Convertible Note due 2014, net of unamortized discount of $34,722 and $35,704*	15,278			14,296
6.75% Variable Interest Senior Convertible Exchange Notes 2014, net of unamortized discount of $54,559 and $57,036*	52,971			50,494
3.875% Variable Interest Senior Convertible Debentures due 2026, net of unamortized discount of $83,011 and $82,948*	15,987			16,052
Liggett:
Revolving credit facility	2			21,472
Term loan under credit facility	4,400			5,689
Equipment loans	20,998			21,255
Other	473			533
Total notes payable, long-term debt and other obligations	524,560			544,200
Less:
Current maturities	(24,484		)	(50,844		)
Amount due after one year	$	500,076		$	493,356

______________________

* The fair value of the derivatives embedded within the 6.75% Variable Interest Convertible Note ($16,704 at March 31, 2012 and $16,929 at December 31, 2011, respectively), the 6.75% Variable Interest Senior Convertible Exchange Notes ($31,660 at March 31, 2012 and $32,086 at December 31, 2011, respectively), and the 3.875% Variable Interest Senior Convertible Debentures ($106,191 at March 31, 2012 and $84,485 at December 31, 2011, respectively) is separately classified as a derivative liability in the condensed consolidated balance sheets.

Components of non-cash interest expense

Components of non-cash interest expense are as follows:

	Three Months Ended
	March 31,
	2012			2011
Amortization of debt discount	$	3,437		$	2,282
Amortization of deferred finance costs	710			1,417
Gain on 3.875% Variable Interest Senior Convertible Debentures converted	(2		)	—
	$	4,145		$	3,699

Fair Value of Notes Payable and Long-term Debt

Fair Value of Notes Payable and Long-term Debt:

	March 31, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Notes payable and long-term debt	$	524,560	$	779,908	$	544,200	$	801,353