We, in accordance with U.S. GAAP, define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Effective January 1, 2008, we elected the fair value option for certain of our marketable securities purchased since such adoption. Management initially elected the fair value option for certain of our marketable securities because it views such investment securities as highly liquid and available to be drawn upon for working capital purposes making them similar to its cash and cash equivalents. Accordingly, we record net unrealized gain or loss in the other income (loss) - investment and interest caption in our consolidated income statements for such investments. We have not elected the fair value option for marketable securities acquired after December 31, 2009. Although these assets continue to be highly liquid and available, we do not believe these assets are representative of our operating activities. These assets are representative of our investing activities, and they will be available for future needs of the Company to support its current and projected growth.

Certain of our assets and liabilities are reported at fair value in the accompanying balance sheets. Such assets and liabilities include cash and cash equivalents, marketable securities, accounts and notes receivable, accounts payable, income taxes payable and other accrued expenses. The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of September 30, 2011 and December 31, 2010.


	As of September 30, 2011
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Marketable securities
Municipal bonds	$	41,174,000	$	41,174,000	$	—	$	41,174,000	$	—
Equity securities - Deferred comp fund
Money Market	$	2,796,000	$	2,796,000	$	—	$	2,796,000	$	—
Large Cap Value		2,371,000		2,371,000		2,371,000		—		—
Large Cap Growth		2,011,000		2,011,000		2,011,000		—		—
Small Cap Value		1,072,000		1,072,000		1,072,000		—		—
Fixed income		1,266,000		1,266,000		1,266,000		—		—
Speciality		766,000		766,000		766,000		—		—
International		537,000		537,000		537,000		—		—
Balanced and Lifestyle		686,000		686,000		686,000		—		—
Large Cap Blend		471,000		471,000		471,000		—		—
Mid Cap Growth		318,000		318,000		318,000		—		—
Small Cap Growth		47,000		47,000		47,000		—		—
Mid Cap Value		46,000		46,000		46,000		—		—

Equity securities - Deferred comp fund	$	12,387,000	$	12,387,000	$	9,591,000	$	2,796,000	$	—


	As of December 31, 2010
					Fair Value Measurement Using:
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Marketable securities
Municipal bonds	$	43,437,000	$	43,437,000	$	—	$	43,437,000	$	—
Equity securities - Deferred comp fund
Money Market	$	2,737,000	$	2,737,000	$	—	$	2,737,000	$	—
Large Cap Value		2,433,000		2,433,000		2,433,000		—		—
Large Cap Growth		2,106,000		2,106,000		2,106,000		—		—
Small Cap Value		1,152,000		1,152,000		1,152,000		—		—
Fixed Income		987,000		987,000		987,000		—		—
Specialty		712,000		712,000		712,000		—		—
Balanced and Lifestyle		566,000		566,000		566,000		—		—
International		572,000		572,000		572,000		—		—
Large Cap Blend		444,000		444,000		444,000		—		—
Mid Cap Growth		371,000		371,000		371,000		—		—

Equity securities - Deferred comp fund	$	12,080,000	$	12,080,000	$	9,343,000	$	2,737,000	$	—

The fair value of the municipal bonds is measured using pricing service data from an external provider. The fair value of equity investments in the funded deferred compensation plan are valued (Level 1) based on quoted market prices. The money market fund in the funded deferred compensation plan is valued (Level 2) at the net asset value ("NAV") of the shares held by the plan at the end of the period. As a practical expedient, fair value of our money market fund is valued at the NAV as determined by the custodian of the fund. The money market fund includes short-term United States dollar denominated money-market instruments. The money market fund can be redeemed at its NAV at its measurement date as there are no significant restrictions on the ability of participants to sell this investment.

For the three and nine month periods ended September 30, 2011, the other income (loss) - investment and interest caption on our consolidated statements of income includes unrealized losses from marketable securities of $125,000 and $377,000, respectively, for investments recorded under the fair value option. For the three and nine month periods ended September 30, 2010, the other income (loss) - investment and interest caption on our consolidated statements of income includes unrealized losses from marketable securities of $191,000 and $849,000, respectively, for investments recorded under the fair value option.

For the three and nine month periods ended September 30, 2011, the accumulated other comprehensive income on our consolidated balance sheet and stockholders' equity includes unrealized gains from marketable securities of $76,000 and $451,000, respectively, related to marketable securities that are not recognized under the fair value option in accordance with U.S. GAAP. For the three and nine month periods ended September 30, 2010, the accumulated other comprehensive income on our consolidated balance sheet and stockholders' equity includes unrealized gains from marketable securities of $120,000 and $152,000, respectively, related to marketable securities that are not recognized under the fair value option in accordance with U.S. GAAP.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Other-than- temporary Impairments
September 30, 2011
Type of security:
Municipal bonds	$	6,220,000	$	191,000	$	—		$	6,411,000	$	—
Municipal bonds - available for sale		34,390,000		385,000		(12,000	)		34,763,000		—

Total debt securities	$	40,610,000	$	576,000	$	(12,000	)	$	41,174,000	$	—


December 31, 2010
Type of security:
Municipal bonds	$	18,029,000	$	568,000	$	—		$	18,597,000	$	—
Municipal bonds - available for sale		24,918,000		—		(78,000	)		24,840,000		—

Total debt securities	$	42,947,000	$	568,000	$	(78,000	)	$	43,437,000	$	—

The following table provides the contractual maturities of available for sale investments held at September 30, 2011 and December 31, 2010.