Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 4—Fair Value Measurements

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, investment and interest caption in our consolidated income statements. We have not elected for such investments the fair value option for marketable securities acquired after December 31, 2009. Although these assets continue to be highly liquid and available, we believe these assets are more representative of our investing activities. These assets are 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, and accounts payable (including income taxes payable and accrued expenses). The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of December 31, 2011 and 2010.

	As of December 31, 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		$	31,337,000	$	31,337,000			$	31,337,000
Equity securities — Deferred comp fund
Money Market		$	3,029,000	$	3,029,000			$	3,029,000
Large Cap Value			2,716,000		2,716,000		2,716,000
Large Cap Growth			2,184,000		2,184,000		2,184,000
Small Cap Value			1,244,000		1,244,000		1,244,000
Fixed Income			1,429,000		1,429,000		1,429,000
Specialty			832,000		832,000		832,000
Balanced and Lifestyle			814,000		814,000		814,000
International			562,000		562,000		562,000
Large Cap Blend			500,000		500,000		500,000
Mid Cap Growth			363,000		363,000		363,000
Mid Cap Value			54,000		54,000		54,000
Small Cap Growth			53,000		53,000		53,000
Equity securities — Deferred comp fund		$	13,780,000	$	13,780,000	$	10,751,000	$	3,029,000	$	—

	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 using third party pricing data. 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. These assets will be redeemed by the plan participants on an as needed basis.

For the years ended December 31, 2011 and 2010, the other income, investment and interest caption on our statement of income includes unrealized losses from marketable securities of $486,000 and $1,083,000. For the year ended December 31, 2009, the other income, investment and interest caption included unrealized gains of $505,000.

December 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Other-than- temporary Impairments
Type of security:
Municipal bonds	$	2,167,000	$	82,000	$	—		$	2,249,000	$	—
Municipal bonds — available for sale		28,745,000		352,000		(9,000	)		29,088,000		—
Total debt securities	$	30,912,000	$	434,000	$	(9,000	)	$	31,337,000	$	—
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	$	—
December 31, 2009
Type of security:
Municipal bonds	$	50,997,000	$	1,651,000	$	—		$	52,648,000	$	—
Municipal bonds — available for sale		—		—		—			—		—
Total debt securities	$	50,997,000	$	1,651,000	$	—		$	52,648,000	$	—

For the year ended December 31, 2011 we received total proceeds of $12,507,000 from sales of available for sale municipal bonds. These sales resulted in realized gains of $95,000 recorded in other income, investment and interest caption on our statement of income for 2011. For the year ended December 31, 2010 we received total proceeds of $11,877,000 from sales of available for sale municipal bonds. These sales resulted in realized gains of $69,000 recorded in other income, investment and interest caption on our statement of income for 2010. The basis for the sale of these securities was a specific identification of each bond sold during this period.

The following tables include contractual maturities of debt securities held at December 31, 2011 and 2010, which are classified as marketable securities in the consolidated Balance Sheet.

	As of December 31,
	2011		2010		2011		2010		2011		2010
Contractual maturity:	Municipal Bonds				Municipal Bonds — Available for Sale				Total Debt Securities
Maturing in one year or less	$	34,000	$	9,527,000	$	4,100,000	$	313,000	$	4,134,000	$	9,840,000
Maturing after one year through three years		2,215,000		9,070,000		18,874,000		22,325,000		21,089,000		31,395,000
Maturing after three years		—		—		6,114,000		2,202,000		6,114,000		2,202,000
Total debt securities	$	2,249,000	$	18,597,000	$	29,088,000	$	24,840,000	$	31,337,000	$	43,437,000