Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Summary of Long-Term Debt with Fixed Interest Rates

The following table summarizes the fair value of our long-term debt with fixed interest rates, which is estimated based on the published market prices for these debt obligations as of the dates presented:



	September 30, 2012				December 31, 2011
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Notes due 2016	$	311,250	$	294,447	$	319,500	$	293,561
Senior Notes due 2019	279,000		300,000		280,500		300,000
Convertible Notes	4,915		4,884		4,925		4,746
	$	595,165	$	599,331	$	604,925	$	598,307

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the fair values of those assets and liabilities as of the dates presented:



	As of September 30, 2012
	Fair Value Measurement			Fair Value Measurement Classification
Description	Fair Value Measurement			Level 1			Level 2			Level 3
Assets:
Commodity derivative assets - current	$	11,252		$	—		$	11,252		$	—
Commodity derivative assets - noncurrent	6,892			—			6,892			—
Assets of SERP	3,200			3,200			—			—
Liabilities:
Commodity derivative liabilities - current	(817		)	—			(817		)	—
Commodity derivative liabilities - noncurrent	(1,677		)	—			(1,677		)	—
Deferred compensation - SERP obligation and other	(3,296		)	(3,296		)	—			—
	$	15,554		$	(96	)	$	15,650		$	—



	As of December 31, 2011
	Fair Value Measurement			Fair Value Measurement Classification
Description	Fair Value Measurement			Level 1			Level 2			Level 3
Assets:
Commodity derivative assets – current	$	18,987		$	—		$	18,987		$	—
Assets of SERP	3,088			3,088			—			—
Liabilities:
Commodity derivative liabilities - current	(3,549		)	—			(3,549		)	—
Commodity derivative liabilities - noncurrent	(6,850		)	—			(6,850		)	—
Deferred compensation - SERP obligation and other	(3,168		)	(3,168		)	—			—
	$	8,508		$	(80	)	$	8,588		$	—

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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