Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

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:

	December 31, 2011				December 31, 2010
		Fair		Carrying		Fair		Carrying
		Value		Value		Value		Value
Senior Notes due 2016	$	319,500	$	293,561	$	335,712	$	292,487
Senior Notes due 2019		280,500		300,000		-		-
Convertible Notes		4,925		4,746		225,975		214,049
	$	604,925	$	598,307	$	561,687	$	506,536

Assets and Liabilities Measured at Fair Value on Recurring Basis

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

	As of December 31, 2011
	Fair Value			Fair Value Measurement Classification
Description	Measurement			Level 1			Level 2			Level 3
Assets:
Commodity derivative assets - current	$	18,987		$	-		$	18,987		$	-
Commodity derivative assets - noncurrent		-			-			-			-
Long-term investments - Rabbi Trust		3,088			3,088			-			-

Liabilities:
Commodity derivative liabilities - current		(3,549	)		-			(3,549	)		-
Commodity derivative liabilities - noncurrent		(6,850	)		-			(6,850	)		-
Deferred compensation - noncurrent		(3,168	)		(3,168	)		-			-
Totals	$	8,508		$	(80	)	$	8,588		$	-

	As of December 31, 2010
	Fair Value			Fair Value Measurement Classification
Description	Measurement			Level 1			Level 2			Level 3
Assets:
Commodity derivative assets - current	$	15,075		$	-		$	15,075		$	-
Commodity derivative assets - noncurrent		3,042			-			3,042			-
Interest rate swap assets - current		1,743			-			1,743			-
Interest rate swap assets - noncurrent		847			-			847			-
Long-term investments - Rabbi Trust		6,440			6,440			-			-

Liabilities:
Commodity derivative liabilities - current		(388	)		-			(388	)		-
Deferred compensation - noncurrent		(6,948	)		(6,948	)		-			-
Totals	$	19,811		$	(508	)	$	20,319		$	-

- 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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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details