NOTE 3—IMPAIRMENT OF PROPERTY AND EQUIPMENT

The Company recorded impairment charges of $3,489, $8,188, and $17,814, for the years ended December 31, 2011, 2010, and 2009, respectively. Of the impairment charges recorded for the year ended December 31, 2010, $7,699 related to property and equipment, with the remaining impairment pertaining to the write-off of intangible assets as discussed further in Note 5—Goodwill and Other Intangibles. These fair value estimates are considered Level 3 estimates. The estimated aggregate fair value of the long-lived assets impaired during the years ended December 31, 2011 and 2010 was approximately $5,576 and $5,579, respectively.


	Year ended December 31,
	2011		2010		2009
Continuing Operations:
Theatre properties	$	2,684	$	6,555	$	16,595
Equipment		805		1,144		959

Impairment of long-lived assets	$	3,489	$	7,699	$	17,554

Discontinued Operations:
Theatre properties	$	—	$	—	$	260
Equipment		—		—		—

Impairment of long-lived assets	$	—	$	—	$	260

For 2011, impairment charges were primarily the result of (1) deterioration in the full-year operating results resulting in $2,086 in impairment charges using valuation inputs as of the date of the impairment analysis; (2) continued deterioration in the full year operating results of certain theatres impaired in prior years resulting in $703 in impairment charges using valuation inputs as of the date of the impairment analysis; and (3) a decline in the market value of a previously closed theatre, resulting in a charge of $700.

For 2010, impairment charges related to fixed assets were primarily the result of (1) deterioration in the full-year operating results of certain theatres resulting in $4,718 in impairment charges using valuation inputs as of the date of the impairment analysis; (2) continued deterioration in the full year operating results of certain theatres impaired in prior years resulting in $1,891 in impairment charges using valuation inputs as of the date of the impairment analysis; and (3) a decrease in the fair market value of equipment at previously impaired theatres, resulting in a charge of $1,091.

For 2009, impairment charges were primarily the result of (1) deterioration in the full-year operating results of 22 theatres, resulting in $16,216 in impairment charges using valuation inputs as of November 30, 2009; (2) the decline in fair market value of one owned theatre, resulting in $379 in impairment charges using valuation inputs as of December 31, 2009; (3) a decrease in the net realizable value of excess 35 millimeter projectors, resulting in a charge of $762; and (4) excess seat and equipment inventory from our theatre closures, resulting in a charge of $197.