Fair Value Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 12 – Fair Value Measurements

The Company values its company-owned life insurance policies, various deferred compensation assets and liabilities, acquisition-related consideration and an obligation related to a non-competition agreement at fair value. The Company's assets and liabilities subject to fair value measurement are as follows (in thousands):

				Fair Value Measurements at September 30, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		September 30, 2013		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,795	$	0	$	1,795	$	0
Company-owned life insurance - Deferred compensation assets			396		0		396		0
Other deferred compensation assets
	Large capitalization registered investment companies		67		67		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		12		12		0		0
	International developed and emerging markets registered investment
companies			37		37		0		0
	Fixed income registered investment companies		8		8		0		0
Total		$	2,321	$	130	$	2,191	$	0

				Fair Value Measurements at September 30, 2013
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		September 30, 2013		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	369	$	369	$	0	$	0
	Mid capitalization registered investment companies		102		102		0		0
	Small capitalization registered investment companies		87		87		0		0
	International developed and emerging markets registered investment
companies			193		193		0		0
	Fixed income registered investment companies		44		44		0		0
	Fixed general account		165		0		165		0
Acquisition-related consideration			5,921		0		0		5,921
Total		$	6,881	$	795	$	165	$	5,921

				Fair Value Measurements at December 31, 2012
		Fair Value		Using Fair Value Hierarchy
		as of
Assets		December 31, 2012		Level 1		Level 2		Level 3
Company-owned life insurance		$	1,653	$	0	$	1,653	$	0
Company-owned life insurance - Deferred compensation assets			437		0		437		0
Other deferred compensation assets
	Large capitalization registered investment companies		62		62		0		0
	Mid capitalization registered investment companies		6		6		0		0
	Small capitalization registered investment companies		9		9		0		0
	International developed and emerging markets registered investment
companies			37		37		0		0
	Fixed income registered investment companies		8		8		0		0
Total		$	2,212	$	122	$	2,090	$	0

				Fair Value Measurements at December 31, 2012
		Fair Value		Using Fair Value Hierarchy
		as of
Liabilities		December 31, 2012		Level 1		Level 2		Level 3
Deferred compensation liabilities
	Large capitalization registered investment companies	$	336	$	336	$	0	$	0
	Mid capitalization registered investment companies		88		88		0		0
	Small capitalization registered investment companies		72		72		0		0
	International developed and emerging markets registered investment
companies			187		187		0		0
	Fixed income registered investment companies		48		48		0		0
	Fixed general account		173		0		173		0
Acquisition-related consideration			4,901		0		0		4,901
Total		$	5,805	$	731	$	173	$	4,901

The fair values of Company-owned life insurance (“COLI”) and COLI deferred compensation assets are based on quotes for like instruments with similar credit ratings and terms. The fair values of other deferred compensation assets and liabilities are based on quoted prices in active markets.The fair value of the Summitearnout is based on unobservable inputs and is classified as Level 3. Significant inputs and assumptions are management's estimate of the probability of the earnout ultimately being met/paid and the discount rate used to present value the liability. The fair value of the obligation related to a non-competition agreement is also based on unobservable inputs and is classified as Level 3. The significant inputs and assumptions for the obligation related to the non-competition agreement is management's estimate of the discount rate used to present value the liability. Significant changes in any Level 3 assumption in isolation would result in increases or decreases to the fair value measurements for the earnout and the obligation related to the non-competition agreement.

Changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2013were as follows:

				Non-competition
		Summit		Agreement
		Earnout		Obligation		Total
Balance at December 31, 2012		$	4,497	$	404	$	4,901
	Interest accretion		512		21		533
	Change in fair value estimate		675		0		675
	Payments		0		(188)		(188)
Balance at September 30, 2013		$	5,684	$	237	$	5,921

During the first quarter of 2013, the Summit earnout liability became current and was reclassified from other non-current liabilities to other current liabilities on the Company's Condensed Consolidated Balance Sheet, as the Company expects to settle the obligation within the next year.

Quantitative information about the Company's Level 3 fair value measurements at September 30, 2013were as follows:

	Fair value at September 30, 2013	Valuation technique	Unobservable input	Input value
Summit earnout	5,684	Discounted cash flow	Discount rate	14.5%
Non-competition agreement obligation	237	Discounted cash flow	Discount rate	14.0%

The fair value of the Summitearnout is based on the weighted average probability of the outcome of different payout scenarios. As ofSeptember 30, 2013, the probabilities applied to the payout scenarios ranged from 15% to 70%, depending on the Company's estimate of the likelihood of each payout scenario. During the second quarter of 2013, the Company updated the fair value of the Summitearnout, which resulted in other expense and an increase to the liability ofapproximately $675.