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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2014, December 31, 2013 and March 31, 2013:
 
(in thousands)
March 31, 2014
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
25,821

 
$

 
$

 
$
25,821

Restricted cash
652

 

 

 
652

Commodity derivatives, net (a)
82,626

 
5,182

 

 
87,808

Convertible preferred securities (b)

 

 
20,530

 
20,530

Other assets and liabilities (c)
10,960

 
(951
)
 

 
10,009

Total
$
120,059

 
$
4,231

 
$
20,530

 
$
144,820

 
(in thousands)
December 31, 2013
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
97,751

 
$

 
$

 
$
97,751

Restricted cash
408

 

 

 
408

Commodity derivatives, net (a)
50,777

 
(49,810
)
 

 
967

Convertible preferred securities (b)

 

 
25,720

 
25,720

Other assets and liabilities (c)
10,143

 
(159
)
 

 
9,984

Total
$
159,079

 
$
(49,969
)
 
$
25,720

 
$
134,830

 

(in thousands)
March 31, 2013
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
49,202

 
$

 
$

 
$
49,202

Restricted cash
635

 

 

 
635

Commodity derivatives, net (a)
110,581

 
(5,066
)
 

 
105,515

Convertible preferred securities (b)

 

 
17,710

 
17,710

Other assets and liabilities (c)
8,861

 
(1,784
)
 

 
7,077

Total
$
169,279

 
$
(6,850
)
 
$
17,710

 
$
180,139

 
(a)
Includes associated cash posted/received as collateral
(b)
Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets
(c)
Included in other assets and liabilities are interest rate and foreign currency derivatives and swaptions (Level 2) and deferred compensation assets (Level 1)

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs
A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:
 
2014
 
2013
(in thousands)
Convertible
preferred
securities

Convertible
preferred
securities
Asset (liability) at December 31,
$
25,720

 
$
17,220

Unrealized gains included in other comprehensive income
(5,190
)
 
490

Asset at March 31,
$
20,530

 
$
17,710

Fair Value Inputs, Assets, Quantitative Information
The following table summarizes information about the Company's Level 3 fair value measurements as of March 31, 2014:
Quantitative Information about Level 3 Fair Value Measurements
 
 
 
 
 
 
 
Range
 
 
(in thousands)
Fair Value as of March 31, 2014
 
Valuation Method
 
Unobservable Input
 
Low
 
High
 
Weighted Average
Convertible Preferred Securities
$
20,530

 
Market Approach
 
EBITDA Multiples
 
7.50

 
8.00

 
7.75

 
 
 
Income Approach
 
Discount Rate
 
14.5
%
 
14.5
%
 
14.5
%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
(in thousands)
March 31,
2014

December 31,
2013
Fair value of long-term debt, including current maturities
$
400,495

 
$
429,723

Fair value in excess of carrying value
3,574

 
2,512