Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, December 31, 2014 and June 30, 2014:



(in thousands)	June 30, 2015
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Cash equivalents	$	8,943		$	—		$	—	$	8,943
Restricted cash	941			—			—		941
Commodity derivatives, net (a)	(6,960		)	5,011			—		(1,949		)
Convertible preferred securities (b)	—			—			13,300		13,300
Other assets and liabilities (c)	11,531			(2,565		)	—		8,966
Total	$	14,455		$	2,446		$	13,300	$	30,201



(in thousands)	December 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	269	$	—		$	—	$	269
Restricted cash	429		—			—		429
Commodity derivatives, net (a)	72,868		(46,983		)	—		25,885
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	10,869		(2,666		)	—		8,203
Total	$	84,435	$	(49,649	)	$	13,300	$	48,086



(in thousands)	June 30, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	13,364	$	—		$	—	$	13,364
Restricted cash	895		—			—		895
Commodity derivatives, net (a)	111,184		(42,021		)	—		69,163
Convertible preferred securities (b)	—		—			16,950		16,950
Other assets and liabilities (c)	10,662		(1,863		)	—		8,799
Total	$	136,105	$	(43,884	)	$	16,950	$	109,171


(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 deferred compensation assets (Level 1) and interest rate derivatives (Level 2)

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:



(in thousands)	2015		2014
	Convertible Preferred Securities		Convertible Preferred Securities
Asset at January 1,	$	13,300	$	25,720
Unrealized gains (losses) included in other comprehensive income	—		(5,190		)
Asset at March 31,	$	13,300	$	20,530
Unrealized gains (losses) included in other comprehensive income	—		(3,580		)
Asset at June 30,	$	13,300	$	16,950

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2015, December 31, 2014 and June 30, 2014:



Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of June 30, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	6.15
			Income Approach	Discount Rate	14.5	%



(in thousands)	Fair Value as of December 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	7.00
			Income Approach	Discount Rate	14.5	%



(in thousands)	Fair Value as of June 30, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	16,950	Market Approach	EBITDA Multiples	7.75
			Income Approach	Discount Rate	14.5	%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows



(in thousands)	June 30, 2015		December 31, 2014		June 30, 2014
Fair value of long-term debt, including current maturities	$	448,298	$	382,139	$	394,670
Fair value in excess of carrying value	3,831		7,086		5,063