FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company's assets measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 were as follows (in thousands):



September 30, 2013
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2013
Assets:
Auction rate securities (i)	$	—	$	—	$	4,352	$	4,352
Derivative instruments (ii)	$	—	$	60	$	—	$	60
Marketable securities (iii)	$	11,787	$	—	$	—	$	11,787
Liabilities:
Derivative instruments (ii)	$	—	$	239	$	—	$	239



December 31, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2012
Assets:
Auction rate securities (i)	$	—	$	—	$	4,354	$	4,354
Derivative instruments (ii)	$	—	$	165	$	—	$	165
Marketable securities (iii)	$	11,778	$	—	$	—	$	11,778
Liabilities:
Derivative instruments (ii)	$	—	$	1,242	$	—	$	1,242

________________________________________________

(i)

The auction rate securities are classified as available-for-sale and the fair value of these securities was estimated utilizing a probability discounted cash flow analysis. As of September 30, 2013, all of the Company's auction rate securities continue to have AAA underlying ratings. The Company attributes the $0.3 million decline in the fair value of the securities from the original cost basis to external liquidity issues rather than credit issues. The Company assessed the decline in value to be temporary because it does not intend to sell and it is more likely than not that the Company will not have to sell the securities before their maturity. During the nine months ended September 30, 2013 and 2012, the Company recorded an unrealized pre-tax loss of less than $0.1 million and a pre-tax gain of $0.1 million, respectively, on its auction rate securities.


(ii)	The fair value of derivatives is recorded based on the present value of cash flows using a crude oil forward rate curve.


(iii)	The fair value of marketable securities is recorded based on quoted market prices and changes in fair value were included in other comprehensive income.

Changes in auction rate securities measured at fair value on a recurring basis

The following table presents the changes in the Company’s auction rate securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2013 and 2012 (in thousands):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013			2012
Balance at beginning of period	$	4,352	$	4,326	$	4,354		$	4,245
Unrealized (loss) gain included in other comprehensive income	—		—		(2		)	81
Balance at September 30,	$	4,352	$	4,326	$	4,352		$	4,326

Schedule of Derivative Instruments

The following table presents the fair value for those assets and liabilities measured at fair value as of September 30, 2013 (fair value amounts in thousands):



Financial Institution	Trade Date	Start Date	End Date	Barrels of oil per Month	Commodity	Floor		Cap		Upfront Costs	Fair Value as of September 30, 2013
Bank of America	2/7/2013	4/1/2014	4/30/2014	148,810	Brent	$	75.00	$	134.70	—	$	24
Bank of America	4/2/2013	6/1/2014	6/30/2014	148,810	Brent	75.00		130.00		—	21
Bank of America	9/11/2013	11/1/2014	11/28/2014	148,810	Brent	75.00		124.00		—	15
Total derivative instrument asset											$	60

JP Morgan	9/11/2012	11/1/2013	11/30/2013	148,810	Brent	$	75.00	$	137.50	—	$	3
JP Morgan	12/7/2012	2/1/2014	2/28/2014	148,810	Brent	75.00		124.70		—	33
JP Morgan	3/7/2013	5/1/2014	5/31/2014	148,810	Brent	75.00		125.75		—	10
JP Morgan	5/6/2013	7/1/2014	7/31/2014	148,810	Brent	75.00		122.00		—	37
JP Morgan	7/8/2013	9/1/2014	9/30/2014	148,810	Brent	75.00		120.75		—	39
Bank of America	8/3/2012	10/1/2013	10/31/2013	148,810	Brent	75.00		130.00		—	—
Bank of America	10/4/2012	12/1/2013	12/31/2013	148,810	Brent	75.00		127.50		—	14
Bank of America	11/9/2012	1/1/2014	1/31/2014	148,810	Brent	75.00		130.00		—	13
Bank of America	1/8/2013	3/1/2014	3/31/2014	148,810	Brent	75.00		129.00		—	10
Bank of America	6/10/2013	8/1/2014	8/29/2014	148,810	Brent	75.00		120.65		—	66
Bank of America	8/13/2013	10/1/2014	10/31/2014	148,810	Brent	75.00		122.60		—	14
Total derivative instrument liability											$	239

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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