Fair Value Measurements

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following table presents the Company’s financial assets and financial liabilities that are measured and recognized at fair value on a recurring basis, classified under the appropriate level of fair value hierarchy, as of December 31, 2012 and 2011. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at December 31, 2012 or 2011.

		December 31, 2012
				Quoted Prices in Active		Significant Other			Significant
	Balance at			Markets for Identical Items		Observable Inputs		Unobservable Inputs
(In thousands)	December 31, 2012			(Level 1)		(Level 2)			(Level 3)
Liability for foreign currency
derivative financial instruments
(including forward contracts)		$	1	$	-	$	1		$	-
		December 31, 2011
				Quoted Prices in Active		Significant Other			Significant
	Balance at			Markets for Identical Items		Observable Inputs		Unobservable Inputs
(In thousands)	December 31, 2011			(Level 1)		(Level 2)			(Level 3)
Asset for foreign currency
derivative financial instruments
(including forward contracts)		$	16	$	-	$	16		$	-

Our foreign currency derivative financial instruments mitigate foreign exchange risks and include forward contracts.

The fair value of the Company’s debt is based on estimates using standard pricing models, using Level 2 inputs, that take into account the present value of future cash flows as of the balance sheet date.  The computation of the fair value of these instruments is generally performed by the Company.  The carrying amounts and estimated fair values of the Company’s long-term debt, including current maturities, are summarized below:

		December 31, 2012				December 31, 2011
		Carrying		Fair		Carrying		Fair
(In thousands)		Value		Value		Value		Value
	Long-term debt, including current portion	$	3,518	$	3,455	$	3,481	$	3,391
	Long-term debt – convertible debentures	-		-		1,450		1,436
		$	3,518	$	3,455	$	4,931	$	4,827

The carrying amounts reported in the balance sheets for cash and cash equivalents, trade receivables, payables and accrued liabilities, accrued income taxes and short-term borrowings approximate fair values due to the short term nature of these instruments, accordingly, these items have been excluded from the above table.