Fair Values of Financial and Nonfinancial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Values of Financial and Nonfinancial Instruments

Fair value measurement methods and values for financial instruments measured on a recurring basis

	FAIR VALUE
(in thousands)	HIERARCHY	JUNE 30, 2012			DECEMBER 31, 2011
Marketable securities, available-for-sale
U.S. Treasury securities	Level 1	$	7,175		$	1,555
Obligations of U.S. and local government agencies	Levels 1 and 2	141,327			146,820
Corporate debt securities issued under
U.S. government/agency-backed programs	Level 2	1,503			1,456
Corporate debt securities	Level 2	76,622			125,666
Asset-backed securities	Level 2	37,512			45,744
Time deposits	Level 2	45,471			25,500
Short-term pooled investments	Levels 1 and 2	1,028			275
Mortgage loans held-for-sale	Level 2	62,307			82,351
Mortgage interest rate lock commitments	Level 3	5,424			3,359
Forward-delivery contracts	Level 2	(1,049		)	(1,235		)

Reconciliation of changes in the fair values of Level 3 items

(in thousands)	2012			2011
Fair value at January 1	$	3,359		$	1,496
Additions	12,092			8,448
Gain realized on conversion to loans	(9,812		)	(6,453		)
Change in valuation of items held	(215		)	(224		)
Fair value at June 30	$	5,424		$	3,267

Summary of the fair value measurements of the entity's nonfinancial assets measured on a nonrecurring basis

	FAIR VALUE
(in thousands)	HIERARCHY	JUNE 30, 2012		DECEMBER 31, 2011
Housing inventory and inventory held-for-sale 1	Level 3	$	2,074	$	9,121
Other assets held-for-sale and investments in joint ventures 2	Level 3	1,300		2,366
Total		$	3,374	$	11,487

1

In accordance with ASC No. 330, (“ASC 330”), “Inventory,” the fair values of housing inventory and inventory held-for-sale that were impaired during 2012 totaled $2.1 million at June 30, 2012. The impairment charges related to these assets totaled $1.9 million for the six months ended June 30, 2012. At December 31, 2011, the fair values of housing inventory and inventory held-for-sale that were impaired during 2011 totaled $9.1 million. The impairment charges related to these assets totaled $9.5 million for the year ended December 31, 2011.

2

In accordance with ASC 330, the fair values of other assets held-for-sale that were impaired during 2011 totaled $973,000 at December 31, 2011. The impairment charges related to these assets totaled $35,000 for the year ended December 31, 2011. In accordance with ASC 330, the fair values of investments in joint ventures that were impaired during 2012 totaled $1.3 million at June 30, 2012. The impairment charges related to these assets totaled $20,000 for the six months ended June 30, 2012. At December 31, 2011, the fair values of investments in joint ventures that were impaired during 2011 totaled $1.4 million. The impairment charges related to these assets totaled $2.0 million for the year ended December 31, 2011.