Fair Value Measurement:

9 Months Ended

Sep. 30, 2011

Fair Value Measurement:

The Company’s investment securities, which are carried at fair value and are considered available-for-sale, consist principally of certificates of deposit, corporate bonds and tax-exempt state and municipal government debt. The Company has $5.1 million of its investment securities as Level 1 assets, which are certificates of deposit with quoted prices in active markets. The Company has $47.1 million of its investment securities as Level 2 assets, which are pre-refunded municipal securities, non-pre-refunded municipal securities and corporate bonds and have observable market based inputs such as quoted prices, interest rates and yield curves.

The following table provides the assets and liabilities carried at fair value measured on a recurring basis.



	Fair value measurements at September 30, 2011 using
	Total carrying value at September 30, 2011		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Available for sale securities	$	52,153	$	5,079	$	47,074	$	—
	$	52,153	$	5,079	$	47,074	$	—



	Fair value measurements at December 31, 2010 using
	Total carrying value at December 31, 2010		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Available for sale securities	$	14,507	$	2,820	$	11,687	$	—
	$	14,507	$	2,820	$	11,687	$	—

The Company had no Level 3 investments for the three and nine months ended September 30, 2011. The following table presents the change in the fair values for Level 3 items for the three and nine months ended September 30, 2010:

Level 3 changes in fair value (pre-tax):



	Three months ended September 30, 2010			Nine months ended September 30, 2010
Beginning balance	$	750		$	900
Transfer into Level 3	—			—
Sales	(750		)	(900		)
Unrealized holding loss, included in other comprehensive income	—			—
Ending balance	$	—		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details