Fair Value Measurements

9 Months Ended

Sep. 30, 2012

FAIR VALUE MEASUREMENTS

The Company’s money market funds and interest rate swaps are reported on the Company’s consolidated balance sheet at fair values based on market values from identical or comparable transactions. The fair value of the Company’s money market funds are based on quoted prices (Level 1) and observable inputs (Level 2) from comparable market transactions.The fair value of the Company's interest rate swaps are based on observable inputs (Level 2) from comparable market transactions. The following table reflects the Company's financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):



As of September 30, 2012	Fair Value Measurement Using							Total
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents—money market	$	5,017	$	18,827		$	—	$	23,844
Total Assets	$	5,017	$	18,827		$	—	$	23,844
Liabilities
Interest rate swap	$	—	$	(4,068	)	$	—	$	(4,068	)
Total Liabilities	$	—	$	(4,068	)	$	—	$	(4,068	)



As of December 31, 2011	Fair Value Measurement Using							Total
	Level 1		Level 2			Level 3		Total
Assets
Cash equivalents—money market	$	10,002	$	11,541		$	—	$	21,543
Total Assets	$	10,002	$	11,541		$	—	$	21,543
Liabilities
Interest rate swap	$	—	$	(5,024	)	$	—	$	(5,024	)
Total Liabilities	$	—	$	(5,024	)	$	—	$	(5,024	)

The fair value of the Company’s debt obligations, based on observable inputs (Level 2), was approximately $3.0 million more than the carrying value, which was $357.9 million at September 30, 2012. The fair value of the Company's debt obligations was determined by calculating the net present value of scheduled debt payments using market interest rates. As a result of lower market interest rates compared to the stated interest rates of the Company’s fixed and variable rate debt obligations, the fair value of the Company's debt obligation was larger than the carrying value of the debt.

The carrying amounts of accounts receivable and accounts payable approximate their fair value due to their short-term nature.

- 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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