FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Schedule of financial instruments and the methods and assumptions used in estimating fair value disclosures

	December 31		December 31
	2012		2011
	(in thousands)
Cash and cash equivalents
Cash deposits(1)	$	48,293	$	98,258
Variable rate demand notes(1)(2)	29,807		29,735
Money market funds(3)	12,602		13,302
	$	90,702	$	141,295
Short-term investments
Certificates of deposit(1)	$	29,054	$	33,960
Restricted cash equivalents and short-term investments(4)
Cash deposits(1)	$	5,901	$	11,842
Money market funds(3)	–		5,375
Certificates of deposit(1)	3,757		35,476
	$	9,658	$	52,693

(1) Recorded at cost plus accrued interest, which approximates fair value.

(2) Amounts may be redeemed on a daily basis with the original issuer.

(3) Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets measured at fair value within this Note).

(4) Amounts restricted for use are subject to change based on the requirements of the Company’s collateralized facilities (see Note H).

Schedule of financial instruments disclosed at fair value

	December 31				December 31
	2012				2011
	(in thousands)
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Term loan(1)	$	95,000	$	95,000	$	–	$	–
Notes payable(2)	37,756		37,904		26,751		26,904
	$	132,756	$	132,904	$	26,751	$	26,904

(1)	The Term Loan, which was entered into on June 15, 2012, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy presented in the fair value measurements accounting policy within Note B).
(2)	Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy).

Schedule of financial assets measured at fair value on a recurring basis

	2012		2011
	(in thousands)
Money market funds(1)	$	12,602	$	18,677
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)	3,035		3,614
	$	15,637	$	22,291

(1)

Included in cash equivalents and restricted cash equivalents.

(2)

Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Quoted market prices are used to determine fair values of the investments which are included in other long-term assets, with a corresponding liability reported within other long-term liabilities.