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8. FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2012
Fair Value Measurements Tables  
FAIR VALUE MEASUREMENTS

The table below summarizes the estimated fair values of certain of our financial liabilities that are subject to fair value measurements, and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):

 

     As of September 30, 2012  
    Level 1     Level 2     Level 3     Total  
Accounts payable, accrued expenses and other:                                
Interest Rate Swaps   $ –     $ 827     $ –     $ 827  
                                 
      As of December 31, 2011  
      Level 1       Level 2       Level 3       Total  
Accounts payable, accrued expenses and other:                                
Interest Rate Swaps   $ –     $ 5,064     $ –     $ 5,064  

 

The estimated fair value of these swaps, which are discussed in Note 5, was determined using Level 2 inputs.  More specifically, the fair value was determined by calculating the value of the difference between the fixed interest rate of the interest rate swaps and the counterparty’s forward LIBOR curve.  The forward LIBOR curve is readily available in the public markets or can be derived from information available in the public markets.

 

The table below summarizes the estimated fair value and carrying amount of our long-term debt as follows (in thousands):

 

    As of September 30, 2012  
    Level 1     Level 2     Level 3     Total Fair
Value		     Total
Carrying
Value		  
Senior Secured Term Loan   $ –     $ 277,875     $ –     $ 277,875     $ 277,875  
Senior Notes     –       201,500       –       201,500       200,000  
                                         
      As of December 31, 2011  
      Level 1       Level 2       Level 3       Total       Total
Carrying
Value		  
Senior Secured Term Loan   $ –     $ 264,600     $ –     $ 264,600     $ 280,000  
Senior Notes     –       180,000       –       180,000       200,000