| Assets and liabilities measured at fair value on a recurring basis |
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2012, December 31, 2011 and June 30, 2011: | | | | | | | | | | | | | | | | | (in thousands) | June 30, 2012 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 104 |
| | $ | — |
| | $ | — |
| | $ | 104 |
| Restricted cash | 5,644 |
| | — |
| | — |
| | 5,644 |
| Commodity derivatives, net | 48,558 |
| | 48,078 |
| | — |
| | 96,636 |
| Convertible preferred securities (b) | — |
| | — |
| | 17,350 |
| | 17,350 |
| Other assets and liabilities (a) | 7,182 |
| | (2,022 | ) | | — |
| | 5,160 |
| Total | $ | 61,488 |
| | $ | 46,056 |
| | $ | 17,350 |
| | $ | 124,894 |
|
| | | | | | | | | | | | | | | | | (in thousands) | December 31, 2011 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 183 |
| | $ | — |
| | $ | — |
| | $ | 183 |
| Restricted cash | 18,651 |
| | — |
| | — |
| | 18,651 |
| Commodity derivatives, net | 43,503 |
| | 22,876 |
| | 2,467 |
| | 68,846 |
| Convertible preferred securities (b) | — |
| | — |
| | 20,360 |
| | 20,360 |
| Other assets and liabilities (a) | 6,224 |
| | — |
| | (2,178 | ) | | 4,046 |
| Total | $ | 68,561 |
| | $ | 22,876 |
| | $ | 20,649 |
| | $ | 112,086 |
|
| | | | | | | | | | | | | | | | | (in thousands) | June 30, 2011 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 182 |
| | $ | — |
| | $ | — |
| | $ | 182 |
| Restricted cash | 12,572 |
| | — |
| | — |
| | 12,572 |
| Commodity derivatives, net | 89,769 |
| | 71,296 |
| | 8,794 |
| | 169,859 |
| Convertible preferred securities (b) | — |
| | — |
| | 15,790 |
| | 15,790 |
| Other assets and liabilities (a) | 6,345 |
| | — |
| | (1,883 | ) | | 4,462 |
| Total | $ | 108,868 |
| | $ | 71,296 |
| | $ | 22,701 |
| | $ | 202,865 |
|
| | (a) | Included in other assets and liabilities is interest rate and foreign currency derivatives, swaptions and deferred compensation assets. |
| | (b) | Recorded in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets |
|
| Beginning and ending balances for the Company's fair value measurements using Level 3 inputs |
A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | 2012 |
| 2011 | (in thousands) | Interest rate derivatives and swaptions |
| Convertible preferred securities |
| Commodity derivatives, net |
| Interest rate derivatives and swaptions |
| Convertible preferred securities |
| Commodity derivatives, net | Asset (liability) at December 31, | $ | (2,178 | ) | | $ | 20,360 |
| | $ | 2,467 |
| | $ | (2,156 | ) | | $ | 15,790 |
| | $ | 12,406 |
| Gains (losses) included in earnings: |
| |
| |
| |
| |
| |
| New contracts | — |
| | — |
| | — |
| | — |
| | — |
| | 442 |
| Change in market prices | — |
| | — |
| | — |
| | (2 | ) | | — |
| | 1,877 |
| Settled contracts | — |
| | — |
| | — |
| | — |
| | — |
| | (2,242 | ) | Unrealized gains (losses) included in other comprehensive income | — |
| | — |
| | — |
| | 149 |
| | — |
| | — |
| New contracts entered into | — |
| | — |
| | — |
| | 507 |
| | — |
| | — |
| Transfers to level 2 | 2,178 |
| | — |
| | (2,467 | ) | | — |
| | — |
| | — |
| Transfers from level 2 | — |
| | — |
| | — |
| | — |
| | — |
| | 2,500 |
| Asset (liability) at March 31, | $ | — |
| | $ | 20,360 |
| | $ | — |
| | $ | (1,502 | ) | | $ | 15,790 |
| | $ | 14,983 |
| Gains (losses) included in earnings: |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| New contracts | — |
| | — |
| | — |
| |
|
| | — |
| | (290 | ) | Change in market prices | — |
| | — |
| | — |
| | (310 | ) | | — |
| | (5,179 | ) | Settled contracts | — |
| | — |
| | — |
| |
|
| | — |
| | (929 | ) | Unrealized gains (losses) included in other comprehensive income | — |
| | (3,010 | ) | | — |
| | (120 | ) | | — |
| | — |
| New contracts entered into | — |
| | — |
| | — |
| | 49 |
| | — |
| | — |
| Transfers to level 2 | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Transfers from level 2 | — |
| | — |
| | — |
| | — |
| | — |
| | 209 |
| Asset (liability) at June 30, | $ | — |
| | $ | 17,350 |
| | $ | — |
| | $ | (1,883 | ) | | $ | 15,790 |
| | $ | 8,794 |
|
|