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Fair Value Measurements and Marketable Securities | 9 Months Ended
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Sep. 30, 2012
Fair Value Measurements and Marketable Securities | Note 3 – Fair Value Measurements and Marketable Securities We, in accordance with U.S. GAAP, define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Effective January 1, 2008, we elected the fair value option for certain of our marketable securities purchased since such adoption. Management initially elected the fair value option for certain of our marketable securities because it views such investment securities as highly liquid and available to be drawn upon for working capital purposes making them similar to cash and cash equivalents. Accordingly, for such investments, we record net unrealized gain or loss in the other income (loss) - investment and interest caption in our consolidated statements of comprehensive income. We have not elected the fair value option for marketable securities acquired after December 31, 2009. Although these assets continue to be highly liquid and available, we do not believe these assets are representative of our operating activities. These assets are representative of our investing activities, and they will be available for future needs of the Company to support its current and projected growth. Certain of our assets and liabilities are reported at fair value in the accompanying balance sheets. Such assets and liabilities include cash and cash equivalents, marketable securities, accounts and notes receivable, accounts payable, income taxes payable and other accrued expenses. The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of September 30, 2012 and December 31, 2011.
|  | Carrying Amount |  |  | Total Fair Value |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | Fair Value Measurements |
Financial Assets: |  | As of September 30, 2012 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 21,354,000 |  |  | $ | 21,354,000 |  |  | $ | — |  |  | $ | 21,354,000 |  |  | $ | — |
Equity securities - Deferred comp fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  | $ | 3,456,000 |  |  | $ | 3,456,000 |  |  | $ | — |  |  | $ | 3,456,000 |  |  | $ | — |
Large Cap Value |  |  | 3,344,000 |  |  |  | 3,344,000 |  |  |  | 3,344,000 |  |  |  | — |  |  |  | — |
Large Cap Growth |  |  | 2,682,000 |  |  |  | 2,682,000 |  |  |  | 2,682,000 |  |  |  | — |  |  |  | — |
Fixed income |  |  | 1,903,000 |  |  |  | 1,903,000 |  |  |  | 1,903,000 |  |  |  | — |  |  |  | — |
Small Cap Value |  |  | 1,484,000 |  |  |  | 1,484,000 |  |  |  | 1,484,000 |  |  |  | — |  |  |  | — |
Balanced and Lifestyle |  |  | 1,223,000 |  |  |  | 1,223,000 |  |  |  | 1,223,000 |  |  |  | — |  |  |  | — |
Speciality |  |  | 947,000 |  |  |  | 947,000 |  |  |  | 947,000 |  |  |  | — |  |  |  | — |
Large Cap Blend |  |  | 843,000 |  |  |  | 843,000 |  |  |  | 843,000 |  |  |  | — |  |  |  | — |
International |  |  | 735,000 |  |  |  | 735,000 |  |  |  | 735,000 |  |  |  | — |  |  |  | — |
Mid Cap Growth |  |  | 358,000 |  |  |  | 358,000 |  |  |  | 358,000 |  |  |  | — |  |  |  | — |
Small Cap Growth |  |  | 70,000 |  |  |  | 70,000 |  |  |  | 70,000 |  |  |  | — |  |  |  | — |
Mid Cap Value |  |  | 68,000 |  |  |  | 68,000 |  |  |  | 68,000 |  |  |  | — |  |  |  | — |
Equity securities - Deferred comp fund |  | $ | 17,113,000 |  |  | $ | 17,113,000 |  |  | $ | 13,657,000 |  |  | $ | 3,456,000 |  |  | $ | — |
|  | As of December 31, 2011 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 31,337,000 |  |  | $ | 31,337,000 |  |  | $ | — |  |  | $ | 31,337,000 |  |  | $ | — |
Equity securities - Deferred comp fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market |  | $ | 3,029,000 |  |  | $ | 3,029,000 |  |  | $ | — |  |  | $ | 3,029,000 |  |  | $ | — |
Large Cap Value |  |  | 2,716,000 |  |  |  | 2,716,000 |  |  |  | 2,716,000 |  |  |  | — |  |  |  | — |
Large Cap Growth |  |  | 2,184,000 |  |  |  | 2,184,000 |  |  |  | 2,184,000 |  |  |  | — |  |  |  | — |
Small Cap Value |  |  | 1,244,000 |  |  |  | 1,244,000 |  |  |  | 1,244,000 |  |  |  | — |  |  |  | — |
Fixed Income |  |  | 1,429,000 |  |  |  | 1,429,000 |  |  |  | 1,429,000 |  |  |  | — |  |  |  | — |
Specialty |  |  | 832,000 |  |  |  | 832,000 |  |  |  | 832,000 |  |  |  | — |  |  |  | — |
Balanced and Lifestyle |  |  | 814,000 |  |  |  | 814,000 |  |  |  | 814,000 |  |  |  | — |  |  |  | — |
International |  |  | 562,000 |  |  |  | 562,000 |  |  |  | 562,000 |  |  |  | — |  |  |  | — |
Large Cap Blend |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | — |  |  |  | — |
Mid Cap Growth |  |  | 363,000 |  |  |  | 363,000 |  |  |  | 363,000 |  |  |  | — |  |  |  | — |
Mid Cap Value |  |  | 54,000 |  |  |  | 54,000 |  |  |  | 54,000 |  |  |  | — |  |  |  | — |
Small Cap Growth |  |  | 53,000 |  |  |  | 53,000 |  |  |  | 53,000 |  |  |  | — |  |  |  | — |
Equity securities - Deferred comp fund |  | $ | 13,780,000 |  |  | $ | 13,780,000 |  |  | $ | 10,751,000 |  |  | $ | 3,029,000 |  |  | $ | — |
The fair value of the municipal bonds is measured using pricing service data from an external provider. The fair value of equity investments in the funded deferred compensation plan are valued (Level 1) based on quoted market prices. The money market fund in the funded deferred compensation plan is valued (Level 2) at the net asset value (“NAV”) of the shares held by the plan at the end of the period. As a practical expedient, fair value of our money market fund is valued at the NAV as determined by the custodian of the fund. The money market fund includes short-term United States dollar denominated money-market instruments. The money market fund can be redeemed at its NAV on its measurement date as there are no significant restrictions on the ability of participants to sell this investment. For the nine month period ended September 30, 2012, the other income (loss) - investment and interest caption on our consolidated statements of comprehensive income includes unrealized losses from marketable securities of $82,000 for investments recorded under the fair value option. There were no gains or losses for the three month period ended September 30, 2012 as there were no investments recorded under the fair value option. For the three and nine month periods ended September 30, 2011, the other income (loss) - investment and interest caption on our consolidated statements of income includes unrealized losses from marketable securities of $125,000 and $377,000, respectively, for investments recorded under the fair value option.
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Other-than- temporary Impairments |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds - available for sale |  | $ | 21,070,000 |  |  | $ | 284,000 |  |  | $ | — |  |  | $ | 21,354,000 |  |  | $ | — |
Total debt securities |  | $ | 21,070,000 |  |  | $ | 284,000 |  |  | $ | — |  |  | $ | 21,354,000 |  |  | $ | — |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 2,167,000 |  |  | $ | 82,000 |  |  | $ | — |  |  | $ | 2,249,000 |  |  | $ | — |
Municipal bonds - available for sale |  |  | 28,745,000 |  |  |  | 352,000 |  |  |  | (9,000 | ) |  |  | 29,088,000 |  |  |  | — |
Total debt securities |  | $ | 30,912,000 |  |  | $ | 434,000 |  |  | $ | (9,000 | ) |  | $ | 31,337,000 |  |  | $ | — |
For the three and nine month periods ended September 30, 2012, we received total proceeds of $1,100,000 and $15,971,000 respectively, from sales of available for sale municipal bonds. There were no realized gains from the sale of available for sale municipal bonds for the three month period ended September 30, 2012. The sales of available for sale municipal bonds for the nine months ended September 30, 2012 resulted in realized gains of $224,000 recorded in other income (loss), investment and interest caption on our statement of comprehensive income. The basis for the sale of these securities was a specific identification of each bond sold during this period. For the three and nine month periods ended September 30, 2011, we received total proceeds of $3,134,000 and $5,760,000 respectively, from sales of available for sale municipal bonds. These sales resulted in realized gains of $48,000 and $50,000 recorded in other income (loss), investment and interest caption on our statement of comprehensive income for the three and nine month periods ended September 30, 2011, respectively. The basis for the sale of these securities was a specific identification of each bond sold during this period. Set forth below are contractual maturities of total debt securities held at September 30, 2012 and December 31, 2011.
|  | As of September 30, 2012 |
Contractual maturity: |  | Municipal Bonds |  |  | Municipal Bonds - Available for Sale |  |  | Total Debt Securities |
Maturing in one year or less |  | $ | — |  |  | $ | 4,381,000 |  |  | $ | 4,381,000 |
Maturing after one year through three years |  |  | — |  |  |  | 11,094,000 |  |  |  | 11,094,000 |
Maturing after three years |  |  | — |  |  |  | 5,879,000 |  |  |  | 5,879,000 |
Total debt securities |  | $ | — |  |  | $ | 21,354,000 |  |  | $ | 21,354,000 |
|  | As of December 31, 2011 |
Contractual maturity: |  | Municipal Bonds |  |  | Municipal Bonds - Available for Sale |  |  | Total Debt Securities |
Maturing in one year or less |  | $ | 34,000 |  |  | $ | 4,100,000 |  |  | $ | 4,134,000 |
Maturing after one year through three years |  |  | 2,215,000 |  |  |  | 18,874,000 |  |  |  | 21,089,000 |
Maturing after three years |  |  | — |  |  |  | 6,114,000 |  |  |  | 6,114,000 |
Total debt securities |  | $ | 2,249,000 |  |  | $ | 29,088,000 |  |  | $ | 31,337,000 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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