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Fair Value Measurement
9 Months Ended
Sep. 30, 2011
Fair Value Measurement [Abstract] 
Fair Value Measurement

Note 5 - Fair Value Measurement

The Company has determined that its marketable securities should be presented at their fair value. Fair value is 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.

Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories:

 

  •  

Level 1 - quoted prices in active markets for identical securities;

 

  •  

Level 2 - other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.; and

 

  •  

Level 3 - significant unobservable inputs, including our own assumptions in determining fair value.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Company has determined that its U.S. treasuries component of its marketable securities falls into the Level 1 category. The Company has also determined that its municipal bonds and corporate bonds components fall into the Level 2 category. We classify our municipal bonds as level 2 due to our use of fair value pricing provided by an independent third-party based on observable market prices in less active markets or quoted market prices for securities with similar credit characteristics and rates traded in an active market. There were no assets or liabilities where Level 3 valuation techniques were used and there were no assets and liabilities measured at fair value on a non-recurring basis.

Marketable securities consist of the following investments (in thousands):

 

     September 30, 2011      December 31, 2010         
     Cost      Gross
Unrealized
Gains
(Losses) 		    Recorded
Basis 		     Cost      Gross
Unrealized
Gains
(Losses) 		    Recorded
Basis 		     Fair
Value
Category 		 
                    
                    
                    

Current:

                   

Trading:

                   

Equity securities

    $ 0       $ 0      $ 0       $ 349       $ 21      $ 370         1   

Available-for-sale:

                   

Municipal bonds

      9,695         17        9,712         22,997         (32 )      22,965         2   

Corporate bonds

      16,231         (5 )      16,226         861         15        876         2   

Variable rate demand notes

      0         0        0         300         0        300         2   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     
   $ 25,926       $ 12      $ 25,938       $ 24,507       $ 4      $ 24,511      
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

Long term:

                   

Available-for-sale:

                   

Corporate bonds

    $ 9,497       $ (202 )    $ 9,295       $ 5,513       $ (39 )    $ 5,474         2   

Held-to-maturity:

                   

Corporate bonds

      454         0        454         447         0        447         2   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     
   $ 9,951       $ (202 )    $ 9,749       $ 5,960       $ (39 )    $ 5,921      
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

The Company's restricted marketable securities component of restricted marketable securities and workers' compensation deposits consists of the following (in thousands):

 

     September 30, 2011      December 31, 2010         
     Cost      Gross
Unrealized
Gains
(Losses) 		     Recorded
Basis 		     Cost      Gross
Unrealized
Gains
(Losses) 		     Recorded
Basis 		     Fair
Value
Category 		 

Available-for-sale:

                     

Municipal bonds

    $ 5,488       $ 25       $ 5,513       $ 5,147       $ 0       $ 5,147         2   

Corporate bonds

      45         0         45         323         0         323         2   

U.S. treasuries

      1,567         0         1,567         1,567         0         1,567         1   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     
   $ 7,100       $ 25       $ 7,125       $ 7,037       $ 0       $ 7,037