Fair Value Measurement

9 Months Ended

Sep. 30, 2013

Note 6 - Fair Value Measurement

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


	September 30, 2013							December 31, 2012
	Cost		Gross Unrealized Losses			Recorded Basis		Cost		Gross Unrealized Gains		Recorded Basis		Fair Value Category
Current:
Available-for-sale:
Certificate of deposits	$	6,860	$	(9	)	$	6,851	$	0	$	0	$	0		2
Municipal bonds		5		0			5		409		1		410		2
Corporate bonds		256		(4	)		252		14,764		16		14,780		2
US treasuries		0		0			0		1,555		3		1,558		1

	$	7,121	$	(13	)	$	7,108	$	16,728	$	20	$	16,748

Long term:
Available-for-sale:
Municipal bonds	$	4,290	$	(12	)	$	4,278	$	292	$	1	$	293		2
Corporate bonds		1,613		(15	)		1,598		9,111		28		9,139		2
Held-to-maturity:
Corporate bonds		0		0			0		467		0		467		2

	$	5,903	$	(27	)	$	5,876	$	9,870	$	29	$	9,899

The Company’s current restricted certificates of deposit are summarized as follows (in thousands):


	September 30, 2013						December 31, 2012
	Cost		Gross Unrealized Gains		Recorded Basis		Cost		Gross Unrealized Gains		Recorded Basis
Restricted certificates of deposit	$	63,944	$	0	$	63,944	$	0	$	0	$	0	2

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



	September 30, 2013						December 31, 2012
	Cost		Gross Unrealized Gains		Recorded Basis		Cost		Gross Unrealized Gains		Recorded Basis		Fair Value Category
Available-for-sale:
Municipal bonds	$	4,855	$	8	$	4,863	$	4,920	$	17	$	4,937		2
Corporate bonds		2,685		6		2,691		2,035		5		2,040		2
U.S. treasuries		2,472		0		2,472		1,780		0		1,780		1

	$	10,012	$	14	$	10,026	$	8,735	$	22	$	8,757

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details