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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Schedule of money market funds measured at fair value on a recurring basis
The following tables present the Company’s money market funds measured at fair value on a recurring basis as of  June 30, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 
 
JUNE 30, 2012
 
 
 
 
FAIR VALUE
 
 
CARRYING VALUE
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
Assets:
 
 
 
 
 
 
 
 
Money market funds - cash equivalents
 
$
208

 
$
208

 
$
—

 
$
—

Money market funds - restricted cash
 
23,084

 
23,084

 
—

 
—

Total recurring fair value measurements
 
$
23,292

 
$
23,292

 
$
—

 
$
—



 
 
DECEMBER 31, 2011
 
 
 
 
FAIR VALUE
 
 
CARRYING VALUE
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
Assets:
 
 
 
 
 
 
 
 
Money market funds - cash equivalents
 
$
30,208

 
$
30,208

 
$
—

 
$
—

Money market funds - restricted cash
 
7,499

 
7,499

 
—

 
—

Total recurring fair value measurements
 
$
37,707

 
$
37,707

 
$
—

 
$
—
Schedule of losses related to long lived assets held and used
The following tables present losses related to the Company’s assets and liabilities that were measured at fair value on a nonrecurring basis during the three and six months ended June 30, 2012 aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 
 
JUNE 30, 2012
 
 
 
 
 
 
REMAINING FAIR VALUE
 
THREE MONTHS ENDED
JUNE 30, 2012
 
 
CARRYING VALUE
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
 
TOTAL
LOSSES
Long-lived assets held and used
 
$
2,075

 
$
—

 
$
—

 
$
2,075

 
$
4,654


 
 
JUNE 30, 2012
 
 
 
 
 
 
REMAINING FAIR VALUE
 
SIX MONTHS ENDED
JUNE 30, 2012
 
 
CARRYING VALUE
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
 
TOTAL
LOSSES
Long-lived assets held and used
 
$
2,933

 
$
—

 
$
650

 
$
2,283

 
$
9,088
Schedule of quantitative information related to unobservable inputs used in Level 3 fair value measurements for impairment of loss
The following table presents quantitative information related to the unobservable inputs used in the Company’s Level 3 fair value measurements for the impairment loss incurred in the six months ended June 30, 2012:
UNOBSERVABLE INPUT
 
RANGE
Weighted-average costs of capital (1)
 
10.4% - 11.2%
Long-term growth rate
 
3.0%
Annual revenue growth rates (2)
 
(8.7)% - 4.3%
________________
(1)
Weighted average of the costs of capital unobservable input range for the six months ended June 30, 2012 was 10.9%.
(2)
Weighted average of the annual revenue growth rate unobservable input range for the six months ended June 30, 2012 was 2.6%.
Schedule of carrying value and fair value of senior secured credit facilities and senior notes
The following table includes the carrying value and fair value of the Company’s financial instruments (excluding cash equivalents and restricted cash shown in the table above) at June 30, 2012 aggregated by the level in the fair value hierarchy in which those measurements fall (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
JUNE 30, 2012
 
 
 
 
FAIR VALUE
 
 
CARRYING VALUE
 
LEVEL 1
 
LEVEL 2
 
LEVEL 3
Senior secured term loan facility (1)
 
$
1,007,850

 
$
—

 
$
990,213

 
$
—

Mortgage loan (2)
 
323,530

 
—

 
—

 
323,530

First mezzanine loan (2)
 
87,465

 
—

 
—

 
87,465

Second mezzanine loan (2)
 
87,520

 
—

 
—

 
87,520

Senior notes (1)
 
248,075

 
—

 
254,897

 
—

Other notes payable (1)
 
9,213

 
—

 
—

 
8,585

Guaranteed debt (1)
 
24,500

 
—

 
—

 
22,790


_______________
(1)
Represents obligations of OSI.
(2)
Represents obligations of New PRP.
The following table includes the carrying value and fair value of OSI’s senior secured credit facilities and senior notes at December 31, 2011 (in thousands):

 
DECEMBER 31, 2011
 
CARRYING VALUE
 
FAIR VALUE
Senior secured term loan facility
$
1,014,400

 
$
953,536

Senior secured pre-funded revolving credit facility
33,000

 
31,020

Senior notes
248,075

 
254,277