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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2011
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS

ASC 820 Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as:
 
Level 1 – Quoted prices in active markets for identical instruments;
Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands):
 
December 31, 2011
 
December 31, 2010
 
Total
 
Level 1
 
Levels 2&3
 
Total
 
Level 1
 
Levels 2&3
Investment in Titan Europe Plc
$
28,998

 
$
28,998

 
$
—

 
$
22,693

 
$
22,693

 
$
—

Investments for contractual obligations
12,395

 
12,395

 
—

 
11,168

 
11,168

 
—

Total
$
41,393

 
$
41,393

 
$
—

 
$
33,861

 
$
33,861

 
$
—