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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS

Accounting standards for fair value measurements establish 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):
 
March 31, 2013
 
December 31, 2012
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Contractual obligation investments
$
7,289


$
7,289


$
—


$
—

 
$
7,408

 
$
7,408

 
$
—

 
$
—

Interest rate swap
961

 
—

 
961

 
—

 
1,048

 
—

 
1,048

 
—

Preferred stock
250

 
—

 
—

 
250

 
250

 
—

 
—

 
250

Derivative financial instruments liability
(6,011
)
 
—

 
(6,011
)
 
—

 
(7,376
)
 
—

 
(7,376
)
 
—

Total
$
2,489

 
$
7,289

 
$
(5,050
)
 
$
250

 
$
1,330

 
$
7,408

 
$
(6,328
)
 
$
250




The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):
 
Preferred stock
Balance at December 31, 2012
$
250

  Total realized and unrealized gains and losses
—

Balance as of March 31, 2013
$
250