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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2012
Fair Value Measurements [Abstract] |
Fair Value Measurements | Note 13 – FAIR VALUE MEASUREMENTS Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: Level 1. Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2. Inputs to the valuation methodology include the following:
· | Quoted prices for similar assets or liabilities in active markets;
· | Quoted prices for identical or similar assets or liabilities in inactive markets;
· | Inputs other than quoted prices that are observable for the asset or liability;
· | Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3. Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of June 30, 2012 and 2010. The majority of the Company's short-term investments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company's valuation of its Level 1 investments, which include money market funds and U.S. Treasuries, is based on quoted market prices in active markets for identical securities. The Company's valuation of its Level 2 investments, which include certificates of deposits, is based on other observable inputs, specifically a valuation model which utilized vendor pricing for similar securities. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of June 30, 2012 and 2011. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
|  | Assets at Fair Value as of June 30, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash held at brokerage firms |  | $ | 267,727 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 267,727 |
Money-market |  |  | 264,380 |  |  |  | 0 |  |  |  | 0 |  |  |  | 264,380 |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Growth |  |  | 6,849 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,849 |
Equity Income |  |  | 51,974 |  |  |  | 0 |  |  |  | 0 |  |  |  | 51,974 |
Bond |  |  | 12,582 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,581 |
Certificate of Deposits |  |  | 0 |  |  |  | 280,621 |  |  |  | 0 |  |  |  | 280,621 |
Stocks |  |  | 700,835 |  |  |  | 0 |  |  |  | 0 |  |  |  | 700,835 |
Options related to stocks |  |  | (6,760 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (6,760 | )
Corporate Bonds |  |  | 0 |  |  |  | 1,101,754 |  |  |  | 0 |  |  |  | 1,101,754 |
Total investment assets at fair value |  | $ | 1,297,587 |  |  | $ | 1,382,375 |  |  | $ | 0 |  |  | $ | 2,679,961 |
|  | Assets at Fair Value as of June 30, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash held at brokerage firms |  | $ | 669,277 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 669,277 |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Growth and Income |  |  | 45,345 |  |  |  | 0 |  |  |  | 0 |  |  |  | 45,345 |
Equity Income |  |  | 16,971 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,971 |
Bond |  |  | 53,271 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53,271 |
Certificate of Deposits |  |  | 0 |  |  |  | 233,400 |  |  |  | 0 |  |  |  | 233,400 |
Stocks |  |  | 377,006 |  |  |  | 0 |  |  |  | 0 |  |  |  | 377,006 |
Options related to stocks |  |  | (277 | ) |  |  | 0 |  |  |  | 0 |  |  |  | (277 | )
Corporate Bonds |  |  | 0 |  |  |  | 679,878 |  |  |  | 0 |  |  |  | 679,878 |
Total investment assets at fair value |  | $ | 1,161,593 |  |  | $ | 913,278 |  |  | $ | 0 |  |  | $ | 2,074,871 |
The Company's financial assets and liabilities also include cash, accounts receivable, other receivables, accounts payable, and notes payable, for which carrying value approximates fair value. All such assets are valued using level 2 inputs.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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