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FAIR VALUE
 12 Months Ended
Dec. 31, 2011
FAIR VALUE [Abstract]  
FAIR VALUE
C.           FAIR VALUE

We follow authoritative guidance regarding fair value measurements for all assets and liabilities measured at fair value.  That guidance establishes a fair value hierarchy that prioritizes the inputs the Company uses to measure fair value based on the significance level of the following inputs:

Level 1 - Unadjusted quoted prices are available in active markets for identical assets or liabilities.

Level 2 - Pricing inputs, other than quoted prices within Level 1, which are either directly or indirectly observable.

Level 3 - Pricing inputs that are unobservable, requiring the Company to use valuation methodologies that result in management's best estimate of fair value.

Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the nonfinancial assets and liabilities and their placement in the fair value hierarchy levels.  As of December 31, 2011, we held $166,000 of investments in marketable securities.  The fair value of our commodity risk management assets and other accrued liabilities are determined using a market approach based on several factors, including observable transactions for the same or similar commodity options using the NYMEX futures index, and are designated as Level 2 within the valuation hierarchy.   The fair value of our property held for sale is determined based on anticipated future cash flows, costs and comparables to the extent they are available, less estimated selling costs.  The fair values of our other accrued liabilities that are reflected on the balance sheet are detailed below.  Other accrued liabilities increased to $822,000 at December 31, 2011 as a net result of accretion of the liability and the commencement of payments from the retirement plan.  The other accrued liabilities are the long term portion of the executive retirement program.
 
 
   
(In thousands)
 
      
Fair Value Measurements at December 31, 2011 Using
 
   
December 31,
  
Quoted Prices in Active Markets for Identical Assets
  
Significant Other Observable Inputs
  
Significant Unobservable Inputs
 
Description
 
2011
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
              
Commodity risk management assets
 $3  $--  $3  $-- 
Available for sale securities
  166   166   --   -- 
Assets held for sale
  18,132   --   --   18,132 
                  
Total assets
 $18,301  $166  $3  $18,132 
                  
Commodity risk management liability
 $601  $--  $601  $-- 
Other accrued liabilities
  822   --   --   822 
                  
Total
 $1,423  $--  $601  $822 
                  
 
 
 
(In thousands)
     
Fair Value Measurements at December 31, 2010 Using
 
December 31
 
Quoted Prices in Active Markets for Identical Assets
Significant Other Observable Inputs
Significant Unobservable Inputs
Description
2010
 
(Level 1)
 
(Level 2)
 
(Level 3)
               
Available for sale securities
 $            1,364
 
 $             1,364
 
 $                --
 
 $                --
Assets held for sale
             20,979
 
                   --
 
                   --
 
              20,979
               
Total assets
 $          22,343
 
 $             1,364
 
 $                --
 
 $           20,979
               
Commodity risk management liability
 $            1,725
 
 $                --
 
 $             1,725
 
 $                --
Other accrued liabilities
                 762
 
                   --
 
                   --
 
                  762
               
Total
 $            2,487
 
 $                --
 
 $             1,725
 
 $               762
               
 
The following table summarizes the change in the fair value of our Level 3 Fair Value measurements for the year ended December 31, 2011.
 
   
Change in Level 3 Fair Value Measurements
 
   
December 31,
     
December 31,
 
Description
 
2010
   Revision of Value  
2011
 
           
Assets held for sale
 $20,979  $(2,847) $18,132 
              
   
December 31,
  
Additions and
  
December 31,
 
Description
  2010  
Payments
   2011 
              
Other accrued liabilities
 $762  $59  $821 
              
 
The following table summarizes, by major security type, the fair value and unrealized gain of our investments.  The unrealized gain is recorded on the consolidated balance sheet as other comprehensive income, a component of stockholders' equity.

   
(In thousands)
 
December 31, 2011
                  
   
Less Than 12 Months
  
12 Months or Greater
  
Total
 
      
Unrealized
     
Unrealized
     
Unrealized
 
Description of Securities
 
Fair Value
  
Gain
  
Fair Value
  
Gain
  
Fair Value
  
Gain
 
                    
Available for sale securities
 $166  $122  $--  $--  $166  $122 
                          
Total
 $166  $122  $--  $--  $166  $122 
                          
                          
December 31, 2010
                        
   
Less Than 12 Months
  
12 Months or Greater
  
Total
 
       
Unrealized
      
Unrealized
      
Unrealized
 
Description of Securities
 
Fair Value
  
Gain
  
Fair Value
  
Gain
  
Fair Value
  
Gain
 
                          
Available for sale securities
 $1,364  $1,003  $--  $--  $1,364  $1,003 
                          
Total
 $1,364  $1,003  $--  $--  $1,364  $1,003 
                          
 
 
Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and long-term debt.  The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value because of their immediate or short-term maturities.  The carrying value of our debt approximates its fair market value since interest rates have remained generally unchanged from the issuance of the debt.  The fair value and carrying value of our debt was $22.3 million as of December 31, 2011.