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Fair Value Measurements
 9 Months Ended
Sep. 30, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
7)       Fair Value Measurements

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 - Quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
·
Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs or significant value drivers are observable.
 
·
Level 3 - Significant inputs to the valuation model are unobservable.
 
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 September 30, 2012, we held $156,000 of investments in marketable securities.  We determine our estimate of the fair value of derivate instruments using a market approach based on several factors, including quoted prices in active markets, and quotes from third parties.
 
The following table summarizes, by major security type, the fair value and any unrealized gain of our available for sale securities.  The unrealized gain is recorded on the condensed consolidated balance sheets as other comprehensive income, a component of shareholders' equity.

 
(In thousands)
 
 
 
 
 
Fair Value Measurements at September 30, 2012 Using
 
 
September 30,
 
 
Quoted Prices in
Active Markets
 for Identical
 Assets
 
 
Significant Other
 Observable Inputs
 
 
Significant
 Unobservable
Inputs
 
Description
 
2012
 
 
(Level 1)
 
 
(Level 2)
 
 
(Level 3)
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity risk management assets
 
$
635
 
 
$
--
 
 
$
635
 
 
$
--
 
Available for sale securities
 
 
156
 
 
 
156
 
 
 
--
 
 
 
--
 
Assets held for sale
 
 
18,713
 
 
 
--
 
 
 
--
 
 
 
18,713
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
19,504
 
 
$
156
 
 
$
635
 
 
$
18,713
 

The following table summarizes the change in the fair value of our Level 3 Fair Value measurements for the nine months ended September 30, 2012.
 
 
Change in Level 3 Fair Value Measurements
 
 
(In thousands)
 
Description
 
December 31,
2011
 
 
Scheduled
Depreciation
 
 
Revision of Value
 
September 30,
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets held for sale
 
 
 
 
 
 
 
 
 
 
 
 
    Remington Village
 
$
18,132
 
 
$
--
 
 
$
(1,896
)
 
$
16,236
 
    Corporate aircraft and facilities
 
 
4,468
 
 
 
(235
)
 
 
(1,756
)
 
 
2,477
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
22,600
 
 
$
(235
)
 
$
(3,652
)
 
$
18,713
 


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 $18.1 million as of September 30, 2012.