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FAIR VALUE
 12 Months Ended
Dec. 31, 2012
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, 2012, we held $183,000 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 decreased to $771,000 at December 31, 2012 as a net result of a full year of payments from the retirement and the accretion of the liability. The other accrued liabilities are the long term portion of the executive retirement program.
 
 
   
(In thousands)
 
      
Fair Value Measurements at December 31, 2012 Using
 
   
December 31,
  
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
 $472  $--  $472  $-- 
Available for sale securities
  183   183   --   -- 
Assets held for sale
  17,051   --   --   17,051 
                  
Total assets
 $17,706  $183  $472  $17,051 
                  
Commodity risk management liability
 $--  $--  $--  $-- 
Other accrued liabilities
  771   --   --   771 
                  
Total
 $771  $--  $--  $771 
                  
 
 
   
(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 
                  
 
The following table summarizes the change in the fair value of our Level 3 Fair Value measurements for the year ended December 31, 2012.
 
   
Change in Level 3 Fair Value Measurements
    
   
(In thousands)
 
   
December 31,
  
Scheduled
     
December 31,
 
Description
 
2011
  
Depreciation
  
Revision of Value
  
2012
 
              
Assets held for sale
            
Remington Village
 $18,132  $--  $(2,965) $15,167 
Corporate aircraft and facilities
  4,468   (235)  (2,349)  1,884 
                  
Total
 $22,600  $(235) $(5,314) $17,051 
                  
   
December 31,
  
Additions and
  
December 31
     
Description
  2011  
Payments
   2012     
                  
Other accrued liabilities
 $821  $(50) $771     
                  

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, 2012
                  
   
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
 $183  $159  $--  $--  $183  $159 
                          
Total
 $183  $159  $--  $--  $183  $159 
                          
                          
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 
                          
 
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 $19.8 million as of December 31, 2012.