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Note 12 - Disclosures About Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Text Block]

Note 12.  Disclosures About Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value:

Class	Methods and/or Assumptions
Cash and cash equivalents:	Carrying value approximates fair value due to its readily convertible characteristic.
Certificate of Deposit:	Held until maturity and recorded at amortized cost.
Securities available-for-sale	Valued at fair value which equals quoted market price.

The estimated fair value of the Company's financial instruments at December 31, 2011 and 2010 are as follows.

(Presented in thousands)		2011								2010
		Carrying  Value				Fair Value				Carrying  Value				Fair Value
Financial Assets:
Cash and cash equivalents		$	4,125			$	4,125			$	5,182			$	5,182
Certificate of deposit – short term			496				496				240				240
Securities available-for-sale			--				--				776				784
Certificate of deposit – Long term			480				480				250				250
		$	5,101			$	5,101			$	6,448			$	6,456

Fair value measurements disclosure for securities available for sale follows:

						Fair Value Measurements at Reporting Date Using
Description		Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
2011
Securities available-for-sale		$	--			$	--			$	--			$	--
2010
Securities available-for-Sale (mutual funds)		$	783,772			$	783,772			$	--			$	--

X

- 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.

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