FAIR VALUE

12 Months Ended

Dec. 31, 2013

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, 2013, we held $69,000 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 in Note H.  Other accrued liabilities decreased to $741,000 at December 31, 2013 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, 2013 Using
	December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	2013		(Level 1)		(Level 2)		(Level 3)
Commodity risk management assets	$	14	$	--	$	14	$	--
Available for sale securities		69		69		--		--
Total assets	$	83	$	69	$	14	$	--
Commodity risk management liability	$	280	$	--	$	280	$	--
Other accrued liabilities 1		741		--		--		741
Total liabilities	$	1,021	$	--	$	280	$	741
1 Other accrued liabilities is the company's liability for its 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 1		771		--		--		771
Total liabilities	$	771	$	--	$	--	$	771
1 Other accrued liabilities is the company's liability for its executive retirement program

The following table summarizes the change in the fair value of our Level 3 Fair Value measurements for the year ended December 31, 2013.

	Change in Level 3 Fair Value Measurements
	(In thousands)
	December 31,		Sale of					December 31,
Description	2012		Assets			Revision of Value		2013
Assets held for sale
Remington Village	$	15,167	$	(15,167	)	$	--	$	--
Corporate aircraft and facilities		1,884		(1,884	)		--		--
Total	$	17,051	$	(17,051	)	$	--	$	--
	December 31,		Additions and					December 31,
Description		2012	Payments			Revision of Value			2013
Other accrued liabilities	$	771	$	(30	)	$	--	$	741

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, 2013
			Unrealized
Description of Securities	Cost		Gain		Fair Value
Available for sale securities	$	24	$	45	$	69
Total	$	24	$	45	$	69
	December 31, 2012
			Unrealized
Description of Securities	Cost		Gain		Fair Value
Available for sale securities	$	24	$	159	$	183
Total	$	24	$	159	$	183

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 unchanged from the issuance of the debt.  The fair value and carrying value of our debt was $9.0 million as of December 31, 2013.