Note 8 - Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Text Block]

Fair Value Disclosures [Text Block]

(8)           FAIR VALUE MEASUREMENTS

Each asset and liability required to be carried at fair value is classified under one of the following criteria:

Level 1: Quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs that are not corroborated by market data

Financial Instruments

At December 31, 2012, we had open fair value hedges associated with firm contractual commitments for future vessel payments denominated in a foreign currency. These forward contracts are designated as fair value hedges and are highly effective. We recognize the fair value of our derivative asset as a Level 2 valuation. The fair value at June 30, 2013 was $0.5 million. We determined the fair value based on the contractual rate in each forward agreement and compared the contractual rate to the forward rate as provided by our counterparty as of June 30, 2013.

The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of June 30, 2013, and indicates the fair value hierarchy we utilized to determine such fair value (in millions).

	Level 1		Level 2		Level 3		Total
Fair Value of Derivative	$	-	$	0.5	$	-	$	0.5

The following table presents information about our assets (liabilities) measured at fair value on a recurring basis as of December 31, 2012, and indicates the fair value hierarchy we utilized to determine such fair value (in millions).

	Level 1		Level 2		Level 3		Total
Fair Value of Derivative	$	-	$	0.6	$	-	$	0.6
Asset Held For Sale	$	-	$	0.7	$	-	$	0.7