FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2011

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

13 FAIR VALUE OF FINANCIAL INSTRUMENTS

        For those financial instruments for which it is practicable to estimate a fair value, the following methods and assumptions were used. For cash equivalents, accounts receivable and accounts payable, the carrying amount approximates the fair value because of the short-term maturity of the instruments. The fair value of the Company's long-term debt was estimated at $625,202 and $536,623 as of December 31, 2011 and 2010, respectively, using the published quoted market price, if available, or the discounted cash flow analysis, based on the current rates available to the Company for debt of similar maturities and credit risk. The carrying value of the long-term debt was $481,632 and $479,181 as of December 31, 2011 and 2010, respectively. The fair value of advances for construction contracts was estimated at $69,952 as of December 31, 2011, and $75,602 as of December 31, 2010, based on broker quotes. The carrying value of the advances for construction contracts was $187,278 and $186,899 as of December 31, 2011 and 2010, respectively.