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Fair Values of Assets and Liabilities
 12 Months Ended
Dec. 31, 2013
Fair Values of Assets and Liabilities  
Fair Values of Assets and Liabilities

7. Fair Values of Assets and Liabilities

         Our assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with FASB ASC Topic 820. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels.

         Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

         Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets.

         Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

         The table below presents the assets measured at fair value at December 31, 2013 and 2012 categorized by the level of inputs used in the valuation of each asset.

 
   As of December 31, 2013   As of December 31, 2012  
Description
  Total   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  

Cash equivalents(1)

   $ 14,866   $ 14,866   $ —   $ —   $ 22,149   $ 22,149   $ —   $ —  

Available for sale securities:(2)

                                                  

Equity securities

                                                  

Financial services industry

     3,668     3,668     —     —     6,025     6,025     —     —  

REIT industry

     704     704     —     —     484     484     —     —  

Other

     3,875     3,875     —     —     775     775     —     —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total equity securities

     8,247     8,247     —     —     7,284     7,284     —     —  

Debt securities

                                                  

International bond fund(3)

     2,329     —     2,329     —     2,345     —     2,345     —  

High yield fund(4)

     2,309     —     2,309     —     2,168     —     2,168     —  

Industrial bonds

     5,234     —     5,234     —     5,186     —     5,186     —  

Government bonds

     7,075     4,558     2,517     —     4,666     4,666     —     —  

Financial bonds

     1,154     —     1,154     —     982     —     982     —  

Other

     4,706     —     4,706     —     869     —     869     —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total debt securities

     22,807     4,558     18,249     —     16,216     4,666     11,550     —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total available for sale securities

     31,054     12,805     18,249     —     23,500     11,950     11,550     —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 45,920   $ 27,671   $ 18,249   $ —   $ 45,649   $ 34,099   $ 11,550   $ —  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   
(1)
Cash equivalents, consisting of money market funds held principally for obligations arising from our self-insurance programs.

(2)
Investments in available for sale securities are reported on our balance sheet as current and long term investments in available for sale securities and are reported at fair value of $19,150 and $11,905, respectively, at December 31, 2013 and $12,920 and $10,580, respectively, at December 31, 2012. Our investments in available for sale securities had amortized costs of $29,127 and $21,720 as of December 31, 2013 and 2012, respectively, had unrealized gains of $2,185 and $2,050 as of December 31, 2013 and 2012, respectively, and had unrealized losses of $257 and $270 as of December 31, 2013 and 2012, respectively. At December 31, 2013, 36 of the securities we hold, with a fair value of $7,392, have been in a loss position for less than 12 months and none of the securities we hold have been in a loss position for greater than 12 months. We do not believe these securities are impaired primarily because they have not been in a loss position for an extended period of time, the financial conditions of the issuers of these securities remain strong with solid fundamentals, we intend to hold these securities until recovery and other factors that support our conclusion that the loss is temporary. During the years ended December 31, 2013 and 2012, we received gross proceeds of $6,285 and $4,163, respectively, in connection with the sales of available for sale securities and recorded gross realized gains totaling $329 and $63, respectively, and gross realized losses totaling $334 and $82, respectively.

(3)
The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund's investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of U.S. dollar investment grade fixed income securities. There are no unfunded commitments and the investment can be redeemed weekly.

(4)
The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund's investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of primarily fixed income securities issued by companies with below investment grade ratings. There are no unfunded commitments and the investment can be redeemed weekly.

         During the year ended December 31, 2013, we did not change the type of inputs used to determine the fair value of any of our assets and liabilities that we measure at fair value. Accordingly, there were no transfers of assets or liabilities between levels of the fair value hierarchy during the year ended December 31, 2013.

         The carrying values of accounts receivable and accounts payable approximate fair value as of December 31, 2013 and 2012. The carrying value and fair value of the Notes were $24,872 and $24,623, respectively, as of December 31, 2012 and were categorized in Level 2 of the fair value hierarchy in their entirety. We estimated the fair value of the Notes using an average of the bid and ask price of our then outstanding Notes. The carrying value and fair value of our mortgage notes payable were $37,620 and $41,113, respectively, as of December 31, 2013 and $46,260 and $53,115, respectively, as of December 31, 2012 and are categorized in Level 3 of the fair value hierarchy in their entirety. We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date. Because these Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. We measured the fair value of our equity investment in AIC, an Indiana insurance company that we owned at December 31, 2013 in equal proportion with each of the other seven shareholders of that company (see Note 14), categorized in Level 2 of the fair hierarchy in its entirety, by considering, among other things, the individual assets and liabilities held by AIC, AIC's overall financial condition and earning trends, and the financial condition and prospects for the insurance industry generally.