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Fair Value Measurements
9 Months Ended
Sep. 30, 2013
Fair Value Measurements  
Fair Value Measurements

Note 2 — Fair Value Measurements

 

The Company does not report any assets or liabilities at fair value in the financial statements.  However, the estimated fair value of the Company’s short-term investments, which consist of commercial deposits in money market funds, was $5,033,000 and $5,027,000 at September 30, 2013 and December 31, 2012, respectively.  These short-term investments are considered Level 1 measurements in the fair value valuation hierarchy.  The fair value of the Company’s long-term debt is estimated by management to approximate the carrying value of $15,367,000 and $16,231,000 at September 30, 2013 and December 31, 2012, respectively.  Management’s estimates are based on periodic comparisons of the characteristics of the Company’s obligations, including floating interest rate, credit rating, maturity and collateral, to current market conditions as stated by an independent third-party financial institution.  Such valuation inputs are considered a Level 2 measurement in the fair value valuation hierarchy.

 

There were no transfers among Level 1, Level 2 or Level 3 assets or liabilities during the first nine months in 2013 or 2012.