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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Assumptions for Determining the Fair Value of Derivatives Using a Monte Carlo Simulation

The fair value of the warrants was determined using a Monte Carlo simulation based on the following assumptions:



	June 24, 2013		December 31, 2012
Strike Price (NOK)	11.50		11.50
Target Price (NOK)	23.00		23.00
Stock Value (NOK)	15.00		13.00
Expected Volatility (%)	40.0	%	50.0	%
Risk-Free Interest Rate (%)	1.42	%	1.44	%
Expected Life of Warrants (5 years at inception)	2.6		3.1
Number of Warrants	5,000,000		5,000,000

Assets Measured at Fair Value on a Recurring Basis

The following table represents the Company’s derivative asset measured at fair value on a recurring basis as of December 31, 2012:



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Asset or Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Warrants - as of December 31, 2012	$	3,964	$	—	$	3,964	$	—

Assets Measured at Fair Value on a Non-Recurring Basis

The following table represents the Company’s assets measured at fair value on a non-recurring basis for which an impairment measurement was made as of June 30, 2013:



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Asset or Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gain (Loss)
	(in thousands)
Assets Held for Sale	$	98,802	$	—	$	98,802	$	—	$	(44,370	)

The following table represents the Company’s assets measured at fair value on a non-recurring basis for which an impairment measurement was made as of June 30, 2012:



	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Asset or Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gain (Loss)
	(in thousands)
Property and Equipment, Net	$	1,500	$	—	$	—	$	1,500	$	(42,916	)

Carrying Value and Fair Value of the Company's Long-Term Debt Instruments

The following table provides the carrying value and fair value of the Company’s long-term debt instruments:



	June 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in millions)
7.125% Senior Secured Notes, due April 2017	$	300.0	$	316.9	$	300.0	$	317.1
10.5% Senior Notes, due October 2017	295.0		319.3		294.5		326.6
10.25% Senior Notes, due April 2019	200.0		216.8		200.0		219.6
3.375% Convertible Senior Notes, due June 2038	7.0		7.0		67.1		68.5
7.375% Senior Notes, due April 2018	3.5		3.3		3.5		3.3

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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