Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instrument Detail [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the estimated fair values of our financial instruments as of the balance sheet dates:

	June 30, 2013				December 31, 2012
(Dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and short-term investments (Level 1)	$	50,451	$	50,451	$	80,062	$	80,062
Net derivative asset related to interest rate swaps (Level 2)	2,012		2,012		2,952		2,952
Long-term debt, including current installments on long-term debt (including fair value adjustments related to fair value hedges) (Level 2)	320,131		354,445		357,576		379,048

Fair Values of Derivative Instruments

The following table presents the gross fair values of derivative instruments on our Consolidated Condensed Balance Sheets as of the balance sheet dates:

(Dollars in thousands)	Balance Sheet Location	June 30, 2013		December 31, 2012
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets (non-current)	$	2,012	$	2,952
Total derivatives designated as hedging instruments		$	2,012	$	2,952

Effect of Derivatives on Consolidated Condensed Statements of Income

The following table details the effect of derivatives on the Consolidated Statements of Income for the quarters and six months ended June 30:

	Location of Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income
		Quarter Ended June 30,					Six Months Ended June 30,
(Dollars in thousands)		2013		2012			2013		2012
Derivatives designated in fair value hedging relationships:
Interest rate contracts
Realized gain on hedging instrument(1)	Interest expense	$	241	$	218		$	487	$	433
Net gain recognized in income from fair value hedges		$	241	$	218		$	487	$	433
Derivatives not designated as hedging instruments:
Lumber contracts
Unrealized loss on derivative	Cost of goods sold	$	—	$	(185	)	$	—	$	(480	)
Realized loss on derivative	Cost of goods sold	—		(748		)	—		(396		)
Net loss recognized in income from derivatives not designated as hedging instruments		$	—	$	(933	)	$	—	$	(876	)

⁽¹⁾  Realized gain on hedging instrument consists of net cash settlements and interest accruals on the interest rate swaps during the periods.