Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on recurring basis

	Fair Value at December 31, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Short term investments	$	999	$	999	$	—	$	—
Marketable securities	27,065		27,065		—		—
Other derivative instruments, net	943		—		943		—
	$	29,007	$	28,064	$	943	$	—
Liabilities:
Royalty obligation embedded derivative	$	145,098	$	—	$	145,098	$	—
Put and call options	9,299		—		9,299		—
	$	154,397	$	—	$	154,397	$	—

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):

	Fair Value at March 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Short term investments	$	1,498	$	1,498	$	—	$	—
Marketable equity securities	23,498		23,498		—		—
	$	24,996	$	24,996	$	—	$	—
Liabilities:
Royalty obligation embedded derivative	$	121,564	$	—	$	121,564	$	—
Put and call options	4,532		—		4,532		—
Other derivative instruments, net	1,225		—		1,225		—
	$	127,321	$	—	$	127,321	$	—

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value at March 31, 2013 and December 31, 2012 are set forth below (in thousands):

	Fair Value at March 31, 2013
	Total		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes	$	5,394	$	5,394	$	—	$	—
7.875% Senior Notes due 2021	$	300,000	$	—	$	300,000	$	—
Palmarejo Gold Production Royalty Obligation	$	85,290	$	—	$	85,290	$	—

	Fair Value at December 31, 2012
	Total		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes	$	48,220	$	48,220	$	—	$	—
Palmarejo Gold Production Royalty Obligation	$	90,617	$	—	$	90,617	$	—