XML 54 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Fair Value Measurements
12 Months Ended
Dec. 31, 2014
Fair Value Measurements [Abstract]  
Fair Value Measurements
Note 4. Fair Value Measurements

The accounting standard for fair value measurements provides a framework for measuring fair value and expands disclosures about fair value measurements. The framework requires the valuation of investments using a three-tiered approach. The statement requires fair value measurement to be classified and disclosed in one of the following categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets and liabilities;

Level 2: Quoted prices in the markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

As of December 31, 2014 and 2013, we did not have any financial instruments with significant Level 3 inputs and we did not have any financial instruments that are measured at fair value on a recurring basis.

On May 16, 2012, 26.7% of the Senior Redeemable Preferred Stock (the "Senior Redeemable Preferred Stock") was redeemed for $2.0 million, on August 24, 2012, 36.0% of the Senior Redeemable Preferred Stock was redeemed for $2.0 million, and on June 14, 2013, 54.5% of the Senior Redeemable Preferred Stock was redeemed for $2.0 million (see Note 7 – Redeemable Preferred Stock).  As of December 31, 2014 and 2013, the carrying value of the Senior Redeemable Preferred Stock was $2.0 million and $1.9 million, respectively.  Since there have been no material modifications to the financial instruments, the estimated fair value of the Senior Redeemable Preferred Stock remains consistent with amounts recorded as of December 31, 2014.

As of December 31, 2014 and 2013, the carrying value of the Company's 12% Cumulative Exchangeable Redeemable Preferred Stock, par value $.01 per share (the "Public Preferred Stock") was $120.1 million and $116.3 million, respectively, and the estimated fair market value was $43.0 million and $48.9 million, respectively, based on quoted market prices.