FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2011

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

4.    FAIR VALUE MEASUREMENTS

As of December 31, 2011 and 2010, the Company held certain financial assets that are measured at fair value on a recurring basis.  These consisted primarily of the Company's investments in a rabbi trust which are intended to fund the Company's SERP obligations.  These are categorized as available-for-sale securities, and are included as other assets in the accompanying consolidated balance sheet at December 31, 2011 and 2010.

During 2010, the Company purchased marketable equity securities at a purchase price of $1.2 million.  During 2011, the Company purchased additional marketable equity securities at a purchase price of $0.1 million and invested $5.0 million in a mutual fund categorized as a fixed income available-for-sale marketable security.  As of December 31, 2011 and December 31, 2010, these marketable securities had a combined fair value of $5.7 million and $1.7 million, respectively, and gross unrealized (losses) gains of ($0.3) million and $0.5 million, respectively.  Such unrealized (losses) gains are included, net of tax, in accumulated other comprehensive loss.  The fair value of the equity securities is determined based on quoted market prices in public markets and is categorized as Level 1.  The fair value of the fixed income securities is determined based on other observable inputs, and are therefore categorized as Level 2 in the table below.  The Company does not have any financial assets measured at fair value on a recurring basis categorized as Level 3, and there were no transfers in or out of Level 1, Level 2 or Level 3 during 2011 and 2010.  There were no changes to the Company's valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during 2011.

The following table sets forth by level, within the fair value hierarchy, the Company's financial assets accounted for at fair value on a recurring basis as of December 31, 2011 and 2010 (dollars in thousands).

			Assets at Fair Value Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2011
Available-for-sale securities:
Investments held in Rabbi Trust	$	5,786	$	5,786	$	-	$	-
Marketable securities:
Publicly-traded equity securities		727		727		-		-
Fixed income securities		5,004		-		5,004		-
Total	$	11,517	$	6,513	$	5,004	$	-
As of December 31, 2010
Available-for-sale securities:
Investments held in Rabbi Trust	$	5,924	$	5,924	$	-	$	-
Marketable securities:
Publicly-traded equity securities		1,706		1,706		-		-
Total	$	7,630	$	7,630	$	-	$	-

The Level 2 fixed income securities noted in the table above represent the Company's investment in a fund that consists of debt securities (bonds), primarily U.S. government securities, corporate bonds, asset-backed securities and mortgage-backed securities.  The value of the fund is determined based on quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data.

There were no financial assets accounted for at fair value on a nonrecurring basis as of December 31, 2011 or 2010.

The Company has other financial instruments, such as cash equivalents, accounts receivable, accounts payable and accrued expenses, which are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature.  The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of December 31, 2011.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis.  These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis.  At December 31, 2011, the Company determined that the fair value of its aggregated reporting units exceeded the respective carrying values, and concluded that no impairment of goodwill existed as of that date.  In addition, the Company determined that the fair value of its indefinite-lived intangible assets exceeded the book value at December 31, 2011 and concluded that no impairment existed as of that date.