Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

Our financial instruments consist primarily of cash and cash equivalents, restricted investment, accounts receivable, accounts payable, producer payables, accrued expenses, long-term debt, and interest rate swap contracts. The carrying values of our cash and cash equivalents, restricted investment, accounts receivable, accounts payable, producer payables, and accrued expenses approximate fair value due to the short maturity of these instruments. The fair value of our long-term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying amount of our long-term debt (less the revolving credit facility of $4,600) as of December 31, 2011 and 2010 was $259,617 and $190,441, respectively. Using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration and risk profile, we have determined the fair value of our debt to be approximately $261,972 and $199,000as of December 31, 2011 and 2010, respectively. In determining the market interest yield curve, we considered our credit rating.

However, considerable judgment is required in interpreting market data to develop estimates of fair value. The fair value estimate presented herein is not necessarily indicative of the amount that we or the debt holders could realize in a current market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair value.

The fair value of interest rate swaps is based on forward-looking interest rate curves, as provided by the counter-party, adjusted for our credit risk. Fair value of the liability for contingent consideration related to business combinations is estimated using discounted forecasted revenues.

As of December 31, 2011, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	5,627	$	—	$	—
Restricted investment (included in other assets)	538		—		—
Total assets	$	6,165	$	—	$	—
Liabilities
Liability for contingent consideration	$	—	$	—	$	105
	$	—	$	—	$	105

As of December 31, 2010, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	2,275	$	—	$	—
Restricted investment (included in other assets)	538		—		—
Total assets	$	2,813	$	—	$	—
Liabilities
Liability for contingent consideration	$	—	$	—	$	1,000
	$	—	$	—	$	1,000

The following table presents our liability for contingent payments on acquisition measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

Description	2011			2010
Balance at the beginning of the year	$	1,000		$	—
Payments made	(895		)	—
Business acquired	—			1,000
Balance at the end of the year	$	105		$	1,000

The following table presents our asset measured at fair value on a non-recurring basis:

	For the Year Ended December 31, 2011						For the Year Ended December 31, 2011
Description	Fair Value		Level 3		Impairment Charge		Fair Value		Level 3		Impairment Charge
Asset
Investment (included in other assets)	—		—		561		561		561		561
Total	$	—	$	—	$	561	$	561	$	561	$	561

During 2011, we determined that the impairment on this investment was other-than-temporary based upon its future cash flow analysis and recorded a non-cash impairment charge of $561, which is recorded in other expense, net in the consolidated statements of operations. The impairment resulted in a reduction of the investment balance to $0.

During 2010, the investment was measured for impairment and resulted in a non-cash impairment charge of $561, which is recorded in other expense, net in the consolidated statements of operations. The impairment was primarily due to a significant decline at that time in revenues from 2008 to 2010. We utilized the then current and forecasted financial information, including multiple measures of revenue, net income, and EBITDA, in the determination of the impairment.