Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements (Tables) [Abstract]

Assets and liabilities measured at fair value on a recurring basis


(in thousands)			June 30, 2011
Assets (liabilities)	Level 1		Level 2		Level 3			Total

Cash equivalents	$	182	$	—	$	—		$	182
Commodity derivatives, net		89,769		71,296		8,794			169,859
Convertible preferred securities (b)		—		—		15,790			15,790
Other assets and liabilities (a)		18,917		—		(1,883	)		17,034

Total	$	108,868	$	71,296	$	22,701		$	202,865


(in thousands)			December 31, 2010
Assets (liabilities)	Level 1		Level 2		Level 3			Total

Cash equivalents	$	213	$	—	$	—		$	213
Commodity derivatives, net		61,559		129,723		12,406			203,688
Convertible preferred securities (b)		—		—		15,790			15,790
Other assets and liabilities (a)		17,983		—		(2,156	)		15,827

Total	$	79,755	$	129,723	$	26,040		$	235,518


(in thousands)				June 30, 2010
Assets (liabilities)	Level 1			Level 2			Level 3			Total

Cash equivalents	$	173,797		$	—		$	—		$	173,797
Commodity derivatives, net		(20,240	)		(23,140	)		7			(43,373	)
Convertible preferred securities (b)		—			—			13,100			13,100
Other assets and liabilities (a)		8,586			—			(2,277	)		6,309

Total	$	162,143		$	(23,140	)	$	10,830		$	149,833

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs


	June 30, 2011								June 30, 2010
	Interest rate			Convertible								Convertible
	derivatives and			preferred		Commodity			Interest rate			preferred		Commodity
(in thousands)	swaptions			securities		derivatives, net			derivatives			securities		derivatives, net

Asset (liability) at December 31,	$	(2,156	)	$	15,790	$	12,406		$	(1,763	)	$	—	$	1,948
Gains (losses) included in earnings		(2	)		—		77			(72	)		—		(1,926	)
Unrealized gains (losses) included in other comprehensive income		149			—		—			(126	)		—		—
New contracts entered into		507			—		—			36			—		—
Transfers from level 2		—			—		2,500			—			—		—

Asset (liability) at March 31,	$	(1,502	)	$	15,790	$	14,983		$	(1,925	)	$	—	$	22
Investment in debt securities		—			—		—			—			13,100		—
Gains (losses) included in earnings		(310	)		—		(6,398	)		(99	)		—		(15	)
Unrealized gains (losses) included in other comprehensive income		(120	)		—		—			(253	)		—		—
New contracts entered into		49			—		—			—			—		—
Transfers from level 2		—			—		209			—			—		—

Asset (liability) at June 30,	$	(1,883	)	$	15,790	$	8,794		$	(2,277	)	$	13,100	$	7

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows


(in thousands)	June 30, 2011		December 31, 2010

Fair value of long-term debt and interest rate contracts	$	311,886	$	307,865
Fair value in excess of carrying value		3,926		4,359

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

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