Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

12.   Fair Value Measurements.  The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  Financial assets are marked to bid prices and financial liabilities are marked to offer prices.  Fair value measurements do not include transaction costs.  A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values.  Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  The fair value hierarchy is defined into the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market

The following table identifies our financial assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2011 and December 31, 2010 (in thousands):

			Fair Value Measurements Using
	Total Fair		Quoted prices in	Significant other		Significant
	Value at		active markets	observable inputs		Unobservable inputs
Description	June 30, 2011		(Level 1)	(Level 2)		(Level 3)
Interest rate swap (1)	$	247		$	247

			Fair Value Measurements Using
	Total Fair		Quoted prices in	Significant other		Significant
	Value at		active markets	observable inputs		Unobservable inputs
Description	December 31, 2010		(Level 1)	(Level 2)		(Level 3)
Interest rate swap (1)	$	1,159		$	1,159

(1)The fair value of the interest rate swap is determined based on forward yield curves.

During the three and six-month periods ended June 30, 2011, we had write-offs of approximately $13,000 and $17,000, respectively, compared to approximately $24,000 for both the comparable three and six-month periods ended June 30, 2010,  related to the measurement of non-financial assets at fair value on a nonrecurring basis subsequent to their initial recognition.

The carrying amount of cash and equivalents, receivables, and trade payables approximates fair value because of the immediate, short-term maturity of these financial instruments. The carrying amount of long-term debt approximates fair value, as determined by borrowing rates estimated to be available to us for debt with similar terms and conditions.