Fair Value Measurements

3 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 13: FAIR VALUE MEASUREMENTS

In accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures, our assets and liabilities, which are carried at fair value, are classified in one of the following three categories:

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

Level 2: Other observable inputs other than quoted market prices.

Level 3: Unobservable inputs that are not corroborated by market data.

The tables below present our financial assets that are measured at fair value on a recurring basis as of December 31, 2012 and 2011 and September 30, 2012:

	December 31, 2012			Fair Value Measurements Using
Financial assets (liabilities):				Level 1		Level 2		Level 3
	(in thousands)
Gold collar	$	—		$	—	$	—	$	—
Marketable equity securities	4,588			4,588		—		—
Contingent consideration	(23,594		)	—		—		(23,594		)
Total	$	(19,006	)	$	4,588	$	—	$	(23,594	)
	December 31, 2011			Fair Value Measurements Using
Financial assets (liabilities):				Level 1		Level 2		Level 3
	(in thousands)
Gold collar	$	1,073		$	—	$	1,073	$	—
Marketable equity securities	4,807			4,807		—		—
Total	$	5,880		$	4,807	$	1,073	$	—
	September 30, 2012			Fair Value Measurements Using
Financial assets (liabilities):				Level 1		Level 2		Level 3
	(in thousands)
Gold collar	$	—		$	—	$	—	$	—
Marketable equity securities	4,631			4,631		—		—
Contingent consideration	(23,432		)	—		—		(23,432		)
Total	$	(18,801	)	$	4,631	$	—	$	(23,432	)

We measure the value of our gold collar under Level 2 inputs as defined by FASB ASC 820-10. The valuation is determined using widely accepted valuation techniques which reflect the contractual terms of the transaction, including the period to maturity and uses observable market-based inputs including gold forward curves and implied volatilities. We measure the value of our marketable equity securities under a Level 1 input. These assets are publicly traded equity securities for which market prices are readily available. There were no transfers of assets in or out of Level 1 or Level 2 fair value measurements in the periods presented. We used an income approach to measure the fair value of the contingent consideration using a probability-weighted discounted cash flow approach, in which all outcomes were successful. The significant inputs used for the valuation are not observable in the market, as they are specifically related to Crediamigo, and thus this fair value measurement represents a Level 3 measurement within the fair value hierarchy.