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Fair Value
12 Months Ended
Dec. 31, 2011
Fair Value [Abstract]  
Fair Value

 

 

3.

FAIR VALUE

 

 

 

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

 

 

 

There are three levels of inputs that may be used to measure fair value:

 

 

 

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

 

 

 

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

 

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

 

 

Assets and liabilities measured at fair value on a recurring basis for December 31, 2011 are summarized below. The Company had no assets and liabilities measured at fair value on a recurring basis for December 31, 2010.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of
December 31, 2011

 

Description

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

Short-term investments (Certificates of Deposit)

 

$

201,669

 

$

 

$

201,669

 

$

 

Total

 

$

201,669

 

$

 

$

201,669

 

$