Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy distinguishes three levels of inputs that may be utilized when measuring fair value: Level 1 inputs (using quoted prices in active markets for identical assets or liabilities), Level 2 inputs (using external inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability) and Level 3 inputs (unobservable inputs supported by little or no market activity based on internal assumptions used to measure assets and liabilities). The classification of each financial asset or liability within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Financial assets and liabilities measured at fair value on a recurring basis at June 30, 2012 and December 31, 2011, consisted of the following:

(in thousands)	Fair Value Measurements
At June 30, 2012	Total		Level 1		Level 2		Level 3
Mutual funds	$	1,511	$	1,511	$	—	$	—
Investments
Federal agency notes	$	24,369	$	24,369	$	—	$	—
Commercial paper	$	33,584	$	33,584	$	—	$	—

(in thousands)	Fair Value Measurements
At December 31, 2011	Total		Level 1		Level 2		Level 3
Mutual funds	$	1,279	$	1,279	$	—	$	—
Investments
Federal agency notes	$	18,621	$	18,621	$	—	$	—
Commercial paper	$	30,912	$	30,912	$	—	$	—

The fair value of mutual funds and investments is based on market prices which are readily available. Unrealized gains or losses on mutual funds and investments are recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheet.

Financial assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2012, and December 31, 2011, consisted of the following:

(in thousands)	Fair Value Measurements
At June 30, 2012	Total		Level 1		Level 2		Level 3
Convertible debentures	$	164,523	$	—	$	164,523	$	—
Exempt facility revenue bonds	$	27,900	$	—	$	—	$	27,900

(in thousands)	Fair Value Measurements
At December 31, 2011	Total		Level 1		Level 2		Level 3
Convertible debentures	$	160,256	$	—	$	160,256	$	—
Exempt facility revenue bonds	$	27,269	$	—	$	—	$	27,269

The Company used implicit interest rates of comparable unsecured obligations to calculate the fair value of the Company’s $30 million8% Series 2000 exempt facility industrial revenue bonds at June 30, 2012, and December 31, 2011. The Company used its current trading data to determine the fair value of the Company’s $166.5 million1.875% convertible debentures at June 30, 2012, and December 31, 2011.