5. Goodwill

Changes in the carrying value of our goodwill by reporting unit for the three months ended March 31, 2013 are as follows (in thousands):

	Television			Online			SourceEcreative		Total
Balance at December 31, 2012:
Goodwill	$	364,344		$	353,679		$	1,998	$	720,021
Accumulated impairment losses	(131,291		)	(219,593		)	—		(350,884		)
	233,053			134,086			1,998		369,137

Foreign currency translation	382			—			—		382

Balance at March 31, 2013:
Goodwill	363,962			353,679			1,998		719,639
Accumulated impairment losses	(131,291		)	(219,593		)	—		(350,884		)
	$	232,671		$	134,086		$	1,998	$	368,755

Risk of Future Impairment

During 2012, we recorded a total of $219.6 million of goodwill impairment charges related to our online reporting unit. The 2012 charges primarily related to reducing our forecasts to address weaker than previously expected operating results, and softer market conditions and trends. As a result of the charges, the online reporting unit’s goodwill was adjusted to its then implied fair value. We determine fair value based on a combination of the discounted cash flow methodology (which uses our internal forecasts as to future cash flows by reporting unit) and the guideline public company approach. If our actual operating results, or our future expected operating results, were to fall sufficiently below our current forecasts, we may be required to record another goodwill impairment charge for the online reporting unit.

Further, at December 31, 2012, the fair value of our television reporting unit only exceeded its carrying value by 13%. Similar to the online reporting unit, to the extent our actual or future expected operating results of the television reporting unit were to fall sufficiently below our current forecasts, we may be required to record a goodwill impairment charge for the television reporting unit. At December 31, 2012, the fair value of our SourceEcreative reporting unit exceeded its fair value by 977%.

At March 31, 2013, our market capitalization was well below the book value of our stockholders’ equity. If our market capitalization remains well below our stockholders’ equity for an extended period, we may be required to record another goodwill impairment charge.