Annual report pursuant to Section 13 and 15(d)

Fair Value Of Financial Instruments

v2.4.0.6
Fair Value Of Financial Instruments
 12 Months Ended
Dec. 31, 2011
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments
3. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company uses the three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

At December 31, 2011, and January 1, 2011, the Company held available-for-sale securities with an aggregate fair value of $21,832 and $11,614, respectively. The Company, on a recurring basis, measures available-for-sale securities at fair value using quoted prices in active markets. Unrealized gains and losses arising from the revaluation of available-for-sale securities are included in equity within accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Realized gains and losses on sales of marketable securities are generally determined using the specific identification method, and are included in miscellaneous (income) expense in the Consolidated Statements of Operations. The net unrealized holding loss on available for sale securities amounted to $492 at December 31, 2011, and $59 at January 1, 2011. Realized gains for the year ended December 31, 2011 were $37, compared to $70 for the year ended January 1, 2011. In addition, the Company reports deferred director stock units and phantom stock units as a liability. These liabilities, on a recurring basis, are measured at fair value using quoted prices in the active market. The Company recognized income relating to those liabilities of $22 for the year ended December 31, 2011, and an expense related to those liabilities of $557 for the year ended January 1, 2011, respectively.

The Company did not have any fair value adjustments for assets and liabilities measured at fair value on a nonrecurring basis during the period ended December 31, 2011 and January 1, 2011.

Assets measured at fair value on a recurring basis include the following as of December 31, 2011:

 

            Fair Value Measurements at Reporting Date Using  
Description    December 31, 2011      Quoted Prices in
Active Markets
(Level 1)		     

Significant Other
Observable
Inputs

(Level 2)

     

Significant
Unobservable
Inputs

(Level 3)

  

Available-for-sale securities

    $ 21,832       $ 21,832       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Assets measured at fair value on a recurring basis include the following as of January 1, 2011:

 

            Fair Value Measurements at Reporting Date Using  
Description    January 1, 2011      Quoted Prices in
Active Markets
(Level 1)		     

Significant Other
Observable
Inputs

(Level 2)

     

Significant
Unobservable
Inputs

(Level 3)

  

Available-for-sale securities

    $ 11,614       $ 11,614       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities measured at fair value on a recurring basis include the following as of December 31, 2011:

 

            Fair Value Measurements at Reporting Date Using  
Description    December 31, 2011      Quoted Prices in
Active Markets
(Level 1)		     

Significant Other
Observable
Inputs

(Level 2)

     

Significant
Unobservable
Inputs

(Level 3)

  

Deferred director stock units

    $ 1,149       $ 1,149       $ —         $ —     

Phantom stock units

      33         33         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,182       $ 1,182       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Liabilities measured at fair value on a recurring basis include the following as of January 1, 2011:

 

            Fair Value Measurements at Reporting Date Using  
Description    January 1, 2011      Quoted Prices in
Active Markets
(Level 1)		     

Significant Other
Observable
Inputs

(Level 2)

     

Significant
Unobservable
Inputs

(Level 3)

  

Deferred director stock units

    $ 1,197       $ 1,197       $ —         $ —     

Phantom stock units

      34         34         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,231       $ 1,231       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable, accrued expenses and other liabilities approximate fair value based on their short-term status.