Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2012
FAIR VALUE MEASUREMENTS [Abstract]  
Fair Value of Assets and Liabilities Measured on a Recurring Basis
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company's financial assets and liabilities that are required to be measured at fair value on a recurring basis, as of March 31, 2012 and December 31, 2011, which are classified on the balance sheets as cash and cash equivalents, other current assets, other long-term assets, other current liabilities and other long-term liabilities:
 
 
Fair Value Measurements
 
 
Fair Value Measurements
 
 
at March 31, 2012
 
 
at December 31, 2011
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
(in thousands)
 
 
(in thousands)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$
228,760
 
 
$
-
 
 
$
-
 
 
$
228,760
 
 
$
138,537
 
 
$
-
 
 
$
-
 
 
$
138,537
 
Forward currency contracts
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
355
 
 
 
-
 
 
 
355
 
Interest rate cap
 
 
-
 
 
 
2
 
 
 
-
 
 
 
2
 
 
 
-
 
 
 
7
 
 
 
-
 
 
 
7
 
Stock options
 
 
-
 
 
 
-
 
 
 
1,698
 
 
 
1,698
 
 
 
-
 
 
 
-
 
 
 
1,060
 
 
 
1,060
 
Total
 
$
228,760
 
 
$
2
 
 
$
1,698
 
 
$
230,460
 
 
$
138,537
 
 
$
362
 
 
$
1,060
 
 
$
139,959
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
-
 
 
$
2,971
 
 
$
-
 
 
$
2,971
 
 
$
-
 
 
$
3,037
 
 
$
-
 
 
$
3,037
 
Forward currency contracts
 
 
-
 
 
 
1,810
 
 
 
-
 
 
 
1,810
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Contingent consideration
 
 
-
 
 
 
-
 
 
 
7,769
 
 
 
7,769
 
 
 
-
 
 
 
-
 
 
 
8,363
 
 
 
8,363
 
Total
 
$
-
 
 
$
4,781
 
 
$
7,769
 
 
$
12,550
 
 
$
-
 
 
$
3,037
 
 
$
8,363
 
 
$
11,400
 
Summary of Quantitative Information
The following table summarizes quantitative information about the Company's Level 3 assets and liabilities as of March 31, 2012:
 
Valuation Technique
Unobservable Inputs
Range (Weighted Average)
(in thousands, except percentages)
Contingent consideration
Discounted cash flow
Projection of future results
Discount rate
Probability of contract extension (1)
$1,359 - $17,879 ($7,721)  
4% - 15% (13%)
95%
Stock options
Black-Scholes option model
Volatility (2)
40%
 
(1) Represents the probability of contract extension used in the valuation analysis that the Company has determined market participants would use when valuing certain contingent consideration liabilities which include lease renewals.
 
(2) Represents the volatility expected to be used by market participants in the absence of historical volatility.
Fair Value of Assets and Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities for the three months ended March 31, 2012:
 
 
Stock
 
 
Contingent
 
 
Options
 
 
Consideration
 
 
(in thousands)
 
Balance as of December 31, 2011
 
$
1,060
 
 
$
(8,363
 )
 
 
 
 
 
 
 
 
Total gains and losses (realized/unrealized) included in earnings
 
 
638
 
 
 
(156
 )
Settlements
 
 
-
 
 
 
750
 
Balance as of March 31, 2012
 
$
1,698
 
 
$
(7,769
 )
 
 
 
 
 
 
 
 
The amount of total gains and losses for the period included in earnings attributable to the change in  unrealized gains or losses relating to assets and liabilities still held:
 
 
 
 
 
 
 
 
As of March 31, 2012
 
$
638
 
 
$
161