Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v2.4.0.8
Financial Instruments
3 Months Ended
Mar. 31, 2014
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments Disclosure [Text Block]
Financial Instruments

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Accounts receivable and accounts payable: The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate their fair value based on their short-term nature.
 
The Company’s senior credit facility bears interest at LIBOR plus 1.1% based upon covenants related to total indebtedness to earnings.  Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding capital lease obligations as follows:
 
 
 
March 31, 2014
 
 
Carrying Value
 
Fair Value
Capital leases
 
$
1,795

 
$
1,835



The Company's fair value calculations for the above financial instruments are classified within level 3 of the fair value hierarchy.