Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - LCA VISION INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR1.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR9.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR2.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR7.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR6.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR8.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR3.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR4.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR17.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR19.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR18.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR14.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR12.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR13.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR15.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR10.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR16.htm
EX-23 - CONSENT OF ERNST & YOUNG LLP - LCA VISION INCd264328dex23.htm
EX-32 - SECTION 906 COO AND CFO CERTIFICATION - LCA VISION INCd264328dex32.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - LCA VISION INCd264328dex21.htm
EX-31.1 - SECTION 302 COO CERTIFICATION - LCA VISION INCd264328dex311.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - LCA VISION INCd264328dex312.htm
10-K - ANNUAL REPORT - LCA VISION INCd264328d10k.htm
XML - IDEA: XBRL DOCUMENT - LCA VISION INCR5.htm
v2.4.0.6
Fair Value Measurements
12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

U.S. GAAP establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.

 

Level 1: Quoted prices for identical assets or liabilities in active markets at the measurement date

 

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data at the measurement date

 

Level 3: Unobservable inputs reflecting management's best estimate of what market participants would use in pricing the asset or liability at the measurement date

When applying the fair value principles in valuation of assets and liabilities, we are required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

The following table summarizes fair value measurements by level at December 31, 2011 and 2010 for assets and liabilities measured at fair value on a recurring basis (dollars in thousands):

 

Description

   Level 1      Level 2      Level 3      Total  
     2011      2010      2011      2010      2011      2010      2011      2010  

Assets:

                       

Cash and cash equivalents

   $ 18,568       $ 19,350       $ —         $ —         $ —         $ —         $ 18,568       $ 19,350   

Investments

     —           891         25,311         31,056         902         951         26,213         32,898   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 18,568       $ 20,241       $ 25,311       $ 31,056       $ 902       $ 951       $ 44,781       $ 52,248   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents are comprised of either bank deposits or amounts invested in money market funds, the fair value of which is based on quoted market prices. The fair values of some investment securities included within our investment portfolio are based on quoted market prices from various stock and bond exchanges. Certain of our debt securities are classified at fair value utilizing Level 2 inputs. For these securities, fair value is measured using observable market data that includes dealer quotes, live trading levels, trade execution data, credit information and the bond's terms and conditions. The fair values of our auction rate investment instruments are classified in Level 3 because they are valued using a trinomial discounted cash flow model (see Note 3).

There were no transfers between Level 1 and Level 2 measurements in 2011 or 2010. The following table sets forth a reconciliation of beginning and ending balances for each major category for assets measured at fair value using significant unobservable inputs (Level 3) during 2011 and 2010 (dollars in thousands).

 

     Years Ended December 31,  

Description

   2011     2010  

Balance as of January 1

   $ 951      $ 2,090   

Assets acquired

     —          —     

Assets sold or redeemed

     (25     (125

Transfers out of Level 3

     —          (977

(Losses) gains included in earnings

     (6     17   

Losses included in other comprehensive loss

     (18     (54
  

 

 

   

 

 

 

Balance as of December 31

   $ 902      $ 951