Note 13 - Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

13. Fair Value Measurements

The guidance on fair value measurements requires fair value measurements to be classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The Company measures its investments in marketable securities at fair value using the market approach which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company has cash equivalents which consist of money market funds valued using the amortized cost method, in accordance with Rule 2a-7 under the 1940 Act which approximates fair value.

The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis:

December 31, 2014	Total		Level 1		Level 2
Assets
Cash equivalents:
Money market funds	$	1,457	$	—	$	1,457
Investment in marketable securities:
US treasury securities		2,057		2,057		—
Municipal bonds		19,712		—		19,712
Corporate notes/bonds		16,392		—		16,392
Asset backed securities		747		—		747
	$	40,365	$	2,057	$	38,308

December 31, 2013	Total		Level 1		Level 2
Assets
Cash equivalents:
Money market funds	$	5,119	$	—	$	5,119
Investment in marketable securities:
US treasury securities		25,072		25,072		—
Municipal bonds		34,983		—		34,983
Corporate notes/bonds		28,648		—		28,648
Certificate of deposit		1,501		—		1,501
Asset backed securities		686		—		686
	$	96,009	$	25,072	$	70,937