Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Measurements, Recurring and Nonrecurring

The following table sets forth the measurement at fair value on a recurring basis of the contingent cash consideration due the selling unitholders of Cogent related to the Earnout. The liability arose as a result of the Acquisition on April 1, 2015 and is categorized as a Level 3 liability. See "Note 3 — Acquisition".

Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2015



	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2015
	(in thousands)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	—	$	—	$	13,144	$	13,144
Total	$	—	$	—	$	13,144	$	13,144

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in Level 3 liabilities measured at fair value on a recurring basis for the three and six month periods ended June 30, 2015 are as follows:



	Opening Balance		Total realized and unrealized gains (losses) included in Net Income		Unrealized gains (losses) included in Other Comprehensive Income		Purchases		Issues		Sales		Settlements		Closing Balance as of June 30, 2015		Unrealized gains (losses) for Level 3 liabilities outstanding at June 30, 2015
	(in thousands)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	—	$	—	$	—	$	13,144	$	—	$	—	$	—	$	13,144	$	—
Total	$	—	$	—	$	—	$	13,144	$	—	$	—	$	—	$	13,144	$	—

Fair Value Inputs, Liabilities, Quantitative Information

The following table presents quantitative information about the significant unobservable inputs utilized by the Company in the fair value measure of Level 3 liabilities measured at fair value on a recurring basis, as of June 30, 2015:



	Fair Value as of June 30, 2015		Valuation Technique(s)	Unobservable Input(s)		Range (Weighted Average)
	(in thousands)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	13,144	Present value of expected payments	Discount rate		12	%
				Forecast revenue	(a)

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(a) The Company's estimate of contingent consideration as of June 30, 2015 was principally based on the acquired business' projected revenue generation from April 1, 2015 through March 31, 2017 and April 1, 2017 through March 31, 2019.