12.	FAIR VALUE

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Consolidated Balance Sheets, are listed in the table below:

	December 31, 2015
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	38,420	$	38,420	$	-	$	-	$	38,420
Restricted cash		7,362		7,362		-		-		7,362
Prepaid expenses and other current assets		2,566		-		2,566		-		2,566
Noncurrent restricted cash		15,259		15,259		-		-		15,259

Financial Liabilities:
Accrued expenses	$	10,999	$	-	$	10,999	$	-	$	10,999
Other short term liabilities		686		-		686		-		686
Term loan		44,653		-		36,795		-		36,795

	December 31, 2014
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	12,299	$	12,299	$	-	$	-	$	12,299
Restricted cash		30,000		30,000		-		-		30,000
Prepaid expenses and other current assets		3,937		-		3,937		-		3,937

Financial Liabilities:
Accrued expenses	$	13,865	$	-	$	13,865	$	-	$	13,865
Other short term liabilities		780		-		780		-		780
Credit agreement		30,000		-		30,000		-		30,000

The fair value of the Term loan is estimated based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments.

The carrying value of the Credit agreement approximates fair value as it was executed in December 2014.

The carrying amounts reported on the Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash and Noncurrent restricted cash approximate fair value because they are highly liquid.

The carrying amounts reported on the Consolidated Balance Sheets for Prepaid expenses and other current assets, Accrued expenses and Other short term liabilities approximate fair value due to the short-term nature of these items.