FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2021

FAIR VALUE [Abstract]

Fair Value, by Balance Sheet Grouping

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 Condensed Consolidated Balance Sheet, are listed in the table below:

	March 31, 2021
	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	$	26,742	$	26,742	$	-	$	-	$	26,742
Prepaid expenses and other current assets		10,770		-		10,770		-		10,770
Financial Liabilities:
Accrued expenses	$	10,713	$	-	$	10,713	$	-	$	10,713
Other short term liabilities		73		-		73		-		73
Derivative qualifying cash flow hedge		666		-		666		-		666
Credit facility		16,757		-		15,222		-		15,222

	December 31, 2020
	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	$	38,026	$	38,026	$	-	$	-	$	38,026
Prepaid expenses and other current assets		3,723		-		3,723		-		3,723
Financial Liabilities:
Accrued expenses	$	16,692	$	-	$	16,692	$	-	$	16,692
Other short term liabilities		26		-		26		-		26
Derivative qualifying cash flow hedge		877		-		877		-		877
Credit facility		17,212		-		15,487		-		15,487

Fair Value of the Outstanding Derivative

The following summarizes the fair value of the outstanding derivative:

	March 31, 2021				December 31, 2020
	Liability(1)				Liability(1)
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a hedging instrument:
Interest Rate Swap	$	17,333	$	666	$	17,833	$	877

(1) The Company’s derivative liability is measured at fair value using observable market inputs such as interest rates and our own credit risk as well as an evaluation of our counterparty’s credit risk.  Based on these inputs the derivative liability is classified within Level 2 of the valuation hierarchy. The liability is included in other long-term liabilities in the condensed consolidated balance sheets.

Financial Statement Classification and Amount of Interest Expense Recognized on Hedging Instruments

The following summarizes the financial statement classification and amount of interest expense recognized on hedging instruments:

	Three Months Ended
	March 31, 2021		March 31, 2020
	Interest expense
Interest Rate Swap	$	100	$	100

Derivative Instruments Designated as Hedging Instruments in Other Comprehensive Income/(Loss)

The following summarizes the effect of derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):

	Three Months Ended
	March 31, 2021		March 31, 2020
	Interest expense
Interest Rate Swap	$	211	$	(748	)