FAIR VALUE (Tables)

12 Months Ended

Dec. 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 Consolidated Balance Sheets, are listed in the table below:

	December 31, 2021
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	83,307	$	83,307	$	-	$	-	$	83,307
Prepaid expenses and other current assets		4,881		-		4,881		-		4,881
Financial Liabilities:
Accrued expenses	$	15,669	$	-	$	15,669	$	-	$	15,669
Other short term liabilities		15		-		15		-		15

	December 31, 2020
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(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 as cash flow hedge		703		-		703		-		703
Credit facility		17,212		-		15,487		-		15,487

Fair Value of the Outstanding Derivative

The following summarizes the fair value of the outstanding derivative:

	December 31, 2021				December 31, 2020
	Liability				Liability(1)
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a hedging instrument:
Interest Rate Swap	$	-	$	-	$	17,800	$	700

(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 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:

	Year Ended December 31,
	2021		2020
	Interest expense
Interest Rate Swap	$	-	$	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):

	Year Ended December 31,
	2021		2020
Derivative qualifying as cash flow hedge
Interest rate swap loss	$	-	$	700