Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair value of financial instruments

Schedule of fair value of the financial assets and liabilities

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value, in thousands:

	Fair Value Measurements at
	June 30, 2015
	(unaudited)
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	June 30,		Markets		Inputs		Inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	33,110	$	33,110	$	—	$	—
Marketable securities	36,681		—		36,681		—
Long term marketable securities	33,488		—		33,488		—
Marketable securities - restricted (SERP)	267		—		267		—
Total assets at fair value	$	103,546	$	33,110	$	70,436	$	—
Liabilities:
Derivative liabilities	$	2,070	$	—	$	—	$	2,070

	Fair Value Measurements at
	December 31, 2014
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	December 31,		Markets		Inputs		Inputs
	2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	36,396	$	36,396	$	—	$	—
Marketable securities	37,940		—		37,940		—
Long term marketable securities	19,816		—		19,816		—
Marketable securities - restricted (SERP)	305		—		305		—
Total assets at fair value	$	94,457	$	36,396	$	58,061	$	—
Liabilities:
Derivative liabilities	$	6,564	$	—	$	—	$	6,564

Schedule of Level 3 liabilities included in Non-current Liabilities on the Balance Sheet

The following table presents information about the Company’s Level 3 liabilities as of December 31, 2014 and June 30, 2015 that are included in the Non-Current Liabilities section of the Consolidated Balance Sheets, in thousands:

	Six Months ended
	June 30,
	2015
	(unaudited)
Balance at December 31, 2014	$	6,564
Changes in fair value of derivative liabilities included in earnings	48
Reduction due to conversion of debt to equity	(4,542		)
Balance at June 30, 2015	$	2,070

Schedule of unrestricted marketable securities

Unrestricted marketable securities held by the Company were as follows, in thousands:

At June 30, 2015 (unaudited):

Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	70,320	$	10	$	(161	)	$	70,169

At December 31, 2014:

Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	57,910	$	4	$	(158	)	$	57,756

Schedule of contractual maturities of the unrestricted available for sale marketable securities held

The contractual maturities of the unrestricted available for sale marketable securities held by the Company were as follows, in thousands:

	June 30,
	2015
	(unaudited)
Less Than 1 Year	$	36,681
1-5 years	33,488
Greater Than 5 Years	—
Total	$	70,169

Interest make-whole liability

Fair value of financial instruments

Schedule of assumptions used to calculate fair value of liabilities

Volatility	45%
Stock Price as of June 30, 2015	$16.98 per share
Credit Spread	1522 bps
Term	1.8 years
Dividend Yield	0.0%

Warrant to purchase common stock

Fair value of financial instruments

Schedule of assumptions used to calculate fair value of liabilities

Exercise Price	$4.00 - $5.00 per share
Volatility	65%
Stock Price as of June 30, 2015	$16.98 per share
Term	5.6 - 6.5 years
Dividend Yield	0.0%
Risk-Free Rate	1.8% -2.1%