Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

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
	September 30, 2015
	(unaudited)
					Significant
	Total Fair		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	September 30,		Markets		Inputs		Inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	26,294	$	26,294	$	—	$	—
Marketable securities	31,408		—		31,408		—
Long term marketable securities	43,967		—		43,967		—
Marketable securities - restricted (SERP)	267		267		—		—

Total assets at fair value	$	101,936	$	26,561	$	75,375	$	—


Liabilities:

Derivative liabilities	$	1,156	$	—	$	—	$	1,156

	Fair Value Measurements at
	December 31, 2014
					Significant
	Total Fair		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 assumptions used to calculate fair value of the interest make-whole liability

Volatility		45%
Stock Price as of September 30, 2015		$14.03 per share
Credit Spread		1851 bps
Term		1.6 years
Dividend Yield		0.0%

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 September 30, 2015 that are included in the Non-Current Liabilities section of the Consolidated Balance Sheets, in thousands:

	Nine Months ended
	September 30,
	2015
	(unaudited)

Balance at December 31, 2014	$	6,564

Changes in fair value of derivative liabilities included in earnings	(66		)
Reduction due to conversion of debt to equity	(4,690		)
Cashless exercise of common stock warrants	(652		)


Balance at September 30, 2015	$	1,156

Schedule of unrestricted marketable securities

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

At September 30, 2015 (unaudited):

Available for Sale		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
Corporate debt securities		$	75,482		$	23		$	(130	)	$	75,375

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:

	September 30,
	2015
	(unaudited)
Less Than 1 Year	$	31,408
1-5 years	43,967
Greater Than 5 Years	—

Total	$	75,375