Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016
	(unaudited)
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	September 30,		Markets		Inputs		Inputs
	2016		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	54,305	$	54,305	$	—	$	—
Marketable securities	26,024		654		25,370		—
Long term marketable securities	67,044		—		67,044		—
Marketable securities - restricted (SERP)	278		—		278		—

Total assets at fair value	$	147,651	$	54,959	$	92,692	$	—


Liabilities:
Derivative liabilities	$	287	$	—	$	—	$	287

	Fair Value Measurements at
	December 31, 2015
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	December 31,		Markets		Inputs		Inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	33,498	$	33,498	$	—	$	—
Marketable securities	28,692		654		28,038		—
Long term marketable securities	55,009		—		55,009		—
Marketable securities - restricted (SERP)	263		—		263		—

Total assets at fair value	$	117,462	$	34,152	$	83,310	$	—


Liabilities:
Derivative liabilities	$	854	$	—	$	—	$	854

Schedule of assumptions used to calculate fair value of make-whole liability

Volatility		45%
Stock Price as of September 30, 2016		$24.73 per share
Credit Spread		900 bps
Term		7 months
Dividend Yield		0.0%

Schedule of Level 3 liabilities included in the non-current liabilities section of the consolidated balance sheets

The following table presents information about the Company’s Level 3 liabilities as of December 31, 2015 and September 30, 2016 that are included in the non-current liabilities section of the consolidated balance sheets, in thousands:

	Nine Months ended
	September 30, 2016
	(unaudited)

Balance at December 31, 2015	$	854

Changes in fair value of derivative liabilities included in earnings	(349		)
Reduction due to conversion of debt to equity	(218		)


Balance at September 30, 2016	$	287

Schedule of unrestricted marketable securities

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

At September 30, 2016 (unaudited):

Available for Sale		Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities		$	92,700		464		(96	)	$	93,068

At December 31, 2015:

Available for Sale		Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities		$	84,189		5		(493	)	$	83,701

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, 2016
	(unaudited)
Less Than 1 Year	$	26,024
1 year to 2 years	24,064
3 years to 4 years	42,980
Greater Than 4 Years	—

Total	$	93,068