Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The following tables present the fair value hierarchy, carrying values and fair value estimates of financial instruments as of September 30, 2014 and December 31, 2013:

		September 30, 2014
(Dollars in thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
ASSETS
Continuing operations:
Cash and cash equivalents	Level 1	$	44,754	$	44,754
Restricted cash	Level 1		21		21
Loans receivable, net (other noncurrent assets)	Level 3		1,249		1,250
Nonmarketable preferred equity security (other noncurrent assets)	Level 3		800		3,000
Discontinued operations:
Cash and cash equivalents	Level 1		99		99
LIABILITIES
Continuing operations:
Line of credit	Level 3	$	1,180	$	1,180
Long-term debt	Level 3		14,575		14,575
Common stock warrant liability	Level 3		5,900		5,900

		December 31, 2013
(Dollars in thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
ASSETS
Continuing operations:
Cash and cash equivalents	Level 1	$	47,913	$	47,913
Restricted cash	Level 1		2,805		2,805
Loans receivable, net (other noncurrent assets)	Level 3		1,407		1,400
Nonmarketable preferred equity security (other noncurrent assets)	Level 3		800		4,000
Discontinued operations:
Cash and cash equivalents	Level 1		105		105
LIABILITIES
Continuing operations:
Line of credit	Level 3	$	500	$	500
Long-term debt	Level 3		17,200		17,200
Common stock warrant liability	Level 3		9,300		9,300

Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis Based on Fair Value Hierarchy

The following table presents the estimated fair value of the Company’s assets and liabilities measured on a recurring and nonrecurring basis as of September 30, 2014 and December 31, 2013, based on the fair value hierarchy:

(Dollars in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant  Unobservable Inputs (Level 3)		Total Fair Value
Recurring fair value measurements:
September 30, 2014
Common stock warrant liability	$	—	$	—	$	5,900	$	5,900
December 31, 2013
Common stock warrant liability	$	—	$	—	$	9,300	$	9,300
Nonrecurring fair value measurements:
December 31, 2013
Real estate owned, net	$	—	$	—	$	75	$	75

Reconciliation for Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level Three)

The following table presents a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2014 and 2013:

(Dollars in thousands)	Beginning Balance		Income (Expense) Realized in Earnings			Transfers In/Out of Level 3		Purchases		Issuances		Settlements		Ending Balance
Three Months Ended September 30, 2014
Common stock warrant liability	$	8,300	$	2,400		$	—	$	—	$	—	$	—	$	5,900
Three Months Ended September 30, 2013
Common stock warrant liability	$	7,500	$	(3,300	)	$	—	$	—	$	—	$	—	$	10,800
Nine Months Ended September 30, 2014
Common stock warrant liability	$	9,300	$	3,400		$	—	$	—	$	—	$	—	$	5,900
Nine Months Ended September 30, 2013
Common stock warrant liability	$	2,350	$	(8,450	)	$	—	$	—	$	—	$	—	$	10,800

Total Gains (Losses) on Assets and Liabilities Measured on Fair Values on Non-Recurring Basis

The following table summarizes losses and impairments on assets and liabilities recorded on a nonrecurring basis for the three and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2014		2013		2014		2013
Inventory	$	—	$	—	$	432	$	—
Goodwill		—		—		400		—
Real estate owned, net		—		—		—		283
	$	—	$	—	$	832	$	283

Valuation Techniques and Unobservable Inputs Applied to Level Three Fair Value Measurements

The estimated fair value of the Company’s Level 3 assets and liabilities are determined using valuation techniques that incorporate unobservable inputs requiring significant judgment or estimation. The following tables present quantitative information about the valuation techniques and unobservable inputs applied to Level 2 and Level 3 recurring and nonrecurring fair value measurements as of September 30, 2014 and December 31, 2013:

	September 30, 2014
(Dollars in thousands)	Estimated Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Liabilities:
Common stock warrant liability	$	5,900	Lattice option    pricing model	Exercise multiple	2.8x (2.8x)
				Volatility	50.0% (50.0%)
				Expected term	4.6 — 4.7 years (4.7 years)

	December 31, 2013
(Dollars in thousands)	Estimated Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
Assets:
Real estate owned, net    (discontinued operations)	$	75	Market approach	Marketability discounts	20.0% (20.0%)
				Estimated selling costs	8.0% (8.0%)
Liabilities:
Common stock warrant liability	$	9,300	Lattice option    pricing model	Exercise multiple	2.8x (2.8x)
				Volatility	55.0% (55.0%)
				Expected term	4.1 — 4.2 years (4.2 years)