Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1 - Quoted prices in active markets for identical assets and liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled.

Level 3 - Unobservable inputs.

The substantial majority of the Company’s financial instruments are valued using quoted prices in markets in active markets or based on other observable inputs. The following table sets forth the fair value of the financial instruments re-measured by the Company as of June 30, 2016 and December 31, 2015:

	Level 1		Level 2		Level 3		Total
June 30, 2016
Corporate bonds and notes	$	—	$	20,460	$	—	$	20,460
Municipal bonds		—		6,968		—		6,968
Total	$	—	$	27,428	$	—	$	27,428

	Level 1		Level 2		Level 3		Total
December 31, 2015
Corporate bonds and notes	$	—	$	20,744	$	—	$	20,744
Municipal bonds		—		5,621		—		5,621
Total	$	—	$	26,365	$	—	$	26,365