Fair Value Measurement

6 Months Ended

Jun. 30, 2016

Note 3 - Fair Value Measurement

The following table summarizes the Company’s marketable securities at June 30, 2016 and December 31, 2015 measured at fair value on a recurring basis (in thousands):


	June 30, 2016							December 31, 2015
	Cost		Gross Unrealized Gains (Losses)			Recorded Basis		Cost		Gross Unrealized Gains (Losses)			Recorded Basis
Current:
Cash Equivalents:
Money Market Funds	$	4,830	$	0		$	4,830	$	21,312	$	0		$	21,312

Available for Sale - Restricted:
Money Market Funds		48,371		0			48,371		76,023		0			76,023
Certificate of Deposit		0		0			0		10,000		0			10,000

Total Current Investments		53,201		0			53,201		107,335		0			107,335

Long term:
Available-for-sale:
Municipal Bonds		1,500		1			1,501		3,135		(3	)		3,132
Corporate Bonds		863		(2	)		861		2,970		(24	)		2,946
Money Market Funds		94		0			94		4		0			4

Available for Sale - Restricted:
Money Market Funds		221,728		0			221,728		175,869		0			175,869
Certificates of Deposit		11,776		(1	)		11,775		496		(1	)		495
U.S. Treasuries		5,280		17			5,297		4,752		1			4,753
Corporate Bonds		3,217		8			3,225		2,996		(24	)		2,972
Municipal Bonds		3,160		12			3,172		3,613		(1	)		3,612

Total Long Term Investments		247,618		35			247,653		193,835		(52	)		193,783

Total Investments	$	300,819	$	35		$	300,854	$	301,170	$	(52	)	$	301,118

The following table summarizes the Company’s financial assets at June 30, 2016 and December 31, 2015 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):


	June 30, 2016								December 31, 2015
	Total Recorded Basis		Level 1		Level 2		Level 3		Total Recorded Basis		Level 1		Level 2		Level 3
Cash Equivalents:
Money Market	$	4,830	$	0	$	4,830	$	0	$	21,312	$	0	$	21,312	$	0

Available for Sale - Unrestricted:
Municipal Bonds		1,501		50		1,451		0		3,132		241		2,891		0
Corporate Bonds		861		401		460		0		2,946		2,291		655		0
Money Market Funds		94		0		94		0		4		0		4		0

Available for Sale - Restricted:
Money Market		270,099		888		269,211		0		251,892		17		251,875		0
Certificates of Deposit		11,775		0		11,775		0		10,495		0		10,495		0
U.S. Treasuries		5,297		5,297		0		0		4,753		4,753		0		0
Corporate Bonds		3,225		2,174		1,051		0		2,972		2,285		687		0
Municipal Bonds		3,172		213		2,959		0		3,612		389		3,223		0

Total Available for Sale Securities		296,024		9,023		287,001		0		279,806		9,976		269,830		0

Total Investments	$	300,854	$	9,023	$	291,831	$	0	$	301,118	$	9,976	$	291,142	$	0

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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