Warrant Liability (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The inputs to the model were as follows:

	March 31, 2015			December 31, 2014

Stock Price	$	9.30		$	10.15
Dividend Yield		N/A			N/A
Risk-free rate		0.56	%		0.67	%
Expected Term		1.72			1.97
Expected Volatility		32.77	%		33.62	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below provides a reconciliation of the beginning and ending balances for the warrant liability measured using significant unobservable inputs (Level 3):

Balance - December 31, 2014	$	19,991
Fair value adjustment		(5,078)
Balance - March 31, 2015	$	14,913

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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