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Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2016

Warrant Liability [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The inputs to the model were as follows:

		June 30, 2016				December 31, 2015
Stock Price		$	11.31			$	13.74
Dividend Yield*		$	0.125			$	0.125
Risk-free rate			0.49	%			0.65	%
Expected Term			0.47				0.97
Expected Volatility			35.68	%			37.69	%

*A quarterly dividend of $0.125 per share commencing in the third quarter of 2016 was assumed.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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, 2015		$	31,213
Adjustment to fair value of warrants exercised cashlessly			(222	)
Adjustment to fair value of unexercised warrants			(5,911	)
Balance – March 31, 2016			25,080
Adjustment to fair value of warrants exercised cashlessly			(15	)
Adjustment to fair value of unexercised warrants			(6,687	)
Balance – June 30, 2016		$	18,378

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- References

No definition available.

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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