| Assets and liabilities measured at fair value on a recurring basis |
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015, December 31, 2014 and March 31, 2014: | | | | | | | | | | | | | | | | | (in thousands) | March 31, 2015 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 1,491 |
| | $ | — |
| | $ | — |
| | $ | 1,491 |
| Restricted cash | 685 |
| | — |
| | — |
| | 685 |
| Commodity derivatives, net (a) | 60,796 |
| | (31,214 | ) | | — |
| | 29,582 |
| Convertible preferred securities (b) | — |
| | — |
| | 13,300 |
| | 13,300 |
| Other assets and liabilities (c) | 11,583 |
| | (3,517 | ) | | — |
| | 8,066 |
| Total | $ | 74,555 |
| | $ | (34,731 | ) | | $ | 13,300 |
| | $ | 53,124 |
|
| | | | | | | | | | | | | | | | | (in thousands) | December 31, 2014 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 269 |
| | $ | — |
| | $ | — |
| | $ | 269 |
| Restricted cash | 429 |
| | — |
| | — |
| | 429 |
| Commodity derivatives, net (a) | 72,868 |
| | (46,983 | ) | | — |
| | 25,885 |
| Convertible preferred securities (b) | — |
| | — |
| | 13,300 |
| | 13,300 |
| Other assets and liabilities (c) | 10,869 |
| | (2,666 | ) | | — |
| | 8,203 |
| Total | $ | 84,435 |
| | $ | (49,649 | ) | | $ | 13,300 |
| | $ | 48,086 |
|
| | | | | | | | | | | | | | | | | (in thousands) | March 31, 2014 | Assets (liabilities) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents | $ | 25,821 |
| | $ | — |
| | $ | — |
| | $ | 25,821 |
| Restricted cash | 652 |
| | — |
| | — |
| | 652 |
| Commodity derivatives, net (a) | 82,626 |
| | 5,182 |
| | — |
| | 87,808 |
| Convertible preferred securities (b) | — |
| | — |
| | 20,530 |
| | 20,530 |
| Other assets and liabilities (c) | 10,960 |
| | (951 | ) | | — |
| | 10,009 |
| Total | $ | 120,059 |
| | $ | 4,231 |
| | $ | 20,530 |
| | $ | 144,820 |
|
| | (a) | Includes associated cash posted/received as collateral |
| | (b) | Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets |
| | (c) | Included in other assets and liabilities are deferred compensation assets (Level 1) and interest rate derivatives (Level 2) |
|
| Beginning and ending balances for the Company's fair value measurements using Level 3 inputs |
A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: | | | | | | | | | (in thousands) | 2015 | | 2014 | | Convertible Preferred Securities | | Convertible Preferred Securities | Asset at January 1, | $ | 13,300 |
| | $ | 25,720 |
| Unrealized gains (losses) included in other comprehensive income | — |
| | (5,190 | ) | Asset at March 31, | 13,300 |
| | 20,530 |
|
|
| Fair Value Inputs, Assets, Quantitative Information |
The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2015, December 31, 2014 and March 31, 2014: | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (in thousands) | Fair Value as of March 31, 2015 | | Valuation Method | | Unobservable Input | | Weighted Average | Convertible Preferred Securities | $ | 13,300 |
| | Market Approach | | EBITDA Multiples | | 6.61 |
| | | | Income Approach | | Discount Rate | | 14.5 | % |
| | | | | | | | | | | | (in thousands) | Fair Value as of December 31, 2014 | | Valuation Method | | Unobservable Input | | Weighted Average | Convertible Preferred Securities | $ | 13,300 |
| | Market Approach | | EBITDA Multiples | | 7.00 |
| | | | Income Approach | | Discount Rate | | 14.5 | % |
| | | | | | | | | | | | (in thousands) | Fair Value as of March 31, 2014 | | Valuation Method | | Unobservable Input | | Weighted Average | Convertible Preferred Securities | $ | 20,530 |
| | Market Approach | | EBITDA Multiples | | 7.75 |
| | | | Income Approach | | Discount Rate | | 14.5 | % |
|
| Fair value of long-term debt estimated using quoted market prices or discounted future cash flows |
| | | | | | | | | | | | | (in thousands) | March 31,
2015 |
| December 31,
2014 | | March 31,
2014 | Fair value of long-term debt, including current maturities | $ | 350,684 |
| | $ | 382,139 |
| | $ | 400,495 |
| Fair value in excess of carrying value | 8,390 |
| | 7,086 |
| | 3,574 |
|
|