Fair Value Measurement

3 Months Ended

Mar. 31, 2016

Note 3 - Fair Value Measurement

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


	March 31, 2016							December 31, 2015
	Cost		Gross Unrealized Gains (Losses)			Recorded Basis		Cost		Gross Unrealized Gains (Losses)			Recorded Basis
Current:
Cash Equivalents:
Money Market Funds	$	38,056	$	0		$	38,056	$	21,312	$	0		$	21,312

Available for Sale - Restricted:
Money Market Funds		40,049		0			40,049		76,023		0			76,023
Certificate of Deposit		0		0			0		10,000		0			10,000

Total Current Investments		78,105		0			78,105		107,335		0			107,335

Long term:
Available-for-sale:
Money Market Funds		78		0			78		4		0			4
Corporate Bonds		3,070		(9	)		3,061		2,970		(24	)		2,946
Municipal Bonds		3,064		11			3,075		3,135		(3	)		3,132

Available for Sale - Restricted:
Money Market Funds		180,253		0			180,253		175,869		0			175,869
Certificate of Deposit		11,776		(2	)		11,774		496		(1	)		495
U.S. Treasuries		6,148		14			6,162		4,752		1			4,753
Municipal Bonds		3,421		11			3,432		3,613		(1	)		3,612
Corporate Bonds		3,217		(10	)		3,207		2,996		(24	)		2,972

Total Long Term Investments		211,027		15			211,042		193,835		(52	)		193,783

Total Investments	$	289,132	$	15		$	289,147	$	301,170	$	(52	)	$	301,118

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis by fair value hierarchy level (in thousands):


	March 31, 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	$	38,056	$	0	$	38,056	$	0	$	21,312	$	0	$	21,312	$	0

Available for Sale - Unrestricted:
Money Market Funds		78		0		78		0		4		0		4		0
Corporate Bonds		3,061		2,253		808		0		2,946		2,291		655		0
Municipal Bonds		3,075		163		2,912		0		3,132		241		2,891		0

Available for Sale - Restricted:
Money Market		220,302		17		220,285		0		251,892		17		251,875		0
Certificate of Deposit		11,774		0		11,774		0		10,495		0		10,495		0
U.S. Treasuries		6,162		6,162		0		0		4,753		4,753		0		0
Municipal Bonds		3,432		266		3,166		0		3,612		389		3,223		0
Corporate Bonds		3,207		2,245		962		0		2,972		2,285		687		0

Total Available for Sale Securities		251,091		11,106		239,985		0		279,806		9,976		269,830		0

Total Investments	$	289,147	$	11,106	$	278,041	$	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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