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Note 9 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

9. FAIR VALUE MEASUREMENTS


Fair value is the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The multiple assumptions used to value financial instruments are referred to as inputs, and a hierarchy for inputs used in measuring fair value is established, that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. These inputs are ranked according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.


Level 1 -

Inputs are quoted prices in active markets for identical assets or liabilities.

  

  

Level 2 -

Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.

  

  

Level 3 -

Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.


The following table represents the Company’s assets measured at fair value on a recurring basis as of June 30, 2013 and the basis for that measurement (in thousands):


Assets

 

Total

   

Quoted Prices

in

Active Markets

for

Identical Assets

(Level 1) 

   

Significant

Other

Observable

Inputs

(Level 2) 

   

Significant

Unobservable

Inputs

(Level 3) 

 

Money market mutual funds

  $ 26,350     $ 26,350     $ —     $ —  

The following table represents the Company’s assets measured at fair value on a recurring basis as of December 31, 2012 and the basis for that measurement (in thousands):


Assets

 

Total

   

Quoted Prices

in

Active Markets

for

Identical Assets

(Level 1) 

   

Significant

Other

Observable

Inputs

(Level 2) 

   

Significant

Unobservable

Inputs

(Level 3) 

 

Money market mutual funds

  $ 26,341     $ 26,341     $ —     $ —