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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2014
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS
11.
FAIR VALUE MEASUREMENTS
 
The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of six broad levels as follows:
1.         Level 1 – Quoted market prices in active markets for identical assets or liabilities.
2.         Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
3.         Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
 
The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of June 30, 2014 and December 31, 2013:
                         
   
Fair Value Measurements at June 30, 2014 with:
  
(in thousands)
  
Quoted prices
in active
markets for
identical
assets
    
Significant
other observable
inputs
    
Significant
unobservable
 inputs
  
   
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                  
Trading securities
   $ -     $ 6,531     $ -  
Available-for-sale securities:
                        
       Municipal obligations
   $ -     $ 41,758     $ -  
       Corporate obligations
     -       2,672       -  
    $ -     $ 44,430     $ -  
                         
   
Fair Value Measurements at December 31, 2013 with:
  
(in thousands)
  
Quoted
prices in
active
 markets for
identical
assets
    
Significant
other
observable
inputs
    
Significant
unobservable
inputs
  
   
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                  
Trading securities
   $ -     $ 6,388     $ -  
Available-for-sale securities:
                        
       Municipal obligations
   $ -     $ 36,132     $ -  
       Corporate obligations
     -       456       -  
    $ -     $ 36,588     $ -  
 
The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.