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Financial Instruments | 3 Months Ended
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Mar. 31, 2015
Investments, All Other Investments [Abstract] |
Financial Instruments |
8. | Financial Instruments
Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The following table represents cash and the available-for-sale securities adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or investment securities as of March 31, 2015 and December 31, 2014:
|  | March 31, 2015 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Accrued Interest |  | Estimated Fair Value |  | Cash & Cash Equivalents |  | Investment Securities |
Cash |  | $ | 32,242,000 |  | $ | - |  | $ | - |  | $ | - |  | $ | 32,242,000 |  | $ | 32,242,000 |  | $ | - |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Accounts |  |  | 1,181,000 |  |  | - |  |  | - |  |  | - |  |  | 1,181,000 |  |  | 1,181,000 |  |  | - |
Mutual Funds |  |  | 10,508,000 |  |  | 124,000 |  |  | (99,000) |  |  | - |  |  | 10,533,000 |  |  | - |  |  | 10,533,000 |
Corporate Equity Securities |  |  | 3,785,000 |  |  | 709,000 |  |  | (51,000) |  |  | - |  |  | 4,443,000 |  |  | - |  |  | 4,443,000 |
Government & Agency Securities |  |  | 4,396,000 |  |  | 68,000 |  |  | (1,000) |  |  | 10,000 |  |  | 4,473,000 |  |  | - |  |  | 4,473,000 |
|  |  | 19,870,000 |  |  | 901,000 |  |  | (151,000) |  |  | 10,000 |  |  | 20,630,000 |  |  | 1,181,000 |  |  | 19,449,000 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  |  | 3,448,000 |  |  | 73,000 |  |  | (7,000) |  |  | 21,000 |  |  | 3,535,000 |  |  | - |  |  | 3,535,000 |
Corporate Bonds |  |  | 4,880,000 |  |  | 65,000 |  |  | (4,000) |  |  | 30,000 |  |  | 4,971,000 |  |  | - |  |  | 4,971,000 |
|  |  | 8,328,000 |  |  | 138,000 |  |  | (11,000) |  |  | 51,000 |  |  | 8,506,000 |  |  | - |  |  | 8,506,000 |
Total |  | $ | 60,440,000 |  | $ | 1,039,000 |  | $ | (162,000) |  | $ | 61,000 |  | $ | 61,378,000 |  | $ | 33,423,000 |  | $ | 27,955,000 |
|  | December 31, 2014 |
|  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Accrued Interest |  | Estimated Fair Value |  | Cash & Cash Equivalents |  | Investment Securities |
Cash |  | $ | 23,894,000 |  | $ | - |  | $ | - |  | $ | - |  | $ | 23,894,000 |  | $ | 23,894,000 |  | $ | - |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Accounts |  |  | 565,000 |  |  | - |  |  | - |  |  | - |  |  | 565,000 |  |  | 565,000 |  |  | - |
Mutual Funds |  |  | 10,733,000 |  |  | 63,000 |  |  | (129,000) |  |  | - |  |  | 10,667,000 |  |  | - |  |  | 10,667,000 |
Corporate Equity Securities |  |  | 3,408,000 |  |  | 695,000 |  |  | (31,000) |  |  | - |  |  | 4,072,000 |  |  | - |  |  | 4,072,000 |
Government & Agency Securities |  |  | 4,559,000 |  |  | 49,000 |  |  | (5,000) |  |  | 15,000 |  |  | 4,618,000 |  |  | - |  |  | 4,618,000 |
|  |  | 19,265,000 |  |  | 807,000 |  |  | (165,000) |  |  | 15,000 |  |  | 19,922,000 |  |  | 565,000 |  |  | 19,357,000 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  |  | 3,652,000 |  |  | 78,000 |  |  | (7,000) |  |  | 28,000 |  |  | 3,751,000 |  |  | - |  |  | 3,751,000 |
Corporate Bonds |  |  | 5,022,000 |  |  | 29,000 |  |  | (12,000) |  |  | 38,000 |  |  | 5,077,000 |  |  | - |  |  | 5,077,000 |
|  |  | 8,674,000 |  |  | 107,000 |  |  | (19,000) |  |  | 66,000 |  |  | 8,828,000 |  |  | - |  |  | 8,828,000 |
Total |  | $ | 51,833,000 |  | $ | 914,000 |  | $ | (184,000) |  | $ | 81,000 |  | $ | 52,644,000 |  | $ | 24,459,000 |  | $ | 28,185,000 |
The Company had realized gains of $118,000 and $188,000 for the three months ended March 31, 2015 and 2014, respectively.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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