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16. FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Significant assumptions

Significant assumptions used and related fair values for the warrants as of December 31, 2015 were as follows:

Original Issuance				Exercise Price				Volatility				Risk Free Interest Rate				Term (years)				Market Discount				Warrants Outstanding				Fair Value
	07/3/2012			$	6.09				49.1%				0.86%				1.51				22.9%				211,000				200,000
	12/13/2011			$	8.43				48.4%				0.65%				0.95				18.3%				138,000				73,000
																												$	273,000

Significant assumptions used and related fair values for the warrants as of December 31, 2014 were as follows:

Original Issuance				Exercise Price				Volatility				Risk Free Interest Rate				Term (years)				Market Discount				Warrants Outstanding				Fair Value
	09/26/2012			$	8.85				51.0%				0.19%				0.74				37.0%				473,000				748,000
	07/3/2012			$	6.09				56.1%				0.89%				2.51				32.8%				211,000				811,000
	12/13/2011			$	8.43				54.3%				0.67%				1.95				28.7%				138,000				427,000
																												$	1,986,000

Schedule of fair value measurements

The following table summarizes recurring fair value measurements by level at December 31, 2015 (in thousands):

			Fair Value				Level 1				Level 2				Level 3				Benefit Plan Percentage Allocation
Assets:
Derivative financial instruments(1)		$	2,081			$	2,081			$	–			$	–
Defined benefit plan assets(2) (pooled separate accounts):
Large U.S. Equity (3)			3,662				–				3,662				–				29%
Small/Mid U.S. Equity(4)			1,099				–				1,099				–				9%
International Equity(5)			1,525				–				1,525				–				12%
Fixed Income(6)			6,281				–				6,281				–				50%
		$	14,648			$	2,081				12,567			$	–
Liabilities:
Warrants (7)		$	(273	)		$	–			$	–			$	(273	)
Derivative financial instruments(8)			(1,848	)			(1,848	)			–				–
		$	(2,121	)		$	(1,848	)		$	–			$	(273	)

The following table summarizes recurring fair value measurements by level at December 31, 2014 (in thousands):

			Fair Value				Level 1				Level 2				Level 3
Assets:
Derivative financial instruments(1)		$	1,586			$	1,586			$	–			$	–
		$	1,586			$	1,586			$	–			$	–
Liabilities:
Warrants		$	(1,986	)		$	–			$	–			$	(1,986	)
Derivative financial instruments			(1,149	)			(1,149	)			–				–
		$	(3,135	)		$	(1,149	)		$	–			$	(1,986	)

__________

(1) Included in other current assets in the consolidated balance sheets.

(2) See Note __ for accounting discussion

(3) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(4) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(5) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(6) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

(7) Included in warrant liabilities at fair value in the consolidated balance sheets.

(8) Included in accrued liabilities in the consolidated balance sheets.

Level 3 fair value schedule

		Warrants				Conversion Features
Balance, December 31, 2012		$	4,892			$	–
Issuance of warrants in January offering		$	2,657			$	–
Issuance of notes and warrants in March offering			1,572				1,401
Issuance of notes in June offering			–				2,929
Conversions of notes			–				(5,205	)
Exercises of warrants			(260	)			–
Adjustments to fair value for the period			(646	)			875
Balance, December 31, 2013		$	8,215			$	–
Exercises of warrants			(41,486	)			–
Expiration of warrants			(3	)			–
Adjustments to fair value for the period			35,260				–
Balance, December 31, 2014		$	1,986			$	–
Exercises of warrants			(72	)			–
Expiration of warrants			(527	)			–
Adjustments to fair value for the period			(1,114	)			–
Balance, December 31, 2015		$	273			$	–

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Description of the changes in significant assumptions used by management to measure fair value.

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