C. Fair Value

The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of September 30, 2017, December 31, 2016 and September 30, 2016 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2017 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2017
Cash equivalents	$	60,702	$	-	$	-	$	60,702
Investments in securities:
AFS - Common stocks		41,315		-		-		41,315
AFS - Closed-end Funds		114		-		-		114
US Government Obligations		59,954		-		-		59,954
Trading - Common stocks		31		-		-		31
Trading - Mutual Funds		11		-		-		11
Total investments in securities		101,425		-		-		101,425
Total assets at fair value	$	162,127	$	-	$	-	$	162,127

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2016 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2016
Cash equivalents	$	39,638	$	-	$	-	$	39,638
Investments in securities:
AFS - Common stocks		37,131		-		-		37,131
AFS - Closed-end Funds		100		-		-		100
Trading - Common stocks		54		-		-		54
Total investments in securities		37,285		-		-		37,285
Total assets at fair value	$	76,923	$	-	$	-	$	76,923

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2016 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2016
Cash equivalents	$	33,576	$	-	$	-	$	33,576
Investments in securities:
AFS - Common stocks		32,873		-		-		32,873
Trading - Common stocks		16		-		-		16
Total investments in securities		32,889		-		-		32,889
Total assets at fair value	$	66,465	$	-	$	-	$	66,465

During the quarters ended September 30, 2017 and 2016, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings.