D. 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 March 31, 2018, December 31, 2017 and March 31, 2017 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 March 31, 2018 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2018
Cash equivalents	$	27,034	$	-	$	-	$	27,034
Investments in securities:
Common stocks		31,291		-		-		31,291
Mutual Funds		11		-		-		11
Closed-end Funds		105		-		-		105
Total investments in securities		31,407		-		-		31,407
Total assets at fair value	$	58,441	$	-	$	-	$	58,441

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2017 (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)		2017
Cash equivalents	$	17,475	$	-	$	-	$	17,475
Investments in securities:
AFS - Common stocks		36,637		-		-		36,637
AFS - Closed-end Funds		108		-		-		108
Trading - Common stocks		34		-		-		34
Trading - Mutual funds		11		-		-		11
Total investments in securities		36,790		-		-		36,790
Total assets at fair value	$	54,265	$	-	$	-	$	54,265

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2017 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2017
Cash equivalents	$	88,082	$	-	$	-	$	88,082
Investments in securities:
AFS - Common stocks		33,058		-		-		33,058
AFS - Closed-end Funds		108		-		-		108
Trading - Common stocks		24		-		-		24
Total investments in securities		33,190		-		-		33,190
Total assets at fair value	$	121,272	$	-	$	-	$	121,272

During the quarters ended March 31, 2018 and 2017, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings.