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 September 30, 2018, December 31, 2017 and September 30, 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 September 30, 2018 (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)		2018
Cash equivalents	$	34,020	$	-	$	-	$	34,020
Investments in securities:
Common stocks		28,666		-		-		28,666
Mutual Funds		44		-		-		44
Closed-end Funds		994		-		-		994
Total investments in securities		29,704		-		-		29,704
Total assets at fair value	$	63,724	$	-	$	-	$	63,724

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 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

During the quarters ended September 30, 2018 and 2017, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings.