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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value of Financial Instruments  
Schedule of fair value of the financial assets and liabilities

 

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company's financial assets and liabilities that are required to be measured at fair value, in thousands:

                                                                                                                                                                                    

 

 

Fair Value Measurements at December 31, 2016

 

 

 

Total Carrying
Value at
December 31,
2015

 

Quoted Prices
in Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

66,398 

 

$

66,398 

 

$

 

$

 

Marketable securities

 

 

23,723 

 

 

656 

 

 

23,067 

 

 

 

Long term marketable securities

 

 

75,410 

 

 

 

 

75,410 

 

 

 

Marketable securities—restricted (SERP)

 

 

275 

 

 

 

 

275 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets at fair value

 

$

165,806 

 

$

67,054 

 

$

98,752 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Derivative liabilities

 

$

114 

 

$

 

$

 

$

114 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Fair Value Measurements at December 31, 2015

 

 

 

Total Carrying
Value at
December 31,
2015

 

Quoted Prices
in Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,498 

 

$

33,498 

 

$

 

$

 

Marketable securities

 

 

28,692 

 

 

654 

 

 

28,038 

 

 

 

Long term marketable securities

 

 

55,009 

 

 

 

 

55,009 

 

 

 

Marketable securities—restricted (SERP)

 

 

263 

 

 

 

 

263 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets at fair value

 

$

117,462 

 

$

34,152 

 

$

83,310 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Derivative liabilities

 

$

854 

 

$

 

$

 

$

854 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of assumptions used to calculate fair value of make-whole liability

                                                                                                                                                                                    

Volatility

 

45%

Stock Price as of December 31, 2016

 

$25.25 per share

Credit Spread

 

900 bps

Term

 

4 months

Dividend Yield

 

0.0%

 

Schedule of Level 3 liabilities included in the non-current liabilities section of the consolidated balance sheets

 

The following table presents information about the Company's Level 3 liabilities as of December 31, 2015 and December 31, 2016 that are included in the Non-Current Liabilities section of the Consolidated Balance Sheets, in thousands:

                                                                                                                                                                                    

 

 

Year Ended
December 31,
2015 and 2016

 

Balance at December 31, 2014

 

$

6,564

 

Changes in fair value of derivative liabilities included in earnings

 

 

(193

)

Reduction due to conversion of debt to equity

 

 

(4,865

)

Cashless exercise of common stock warrants

 

 

(652

)

​  

​  

Balance at December 31, 2015

 

 

854

 

​  

​  

Changes in fair value of derivative liabilities included in earnings

 

 

(448

)

Reduction due to conversion of debt to equity

 

 

(292

)

​  

​  

Balance at December 31, 2016

 

$

114

 

​  

​  

​  

​  

 

Schedule of unrestricted marketable securities

 

Unrestricted marketable securities held by the Company were as follows, in thousands:

At December 31, 2016:

                                                                                                                                                                                    

Available for Sale

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

Corporate debt securities

 

$

99,487

 

 

86

 

 

(440

)

$

99,133

 

At December 31, 2015:

                                                                                                                                                                                    

Available for Sale

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

Corporate debt securities

 

$

84,189

 

 

5

 

 

(493

)

$

83,701

 

 

Schedule of contractual maturities of the unrestricted available for sale marketable securities held

 

The contractual maturities of the unrestricted available for sale marketable securities held by the Company were as follows, in thousands:

                                                                                                                                                                                    

 

 

December 31,
2016

 

Less Than 1 Year

 

$

23,723 

 

1 year to 2 years

 

 

24,318 

 

3 years to 4 years

 

 

51,092 

 

Greater Than 4 Years

 

 

 

​  

​  

Total

 

$

99,133 

 

​  

​  

​  

​