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
|
|
|
|
|
|
|
|
|
|
|
|
|