9. Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Significant Assumptions Used and Related Fair Values for Warrants

Significant assumptions used and related fair values for the warrants as of June 30, 2016 were as follows:

Original Issuance	Exercise Price		Volatility		Risk Free Interest Rate		Term (years)		Market Discount		Warrants Outstanding		Fair Value
07/3/2012	$	6.09		50.7%		0.45%		1.01		19.8%		211,000	$	194,000
12/13/2011	$	8.43		51.9%		0.36%		0.45		13.8%		138,000		63,000
													$	257,000

Significant assumptions used and related fair values for the warrants as of December 31, 2015 were as follows:

Original Issuance	Exercise Price		Volatility		Risk Free Interest Rate		Term (years)		Market Discount		Warrants Outstanding		Fair Value
07/3/2012	$	6.09		49.1%		0.86%		1.51		22.9%		211,000	$	200,000
12/13/2011	$	8.43		48.4%		0.65%		0.95		18.3%		138,000		73,000
													$	273,000

Summary of Recurring Fair Value Measurements by Level

The following table summarizes recurring fair value measurements by level at June 30, 2016 (in thousands):

	Fair
	Value			Level 1			Level 2		Level 3
Assets:
Derivative financial instruments (1)	$	13,299		$	13,299		$	–	$	–
	$	13,299		$	13,299		$	–	$	–
Liabilities:
Warrants (3)	$	(257	)	$	–		$	–	$	(257	)
Derivative financial instruments (4)		(12,166	)		(12,166	)		–		–
	$	(12,423	)	$	(12,166	)	$	–	$	(257	)

The following table summarizes recurring fair value measurements by level at December 31, 2015 (in thousands):

	Fair
	Value			Level 1			Level 2		Level 3
Assets:
Derivative financial instruments (1)	$	2,081		$	2,081		$	–	$	–
Defined benefit plan assets (2)
(pooled separate accounts):
Large U.S. Equity		3,662			–			3,662		–
Small/Mid U.S. Equity		1,099			–			1,099		–
International Equity		1,525			–			1,525		–
Fixed Income		6,281			–			6,281		–
	$	14,648		$	2,081		$	12,567	$	–
Liabilities:
Warrants (3)	$	(273	)	$	–		$	–	$	(273	)
Derivative financial instruments (4)		(1,848	)		(1,848	)		–		–
	$	(2,121	)	$	(1,848	)	$	–	$	(273	)

Schedule of Fair Value of Level 3 Inputs to Warrants

Balance, December 31, 2015	$	273
Adjustments to fair value for the period		(16	)
Balance, June 30, 2016	$	257