Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements

3.  FAIR VALUE MEASUREMENTS

 

Fair value measurements

 

The Company follows the fair value hierarchy, established by the accounting standard related to fair value measurement, to prioritize the inputs used in valuation techniques. There are three broad levels to the fair value hierarchy of inputs to fair value. Level 1 is the highest priority and Level 3 is the lowest priority.  The levels are as follows:

 

 

•

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

  

 

•

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

 

 

•

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

 

The Company measures and reports certain financial assets at fair value on a recurring basis, including its investments in money market funds and available-for-sale securities. At December 31, 2013 and 2012, there were no liabilities within the scope of the accounting standards. The fair values of the Company’s Level 1 financial assets are based on quoted market prices of the identical underlying security. The Company utilizes a pricing service to assist in obtaining fair value pricing for the majority of this investment portfolio.

 

At December 31, 2013 and 2012, the Company’s cash and cash equivalents, measured at fair value on a recurring basis, by level within the fair value hierarchy were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2013

 

 

Year Ended December 31, 2012

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

(In thousands)

 

 

(In thousands)

Money Market funds

 

$
11,349 

 

 

$

 -

 

 

$

 -

 

 

$
11,349 

 

 

$
7,957 

 

 

$

 -

 

 

$

 -

 

 

$
7,957 

     Total

 

$
11,349 

 

 

$

 -

 

 

$

 -

 

 

$
11,349 

 

 

$
7,957 

 

 

$

 -

 

 

$

 -

 

 

$
7,957