Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables summarize the Company's financial assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2013, and December 31, 2012, respectively:

(in thousands)
March 31, 2013
Quotes Prices in Active Markets (Level 1)
 Significant Other Observable Inputs (Level 2)
 Significant Other Unobservable Inputs (Level 3)
AFS securities
$
7,140

$
7,140

$
—

$
—

Total financial assets
$
7,140

$
7,140

$
—

$
—

 
 
 
 
 
Earn-out liability
$
1,265

$
—

$
—

$
1,265

Interest rate swaps
149

—

149

—

Global Eagle warrants (1)
26,090

26,090

—

—

Series C preferred warrants
3,091

—

—

3,091

Total financial liabilities
$
30,595

$
26,090

$
149

$
4,356


(1) Includes 18,992,500 public warrants and 333,333 sponsor warrants.
(in thousands)
December 31, 2012
Quotes Prices in Active Markets (Level 1)
 Significant Other Observable Inputs (Level 2)
 Significant Other Unobservable Inputs (Level 3)
Total financial assets
$
—

$
—

$
—

$
—

 
 
 
 
 
Series C warrants
$
5,482

$
—

$
—

$
5,482

Common stock warrants
2,696

—

—

2,696

Total financial liabilities
$
8,178

$
—

$
—

$
8,178



Fair Value, by Balance Sheet Grouping
The following table shows both the carrying amounts and the fair values of financial assets and liabilities not carried at fair value in the consolidated financial statements at March 31, 2013 and December 31, 2012, respectively:

 
March 31, 2013
December 31, 2012
(in thousands)
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Assets:
 
 
 
 
Other Assets
$
—

$
—

$
—

$
—

Financial Liabilities:
 
 
 
 
Notes Payable
$
11,092

$
10,200

$
—

$
—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present the fair value roll-forward reconciliation of level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis for the three months ended March 31, 2013, and 2012, respectively:

(in thousands)
Series C Warrants
Common Stock Warrants
Earn-Out Liability
Total
Balance, January 1, 2013
$
5,482

$
2,696

$
—

$
8,178

  Reclassification to equity
—

(2,696
)
—

(2,696
)
  Change in value
344

—

—

344

Elimination of Row 44 Series C-1 Preferred Warrants held by AIA
(2,735
)
—

—

(2,735
)
   Level III Liability acquired in AIA Stock Purchase
—

—

1,265

1,265

Balance, March 31, 2013
$
3,091

$
—

$
1,265

$
4,356


(in thousands)
Series C Warrants
Common Stock Warrants
Earn-Out Liability
Total
Balance, January 1, 2012
$
—

$
—

$
—

$
—

Issuance of warrants
—

279

—

279

  Change in value
—

—

—

—

Balance, March 31, 2012
$
—

$
279

$
—

$
279