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The projected cash flows from these Marketed, Licensed and Biodefense Product intangible assets were based on key assumptions including: estimates of revenues and operating profits; the life of the potential commercialized product and associated risks; and risks related to the viability of and potential alternative treatments in any future target markets.</div><div style="margin-top: 3pt; margin-bottom: 3pt;"><br /></div><div style="text-align: justify; margin-top: 3pt; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; margin-bottom: 3pt; color: #000000; font-size: 10pt;">The Company estimated the fair value of the Contract Manufacturing intangible asset using the income approach with a present value discount rate of 15%, which is based on the estimated weighted-average cost of capital for companies with profiles substantially similar to that of Cangene. 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This is comparable to the estimated internal rate of return for the acquisition and represents the rate that market participants would use to value this intangible asset.</div><div style="margin-top: 3pt; margin-bottom: 3pt;"><br /></div><div style="text-align: justify; margin-top: 3pt; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; margin-bottom: 3pt; color: #000000; font-size: 10pt;">The weighted average amortization period of the intangible assets from the Cangene acquisition is 110 months. For the year ended December 31, 2014, the Company recorded amortization expense of $3.3 million for intangible assets acquired from Cangene, of which $478,000 and $2.8 million, respectively, has been recorded in selling, general and administrative and cost of product sales and contract manufacturing. 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The Company estimated the fair value using a present value discount rate of 16%, which is based on the estimated weighted-average cost of capital for companies with that profiles substantially similar to that of Cangene and IPR&amp;D assets at a similar stage of development as IXINITY. This is comparable to the estimated internal rate of return for the acquisition and represents the rate that market participants would use to value the IPR&amp;D. 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EV-035 is a series of novel small molecule broad spectrum antibiotics of the 4-oxoquinolizine class and targets bacterial type IIa topoisomerase. The lead molecule in the series, GC-072, has demonstrated protection <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">in vivo</font> from lethal <font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">B. pseudomallei</font> infection when administered orally. 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Management determined that the estimated acquisition-date fair value of intangible assets related to IPR&amp;D was $27.7 million. The estimated fair value was determined using the income approach, which discounts expected future cash flows to present value. The Company estimated the fair value using a present value discount rate of 12%. This is comparable to the estimated internal rate of return for the acquisition and represents the rate that market participants would use to value the IPR&amp;D. The projected cash flows for EV-035 was based on key assumptions including: estimates of revenues and operating profits, considering its stage of development on the acquisition date; the time and resources needed to complete the development and approval of the product candidate; the life of the potential commercialized product and associated risks, including the inherent difficulties and uncertainties in developing a product candidate, such as obtaining marketing approval from the FDA and other regulatory agencies; and risks related to the viability of and potential for alternative treatments in any future target markets. IPR&amp;D assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. From the acquisition date through the year ended December 31, 2014, there were no indicators present that would require the Company to complete an interim impairment assessment.</div><div><br /></div><div style="text-align: left; margin-top: 3pt; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; margin-bottom: 3pt; color: #000000; font-size: 10pt; font-weight: bold;">Healthcare Protective Products Division</div><div><br /></div><div style="text-align: justify; background-color: #ffffff; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">In August 2013, the Company acquired substantially all of the assets of the HPPD, a division of Bracco, for approximately $25.9 million in cash along with contingent purchase consideration obligations to Bracco. The assets acquired in this acquisition include HPPD's product, RSDL, and a majority of the customer and distributor agreements associated with RSDL along with approximately $1.5 million of manufacturing equipment. The acquisition diversifies the Biodefense segment by adding product sales from RSDL. In addition, the Company assumed a $1.5 million liability associated with the Canadian Technology Development Fund ("TDF").</div><div style="background-color: #ffffff;"><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The contingent purchase consideration obligation is based on a percentage of RSDL net sales, ranging from 5 %-10%, for the period August 1, 2013 through July 31, 2028. At August 1, 2013, the contingent purchase consideration obligation was recorded at a fair value of $16.2 million. The Level 3 fair value of this obligation is based on management's assessment of the potential future realization of the contingent purchase consideration payments. This assessment is based on inputs that have no observable market. 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color: #000000; font-size: 10pt;">Total purchase price</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">42,105</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div><br /></div><div style="background-color: #ffffff;"><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; 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For the year ended December 31, 2014 and 2013, respectively, the Company recorded $4.7 million and $2.0 million in amortization for intangible assets, which have been recorded in </font>cost of product sales and contract manufacturing within the Company's Biodefense segment<font style="background-color: #ffffff; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">. The weighted average amortization period for the intangible assets is 72 months.</font></div></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company recorded approximately $9.9 million in goodwill related to the HPPD acquisition representing the purchase price paid in the acquisition in excess of the fair value of the tangible and intangible assets acquired. This goodwill is included in the Company's Biodefense segment. 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Obligations generally become due and payable only upon achievement of certain developmental, regulatory or commercial milestones. The fair value model used for the CVR obligations are based on a discounted cash flow model that has been risk adjusted based on the probability of achievement of the milestones.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company believes that the inputs it uses for determining the fair value of the CVR obligations are Level 3 fair value measurements. The Company re-evaluates the fair value on a quarterly basis. Changes in the fair value of the CVR obligations can result from adjustments to the discount rates, updates in the assumed timing of achievement of any development milestones or changes in the probability of certain events and changes in the assumed probability associated with approval. Any future increase in the fair value of the CVR obligations, based on an increased likelihood that the underlying milestones will be achieved and the associated payment or payments will therefore become due and payable, will result in a charge to research and development expense in the period in which the increase is determined. 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MorphoSys collaboration agreement</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">In August 2014, the Company entered into a collaboration agreement ("MorphoSys Agreement") with MorphoSys AG ("MorphoSys") for the joint worldwide development and commercialization of MOR209/ES414, a targeted immunotherapeutic protein, constructed using the Company's proprietary ADAPTIR technology platform, which activates host T-cell immunity specifically against cells expressing prostate specific membrane antigen, an antigen commonly overexpressed on prostate cancer cells.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">In accordance with the terms of the MorphoSys Agreement, the Company received a nonrefundable $20 million upfront payment and may receive up to $163 million in additional contingent payments, of which $80.0 million and $83.0 million, respectively, are due upon the achievement of specified development and regulatory milestones. The Company has determined that payments for the achievement of the development and regulatory milestones are substantive milestones and will be accounted for as revenue in the period in which the milestone is achieved.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">MorphoSys and the Company will jointly fund further development of MOR209/ES414, with the Company responsible for 36% of the total development cost and MorphoSys responsible for the remainder. The Company's funding requirement is capped at $186 million. The Company will retain commercialization rights in the U.S. and Canada, with a tiered royalty obligation to MorphoSys, ranging from mid-single digits up to 20%. MorphoSys will gain worldwide commercialization rights excluding the United States and Canada, with a low single digit royalty obligation to the Company. 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The Company determined that the license had standalone value as the drug candidate has been (1) developed and is currently Phase 1 clinical trial ready, (2) MorphoSys possesses the knowledge, technology, skills, experience and infrastructure necessary to complete all further development of the drug through commercialization, and (3) MorphoSys has the right to further sublicense the product. The Company allocated the $20.0 million upfront payment to the two units of accounting using the relative selling price method. The Company determined the estimated selling price for the license using the income approach and a discount rate of 12%. The estimated selling price includes unobservable inputs (Level 3), such as estimates of revenues and operating margins; the time and resources needed to complete the development and approval of the product candidate; and the risk related to the viability of and potential for alternative treatments. The Company determined the estimated selling price of the development services unit of accounting based on the estimated number of full-time equivalent personnel at the contractual rate as defined in the MorphoSys Agreement, which represents the approximate terms of other service related contracts both entered by the Company and observed generally through other collaboration negotiations. The allocation resulted in $15.3 million of the upfront payment being allocated to the license and $4.7 million being allocated to the development services. The Company determined the license fee unit of accounting was delivered on the date the MorphoSys agreement was executed and therefore has recognized revenue of $15.3 million, which is included in contracts, grants and collaborations revenues within the Company's Biosciences segment. Revenue related to the undelivered item will be recognized as the services are performed. 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text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Total liabilities</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; width: 52%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; vertical-align: top;">&#160;</td><td colspan="15" valign="bottom" style="border-bottom: #000000 2px solid; background-color: #ffffff; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">At December 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Investment in money market funds (1)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; 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color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">37,701</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Total assets</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">37,701</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; 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width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; 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width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; 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color: #000000; font-size: 10pt;">16,619</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Total liabilities</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">16,619</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">16,619</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(1) Included in cash and cash equivalents in accompanying consolidated balance sheets.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">As of December 31, 2014 and 2013, the Company did not have any transfers between Level 1 and Level 2 assets or liabilities.</div><div><br /></div><div style="text-align: left; 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vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 88%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Balance at December 31, 2014</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; 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font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 88%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Expense (income) included in earnings</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; 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background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">32,099</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Additions</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">2,800</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">8,100</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">3,100</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">16,700</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">5,500</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">36,200</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; 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text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">2,800</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">8,100</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">3,100</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; 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width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">5,500</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">68,299</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Accumulated amortization</div></td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; 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background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(483</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(1,951</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Amortization</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; 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color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(478</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(692</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; 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color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(587</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(8,004</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Balance at December 31, 2014</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(4,987</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(1,642</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(478</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(692</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(378</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(1,191</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(587</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(9,955</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; 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As of December 31, 2014, the Company's 2011 and 2012 federal income tax returns are under audit.</div><div><br /></div><div><br /></div></div> 4711000 6537000 6331000 5918000 7137000 2904000 1357000 5651000 -1116000 -3604000 186000 15485000 18572000 13106000 257000 538000 -2079000 -227000 124000 139000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Income taxes</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Income taxes are accounted for using the liability method. 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vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Expenses incurred</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">2,114</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; 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vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; 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background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">111,912</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; width: 52%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Liabilities:</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Contingent consideration</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Total liabilities</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">47,657</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #cceeff; 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width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; vertical-align: top;">&#160;</td><td colspan="15" valign="bottom" style="border-bottom: #000000 2px solid; 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background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #cceeff; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Investment in money market funds (1)</div></td><td valign="bottom" style="padding-bottom: 2px; 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background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; 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width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; 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background-color: #cceeff; width: 7%; vertical-align: bottom;">&#160;</td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 20%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Balance at December 31, 2013</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(1,468</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">4,913</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="padding-bottom: 4px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #ffffff; width: 7%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">58,344</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #ffffff; 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The Company utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. 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vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">52,749</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">52,391</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 64%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; color: #000000; margin-left: 7.2pt; font-size: 10pt;">International</div></td><td valign="bottom" style="padding-bottom: 2px; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(6,702</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; 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text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">(14,945</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 64%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: 'Times New Roman', Times, serif; color: #000000; margin-left: 7.2pt; font-size: 10pt;">Earnings before taxes on income</div></td><td valign="bottom" style="padding-bottom: 4px; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; 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Segment information</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">For financial reporting purposes, the Company reports financial information for two business segments: Biodefense and Biosciences. The Company's two business segments, or divisions, engage in business activities for which discrete financial information is provided to and resources are allocated by the chief operating decision maker. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. 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background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">276,469</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">5,419</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; 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Segment information</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">For financial reporting purposes, the Company reports financial information for two business segments: Biodefense and Biosciences. The Company's two business segments, or divisions, engage in business activities for which discrete financial information is provided to and resources are allocated by the chief operating decision maker. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. 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background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">276,469</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">5,419</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="background-color: #cceeff; 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vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">281,888</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr><tr><td valign="bottom" style="background-color: #ffffff; width: 52%; vertical-align: bottom;"><div style="text-align: left; text-indent: 8pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Intersegment revenue (expense)</div></td><td valign="bottom" style="background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: left; background-color: #ffffff; width: 1%; vertical-align: bottom;">&#160;</td><td valign="bottom" style="text-align: right; background-color: #ffffff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; 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All significant intercompany accounts and transactions have been eliminated in consolidation. For investments in variable interest entities, the Company consolidates when it is determined to be the primary beneficiary.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Use of estimates</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and consist of time deposits and investments in money market funds with commercial banks and financial institutions. Also, the Company maintains cash balances with financial institutions in excess of insured limits. The Company does not anticipate any losses with such cash balances.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Fair value of measurements</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company measures and records cash equivalents and investment securities considered available-for-sale at fair value in the accompanying financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value include:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 36pt;"></td><td style="width: 72pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">Level 1 &#8212;</td><td style="text-align: justify; width: auto; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Observable inputs for identical assets or liabilities such as quoted prices in active markets;</td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 36pt;"></td><td style="width: 72pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">Level 2 &#8212;</td><td style="text-align: justify; width: auto; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Inputs other than quoted prices in active markets that are either directly or indirectly observable; and</td></tr></table></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 36pt;"></td><td style="width: 72pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">Level 3 &#8212;</td><td style="text-align: justify; width: auto; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Unobservable inputs in which little or no market data exists, which are therefore developed by the Company using estimates and assumptions that reflect those that a market participant would use.</td></tr></table></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The carrying amounts of the Company's short-term financial instruments, which include cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values due to their short maturities.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Significant customers and accounts receivable</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">For the years ended December 31, 2014, 2013 and 2012, the Company's primary customer was the U.S. Department of Health and Human Services ("HHS"). For the years ended December 31, 2014, 2013 and 2012, revenues from HHS and HHS agencies comprised 74.3%, 95.5% and 97.9%, respectively, of total revenues and are included in the Company's Biodefense segment. As of December 31, 2014 and 2013, the Company's receivable balances were comprised of 40.4% and 96.2%, respectively, from this customer. The overall decrease in the percentage of receivables attributed to HHS was due to the additional non-U.S. government revenue generating products from the Company's acquisition of Cangene in February 2014. Unbilled accounts receivable, included in accounts receivable, as of December 31, 2014 and 2013 were $18.9 million and $14.8 million, respectively, relates to various service contracts for which work has been performed, though invoicing has not yet occurred. Accounts receivable are stated at invoice amounts and consist primarily of amounts due from the U.S. government and collaborative partners as well as amounts due under reimbursement contracts with other government entities and non-government and philanthropic organizations. If necessary, the Company records a provision for doubtful receivables to allow for any amounts which may be unrecoverable. This provision is based upon an analysis of the Company's prior collection experience, customer creditworthiness and current economic trends. As of December 31, 2014 and 2013, an allowance for doubtful accounts was not recorded as the collection history from the Company's customers indicated that collection was probable.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Concentrations of credit risk</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high quality financial institutions. Management believes that the financial risks associated with its cash and cash equivalents are minimal. Because accounts receivable consist primarily of amounts due from the U.S. government for product sales and from government agencies under government grants and development contracts, management deems there to be minimal credit risk.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Inventories</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Inventories are stated at the lower of cost or market with cost being determined using a standard cost method, which approximates average cost. Average cost consists primarily of material, labor and manufacturing overhead expenses (including fixed production-overhead costs) and includes the services and products of third party suppliers. The Company analyzes its inventory levels quarterly and writes down, in the applicable period, inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value and inventory in excess of expected customer demand. The Company also writes off, in the applicable period, the costs related to expired inventory.&#160;Costs of purchased inventories are recorded using weighted-average costing. The Company determines normal capacity for each production facility and allocates fixed production-overhead costs on that basis.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Property, plant and equipment</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Buildings</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">31-39 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Building improvements</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">10-39 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Furniture and equipment</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">3-15 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Software</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Lesser of 3-5 years or product life</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Leasehold improvements</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Lesser of the asset life or lease term</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Income taxes</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and research and development tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company's ability to realize deferred tax assets depends upon future taxable income as well as the limitations discussed below. For financial reporting purposes, a deferred tax asset must be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized prior to expiration. The Company considers future taxable income and ongoing tax planning strategies in assessing the need for valuation allowances. In general, if the Company determines that it is more likely than not to realize more than the recorded amounts of net deferred tax assets in the future, the Company will reverse all or a portion of the valuation allowance established against its deferred tax assets, resulting in a decrease to the provision for income taxes in the period in which the determination is made. Likewise, if the Company determines that it is not more likely than not to realize all or part of the net deferred tax asset in the future, the Company will establish a valuation allowance against deferred tax assets, with an offsetting increase to the provision for income taxes, in the period in which the determination is made.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Under sections 382 and 383 of the Internal Revenue Code, if an ownership change occurs with respect to a "loss corporation", as defined, there are annual limitations on the amount of net operating losses and deductions that are available. The Company believes the use of net operating losses and research and development tax credits acquired in the Trubion acquisition will not be significantly limited. 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This evaluation may result in an increase or decrease in the experience rate that is applied to current and future sales, or as an adjustment to past sales, or both<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">.</font></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Under previous contracts with HHS, the Company invoiced HHS and recognized the related revenues upon delivery of the product to the government carrier, at which time title to the product passed to HHS. Effective September 30, 2011, the Company has a contract from the Centers for Disease Control and Prevention ("CDC"), an operating division of HHS, to supply up to 44.75 million doses of BioThrax over a five year period. Under the Company's contract from the CDC, the Company invoices the CDC and recognizes the related revenue upon acceptance by the government at delivery site, at which time title to the product passes to the CDC. In addition, the Company has generated RSDL sales under its indefinite delivery, indefinite quantity contract with the U.S. government and recognizes revenue upon delivery.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Collaborative research and development agreements can provide for one or more of upfront license fees, research payments, and milestone payments. The Company analyzes its multiple element revenue-generating arrangements to determine whether the elements can be separated and accounted for individually as separate units of accounting. An item can generally be considered a separate unit of accounting if both of the following criteria are met: the delivered item(s) has value to the customer on a stand-alone basis and if the arrangement includes a general right of return and delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the Company. Items that cannot be divided into separate units are combined with other units of accounting, as appropriate. Consideration received is allocated among the separate units based on the unit's relative selling price and is recognized when the appropriate revenue recognition criteria are met. The Company deems services to be rendered if no continuing obligation exists on the part of the Company.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Revenue associated with non-refundable upfront license fees under arrangements where the license fees and research and development activities cannot be accounted for as separate units of accounting is deferred and recognized as revenue either on a straight-line basis over the Company's continued involvement in the research and development process or based on the proportional performance of the Company's expected future obligation under the contract. Revenues from the achievement of research and development milestones, if deemed substantive, are recognized as revenue when the milestones are achieved, and the milestone payments are due and collectible. If not deemed substantive, the Company recognizes such milestone as revenue on a straight-line basis over the remaining expected term of continued involvement in the research and development process.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Milestones are considered substantive if all of the following conditions are met; (1) the milestone is non-refundable; (2) achievement of the milestone was not reasonably assured at the inception of the arrangement; (3) substantive effort is involved to achieve the milestone; and (4) the amount of the milestone appears reasonable in relation to the effort expended. Payments received in advance of work performed are recorded as deferred revenue.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company generates contract and grant revenue from cost-plus-fee contracts. Revenues on reimbursable contracts are recognized as costs are incurred, generally based on allowable costs incurred during the period, plus any recognizable earned fee. The Company considers fixed fees under cost-plus-fee contracts to be earned in proportion to the allowable costs incurred in performance of the contract. The Company analyzes costs for contracts and reimbursable grants to ensure reporting of revenues gross versus net is appropriate. For each of the three years in the period ended December 31, 2014, the costs incurred under the contracts and grants approximated the revenue earned.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Revenue associated with non-refundable upfront license fees that can be treated as a single unit of accounting are recognized when all ongoing obligations have been delivered. Revenue associated with non-refundable upfront license fees under arrangements where the license fees and research and development activities cannot be accounted for as separate units of accounting are deferred and recognized as revenue either on a straight-line basis over the Company's continued involvement in the research and development process or based on the proportional performance of the Company's expected future obligations under the contract. Revenues from the achievement of research and development milestones, if deemed substantive, are recognized as revenue when the milestones are achieved, and the milestone payments are due and collectible. If not deemed substantive, the Company recognizes such milestone as revenue on a straight-line basis over the remaining expected term of continued involvement in the research and development process or based on the proportional performance of the Company's expected future obligations under the contract.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company's contract with the Biomedical Advanced Research and Development Authority ("BARDA") to establish a Center for Innovation in Advanced Development and Manufacturing ("CIADM") is a service arrangement that includes multiple elements. The CIADM contract requires the Company to provide a flexible infrastructure to supply medical countermeasures to the U.S. government over the contract period and includes such items as construction and facility design, workforce development and licensure of a pandemic flu vaccine. Since none of the individual elements by themselves satisfy the purpose of the contract, the Company has concluded that the CIADM contract elements cannot be separated as they do not have stand-alone value to the U.S. government. Therefore, the Company has concluded that there is a single unit of accounting associated with the CIADM contract. The Company recognizes revenue under the CIADM contract on a straight-line basis, based upon its estimate of the total payments to be received under the contract. The Company analyzes the estimated payments to be received on a quarterly basis to determine if an adjustment to revenue is required. Changes in estimates attributed to modifications in the estimate of total payments to be received are recorded prospectively.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Mergers and Acquisitions</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the merger or acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value if fair value can reasonably be estimated. If the acquisition date fair value of an asset acquired or liability assumed that arises from a contingency cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not met, no asset or liability is recognized. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accordingly, the Company may be required to value assets at fair value measures that do not reflect our intended use of those assets. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in our consolidated financial statements after the date of the merger or acquisition. If the Company determines the assets acquired do not meet the definition of a business under the acquisition method of accounting, the transaction will be accounted for as an acquisition of assets rather than a business combination and, therefore, no goodwill will be recorded. The fair values of intangible assets, including acquired in-process research and development, or IPR&amp;D, are determined utilizing information available near the merger or acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. Amounts allocated to acquired IPR&amp;D are capitalized and accounted for as indefinite-lived intangible assets. Upon successful completion of each project, the Company will make a separate determination as to the then useful life of the asset and begin amortization. The judgments made in determining estimated fair values assigned to assets acquired and liabilities assumed in a business combination, as well as asset lives, can materially affect the Company's results of operations.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The fair values of identifiable intangible assets related to currently marketed products and product rights are primarily determined by using an "income approach" through which fair value is estimated based on each asset's discounted projected net cash flows. Our estimates of market participant net cash flows consider historical and projected pricing, margins and expense levels; the performance of competing products where applicable; relevant industry and therapeutic area growth drivers and factors; current and expected trends in technology and product life cycles; the time and investment that will be required to develop products and technologies; the ability to obtain marketing and regulatory approvals; the ability to manufacture and commercialize the products; the extent and timing of potential new product introductions by the Company's competitors; and the life of each asset's underlying patent, if any. The net cash flows are then probability-adjusted where appropriate to consider the uncertainties associated with the underlying assumptions, as well as the risk profile of the net cash flows utilized in the valuation. The probability-adjusted future net cash flows of each product are then discounted to present value utilizing an appropriate discount rate.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The fair values of identifiable intangible assets related to IPR&amp;D are determined using an income approach, through which fair value is estimated based on each asset's probability-adjusted future net cash flows, which reflect the different stages of development of each product and the associated probability of successful completion. The net cash flows are then discounted to present value using an appropriate discount rate. Indefinite-lived intangible assets are tested for impairment annually or whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Goodwill</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company assesses the carrying value of goodwill on an annual basis, or whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable,<font style="font-style: italic; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</font>to determine whether any impairment in this asset may exist and, if so, the extent of such impairment. The provisions of the relevant accounting guidance require that the Company perform a two-step impairment test. In the first step, the Company compares the fair value of its reporting unit to the carrying value of the reporting unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the second step of the impairment test is performed in order to determine the implied fair value of the reporting unit's goodwill. If the carrying value of the reporting unit's goodwill exceeds its implied fair value, an impairment loss equal to the difference is recognized. The Company calculates the fair value of the reporting unit utilizing the income approach. The income approach utilizes a discounted cash flow model, using a discount rate based on the Company's estimated weighted average cost of capital. The Company also evaluates goodwill for certain reporting units using the qualitative assessment method, which permits companies to qualitatively assess whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The Company considers developments in its operations, the industry in which it operates and overall macroeconomic factors that could have affected the fair value of the reporting unit since the date of the most recent quantitative analysis of a reporting unit's fair value.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The determination of the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. The estimates and assumptions used in calculating fair value include identifying future cash flows, which requires that the Company makes a number of critical legal, economic, market and business assumptions that reflect best estimates as of the testing date. The Company's assumptions and estimates may differ significantly from actual results, or circumstances could change that would cause the Company to conclude that an impairment now exists or that it previously understated the extent of impairment. The Company selected October 1^st as its annual impairment test date.</div><div><br /></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Contingent purchase consideration obligations</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company records contingent purchase obligations at fair value. Obligations are based on sales royalties, primarily for RSDL. The fair value model used to calculate this obligation is based on the income approach (a discounted cash flow model) that has been risk adjusted based on the probability of achievement of net sales.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The inputs the Company uses for determining the fair value of the contingent purchase consideration are Level 3 fair value measurements. The Company re-evaluates the fair value of the contingent purchase consideration obligation on a quarterly basis. Changes in the fair value can result from adjustments to the discount rates and updates in the assumed timing of or achievement of net sales. Any future increase in the fair value of the contingent purchase consideration obligation is based on an increased likelihood that the underlying net sales will be achieved and the associated payment or payments which will therefore become due and payable. These increases in the fair value of the contingent purchase consideration obligation will result in a charge to cost of product sales in the period in which the increase is determined. Similarly, any future decrease in the fair value of the contingent purchase consideration obligation will result in a reduction in cost of product sales.</div><div><br /></div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Contingent value rights</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company records contingent value right ("CVR") obligations at fair value. Obligations generally become due and payable only upon achievement of certain developmental, regulatory or commercial milestones. The fair value model used for the CVR obligations are based on a discounted cash flow model that has been risk adjusted based on the probability of achievement of the milestones.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company believes that the inputs it uses for determining the fair value of the CVR obligations are Level 3 fair value measurements. The Company re-evaluates the fair value on a quarterly basis. Changes in the fair value of the CVR obligations can result from adjustments to the discount rates, updates in the assumed timing of achievement of any development milestones or changes in the probability of certain events and changes in the assumed probability associated with approval. Any future increase in the fair value of the CVR obligations, based on an increased likelihood that the underlying milestones will be achieved and the associated payment or payments will therefore become due and payable, will result in a charge to research and development expense in the period in which the increase is determined. Similarly, any future decrease in the fair value of the CVR obligations will result in a reduction in research and development expense.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Impairment of in process research and development and long-lived assets</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company assesses IPR&amp;D assets for impairment on an annual basis or more frequently if indicators of impairment are present. The Company's annual assessment includes a comparison of the fair value of IPR&amp;D assets to existing carrying value, and recognizes an impairment when the carrying value is greater than the determined fair value. The Company believes that the assumptions used in valuing the intangible and IPR&amp;D assets are reasonable and are based upon its best estimate of likely outcomes of sales and clinical development. The underlying assumptions and estimates used to value these assets are subject to change in the future, and actual results may differ significantly from the assumptions and estimates. The Company has selected October 1^st as its annual impairment test date for indefinite-lived intangible assets.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company assesses the recoverability of its long-lived assets or asset groups for which an indicator of impairment exists by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If the Company concludes that the carrying value will not be recovered, the Company measures the amount of such impairment by comparing the fair value to the carrying value of the assets or asset groups.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Research and development</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Research and development costs are expensed as incurred. Research and development costs primarily consist of salaries and fees paid to outside service providers and the costs of materials used in clinical trials and research and development. Other research and development expenses include fees paid to consultants, materials and related expenses for personnel and facility expenses.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Comprehensive income</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Comprehensive income is comprised of net income and other changes in equity that are excluded from net income. The Company includes translation gains and losses incurred when converting its subsidiaries' financial statements from their functional currency to the U.S. dollar in accumulated other comprehensive income.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Foreign currencies</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Except for the Company's Canadian subsidiaries, the local currency is the functional currency for the Company's foreign subsidiaries and, as such, assets and liabilities are translated into U.S. dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. The Company's Canadian subsidiaries local currency is U.S. dollars due to substantially all the transactions of the subsidiaries being denominated in U.S. dollars.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Capitalized interest</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company capitalizes interest based on the cost of major ongoing capital projects which have not yet been placed in service. For the years ended December 31, 2014, 2013 and 2012, the Company incurred interest of $7.5 million, $2.0 million and $2.2 million, respectively. Of these amounts, the Company capitalized $2.5 million, $2.0 million and $2.2 million, respectively.</div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Certain risks and uncertainties</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company has derived a majority of all of its revenue from sales of BioThrax under contracts with the U.S. government. The Company's CDC contract does not necessarily increase the likelihood that it will secure future comparable contracts with the U.S. government. The Company expects that a significant portion of the business that it will seek in the near future, in particular for BioThrax, will be under government contracts that present a number of risks that are not typically present in the commercial contracting process. U.S. government contracts for BioThrax are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of BioThrax to customers in addition to the U.S. government, which would harm its growth opportunities. The Company may not be able to sustain or increase profitability. The Company may not be able to manufacture BioThrax consistently in accordance with FDA specifications.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Earnings per share</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company calculates basic earnings per share by dividing net income by the weighted average number of shares of common stock outstanding during the period.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">During the year ended December 31, 2014, the Company issued 2.875% Convertible Senior Notes due 2021 (the "Notes"). Due to the issuance, the Company calculates diluted earnings per share using the if-converted method by dividing the adjusted net income by the weighted average number of shares of common stock outstanding during the period. The adjusted net income is adjusted for interest expense and amortization of debt issuance cost, both net of tax, associated with the Notes. The weighted average number of shares-diluted is adjusted for the potential dilutive effect of the exercise of stock options and the vesting of restricted stock units along with the assumption of the conversion of the Notes, at the beginning of the period.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">For the years ended December 31, 2013 and 2012, diluted earnings per share is computed using the treasury method by dividing net income by the weighted average number of shares of common stock outstanding during the period, adjusted for the potential dilutive effect of other securities if such securities were converted or exercised.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Accounting for stock-based compensation</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company has two stock-based employee compensation plans, the Third Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the "2006 Plan") and the Emergent BioSolutions Employee Stock Option Plan (the "2004 Plan" and together with the 2006 Plan, the "Emergent Plans"). The Company has granted options to purchase shares of common stock under the Emergent Plans and has granted restricted stock units under the 2006 Plan. The Emergent Plans have both incentive and non-qualified stock option features. The Company no longer grants equity awards under the 2004 Plan.</div><div><br /></div><div style="text-align: justify; margin-top: 3pt; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; margin-bottom: 3pt; color: #000000; font-size: 10pt;">On May 22, 2014, the Company's shareholders approved an amendment to the 2006 Plan, which increased the number of shares of common stock available for issuance under plan awards by 4,000,000. As part of this amendment, awards of restricted stock units granted after May 22, 2014 are counted against the maximum aggregate number of shares of common stock available for issuance under the 2006 Plan as 2.3 shares of common stock for every one restricted stock unit granted. The maximum number of shares subject to awards that may be granted per year under the 2006 Plan to a single participant is 1,000,000.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">As of December 31, 2014, an aggregate of 15,178,826 shares of common stock were authorized for issuance under the 2006 Plan, of which a total of 4,461,925 shares of common stock remain available for future awards to be made to plan participants. The exercise price of each option must be not less than 100% of the fair market value of the shares underlying such option on the date of grant. Awards granted under the 2006 Plan have a contractual life of no more than 10 years. The terms and conditions of equity awards (such as price, vesting schedule, term and number of shares) under the Emergent Plans are determined by the compensation committee of the Company's board of directors, which administers the Emergent Plans. Each equity award granted under the Emergent Plans vests as specified in the relevant agreement with the award recipient and no option can be exercised after ten years from the date of grant.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">On May 17, 2012, the Company's shareholders approved the 2012 Employee Stock Purchase Plan ("ESPP"), as defined in Section 423 of the Internal Revenue Code of 1986. All employees of the Company are eligible to participate in the ESPP, except those owning 5% or more of the Company's stock. One million shares of common stock have been authorized for issuance under the ESPP. The ESPP has two plan periods: December 1^st to May 31^st and June 1^st to November 30^th. Employees are permitted to contribute between 1 % and 10 % of compensation during a plan period. The ESPP allows for employees to purchase shares of the Company's stock at a 15% discount at the end of each plan period based on the share price at that time. The maximum number of shares an employee may purchase during any plan period is 800 shares. 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Set forth below are the assumptions used in valuing the stock options granted and a discussion of the Company's methodology for developing each of the assumptions used:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 33.85%; vertical-align: top;">&#160;</td><td colspan="6" style="width: 66.15%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Year Ended December 31,</div></td></tr><tr><td style="width: 33.85%; vertical-align: top;">&#160;</td><td style="border-bottom: #000000 2px solid; width: 5.59%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 16.46%; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; 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text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; background-color: #cceeff; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">7,193,136</div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 4px double; text-align: left; background-color: #cceeff; width: 1%; vertical-align: bottom;">&#160;</td></tr></table><div><br /></div><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The following is a summary of restricted stock unit award activity under the 2006 Plan:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; 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text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Beginning on January 28, 2015, during standard quality inspections performed in accordance with customary procedures, the Company discovered foreign particles in a limited number of vials in two manufactured lots of BioThrax. 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The insurance recovery is classified in the Company's statement of operations as other income (expense), net.</div><div><br /></div></div> 26629000 0.03 9738000 4.00 3.75 3.50 2.50 50000000 62000000 3 30.8821 2.00 0.06 3670000 0 0 0 0 453000 3670000 -347000 0 -347000 453000 299000 0 0 0 0 1831000 1748000 1579000 348000 13547000 62000000 1000000 3133000 735000 -3005000 15278000 41170000 2246000 0 1341000 6487000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Buildings</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">31-39 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Building improvements</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">10-39 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Furniture and equipment</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">3-15 years</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Software</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Lesser of 3-5 years or product life</div></td></tr><tr><td style="width: 50.01%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Leasehold improvements</div></td><td style="width: 49.99%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">Lesser of the asset life or lease term</div></td></tr></table><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><br /></div><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Contingent purchase consideration obligations</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company records contingent purchase obligations at fair value. Obligations are based on sales royalties, primarily for RSDL. The fair value model used to calculate this obligation is based on the income approach (a discounted cash flow model) that has been risk adjusted based on the probability of achievement of net sales.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The inputs the Company uses for determining the fair value of the contingent purchase consideration are Level 3 fair value measurements. The Company re-evaluates the fair value of the contingent purchase consideration obligation on a quarterly basis. Changes in the fair value can result from adjustments to the discount rates and updates in the assumed timing of or achievement of net sales. Any future increase in the fair value of the contingent purchase consideration obligation is based on an increased likelihood that the underlying net sales will be achieved and the associated payment or payments which will therefore become due and payable. These increases in the fair value of the contingent purchase consideration obligation will result in a charge to cost of product sales in the period in which the increase is determined. Similarly, any future decrease in the fair value of the contingent purchase consideration obligation will result in a reduction in cost of product sales.</div><div><br /></div><div><br /></div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Certain risks and uncertainties</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; color: #000000; font-size: 10pt;">The Company has derived a majority of all of its revenue from sales of BioThrax under contracts with the U.S. government. The Company's CDC contract does not necessarily increase the likelihood that it will secure future comparable contracts with the U.S. government. The Company expects that a significant portion of the business that it will seek in the near future, in particular for BioThrax, will be under government contracts that present a number of risks that are not typically present in the commercial contracting process. U.S. government contracts for BioThrax are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of BioThrax to customers in addition to the U.S. government, which would harm its growth opportunities. The Company may not be able to sustain or increase profitability. The Company may not be able to manufacture BioThrax consistently in accordance with FDA specifications.</div><div><br /></div></div> 111912000 37701000 0 0 0 37701000 0 111912000 16619000 16619000 47657000 47657000 0 0 0 0 16232000 29484000 3383000 5318000 13859000 P3Y 40355000 31135000 23524000 152000 140000 132000 183000 991000 1064000 41800000 77800000 0 41800000 0 0 41800000 27700000 0 41800000 0 50100000 2 0 30944000 0 Acquired inventory reflects a $6.2 million adjustment to record inventory at fair value, referred to as a step-up adjustment. The $6.2 million step-up is estimated to be amortized through cost of product sales and contract manufacturing over the next five years based on expected inventory turnover, which will increase cost of product sales and contract manufacturing during such period. Included in cash and cash equivalents in accompanying consolidated balance sheets.