Sallie Mae 2015 Annual Report Download - page 146

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
14. Stock-Based Compensation Plans and Arrangements (Continued)
F-56
During the year ended December 31, 2015, plan participants purchased 163,136 shares of our common stock. As our
ESPP resumed in late 2014, no shares were purchased for the year ended December 31, 2014. During the year ended
December 31, 2013, plan participants purchased 47,176 shares of our common stock.
15. Fair Value Measurements
We use estimates of fair value in applying various accounting standards for our financial statements.
We categorize our fair value estimates based on a hierarchal framework associated with three levels of price transparency
utilized in measuring financial instruments at fair value. For additional information regarding our policies for determining fair
value and the hierarchical framework, see Note 2, “Significant Accounting Policies — Fair Value Measurement.”
The following table summarizes the valuation of our financial instruments that are marked-to-fair value on a recurring
basis.
Fair Value Measurements on a Recurring Basis
December 31, 2015 December 31, 2014
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets
Mortgage-backed securities .$ — $ 195,391 $ — $ 195,391 $ — $ 168,934 $ — $ 168,934
Derivative instruments . . . . . — 15,314 — 15,314 — 5,238 — 5,238
Total $ — $ 210,705 $ — $ 210,705 $ — $ 174,172 $ — $ 174,172
Liabilities
Derivative instruments . . . . . $ — $ (30,497) $ — $ (30,497) $ — $ (28,688) $ — $ (28,688)
Total $ — $ (30,497) $ — $ (30,497) $ — $ (28,688) $ — $ (28,688)