Note 4 - Investments

3 Months Ended

Mar. 31, 2013

4. INVESTMENTS

Investments consist of commercial paper, corporate bonds and government sponsored enterprise obligations. The Company’s policy is to invest in only high quality “AAA-rated” or investment-grade securities. Investments in debt securities are accounted for as ‘held-to-maturity’ and are recorded at amortized cost, which approximates fair value, generally based upon observable market values of similar securities. The Company has historically held all investments in debt securities until maturity, and has the ability and intent to continue to do so. All of the Company’s investments have remaining contractual maturities of less than 12 months and are classified as short-term. Upon maturity, the Company uses a specific identification method.

A summary of short-term investments as of March 31, 2013 and December 31, 2012 is as follows:

(in $000’s)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
March 31, 2013
Commercial paper	$	49,937	$	19	$	--		$	49,956
Government sponsored enterprise obligations		9,996		4		--			10,000
Corporate bonds		91,503		12		(19	)		91,496
Total short-term investments	$	151,436	$	35	$	(19	)	$	151,452

(in $000’s)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
December 31, 2012
Commercial paper	$	70,140	$	28	$	--		$	70,168
Government sponsored enterprise obligations		9,994		4		--			9,998
Corporate bonds		76,622		23		(12	)		76,633
Total short-term investments	$	156,756	$	55	$	(12	)	$	156,799