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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2012

Assets and liabilities carried at fair value measured on a recurring basis

The following table provides the assets carried at fair value measured on a recurring basis as of June 30, 2012 (in thousands):

			Fair Value Measurements, Using
	Total carrying value as of June 30, 2012		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	141,478	$	141,478	$	-	$	-
Short-term investments		190,417		190,417		-		-
Long-term investments		1,172		1,172		-		-

The following table provides the assets carried at fair value measured on a recurring basis as of December 31, 2011 (in thousands):

			Fair Value Measurements, Using
	Total carrying value as of December 31, 2011		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents	$	96,538	$	96,538	$	-	$	-
Short-term investments		234,294		234,294		-		-

Reconciliation of the changes in fair value of the Company's stock warrant liability

The following table is a reconciliation of the changes in fair value of the Company's stock warrant liability for the three months ended June 30, 2011, which had been classified in Level 3 in the fair value hierarchy (in thousands):

	2011
Fair value of stock warrant liability, beginning of period	$	13,110
Gain for period		(4,496	)
Warrants exercised		(4,025	)
Fair value of stock warrant liability, end of period	$	4,589

The following table is a reconciliation of the changes in fair value of the Company's stock warrant liability for the six months ended June 30, 2011, which had been classified in Level 3 in the fair value hierarchy (in thousands):

	2011
Fair value of stock warrant liability, beginning of period	$	10,660
Loss for period		4,430
Warrants exercised		(10,501	)
Fair value of stock warrant liability, end of period	$	4,589

Valuation inputs using the Black-Scholes option pricing model

The fair value of the stock warrant liability was determined using the Black-Scholes option pricing model with the following inputs at June 30, 2011:

	2011
Contractual life (years)		0.1
Expected volatility		87.4	%
Risk-free interest rate		0.02	%
Annual dividend yield		-

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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