Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

2. FAIR VALUE MEASUREMENTS

  Cash Equivalents and Short-term Investments

The financial instruments of the Company measured at fair value on a recurring basis are cash equivalents and short-term investments.

The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities. The Company values these securities based on pricing from pricing vendors, who may use quoted prices in active markets for identical assets (Level 1) or inputs other than quoted prices that are observable either directly or indirectly (Level 2) in determining fair value.

The types of instruments valued based on quoted market prices in active markets include most money market securities. Such instruments are generally classified within Level 1 of the fair value hierarchy.

The types of instruments valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy and include most U.S. treasury securities and most investment-grade corporate commercial paper.

The types of instruments valued based on unobservable inputs which reflect the reporting entity’s own assumptions or data that market participants would use in valuing an instrument are generally classified within Level 3 of the fair value hierarchy.

Financial instruments measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012 are classified based on the valuation technique in the table below:

	March 31, 2013
	Fair value measurements using
	Quoted Prices in		Significant		Significant
	Active Markets		Other		Unobservable
	for Identical		Observable		Inputs
	Assets		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
Assets:
U.S. Treasury securities	$	0	$	33,994	$	0	$	33,994
Money market accounts		8,047		0		0		8,047
Total assets at fair value	$	8,047	$	33,994	$	0	$	42,041

      The above table excludes $22.2 million of cash held in banks.

	December 31, 2012
	Fair value measurements using
	Quoted Prices in		Significant		Significant
	Active Markets		Other		Unobservable
	for Identical		Observable		Inputs
	Assets		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
Assets:
U.S. Treasury securities	$	0	$	38,988	$	0	$	38,988
Money market accounts		52		0		0		52
Total assets at fair value	$	52	$	38,988	$	0	$	39,040

 The above table excludes $4.5 million of cash held in banks.

Short-term Investments

	March 31, 2013
	Amortized Cost	Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
	(In thousands)
U.S. Treasury securities	$ 33,990	$	4	$	0	$  33,994
Total	$ 33,990	$	4	$	0	$  33,994
	December 31, 2012
	Amortized Cost	Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
	(In thousands)
U.S. Treasury securities	$  38,980	$	8	$	0	$  38,988
Total	$  38,980	$	8	$	0	$  38,988

The contractual maturities of the Company’s available-for-sale securities on March 31, 2013 and December 31, 2012 were all due within one year.