FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2015

FAIR VALUE MEASUREMENT [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents the assets and liabilities recorded that are reported at fair value on our consolidated balance sheets on a recurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

(In thousands)
March 31, 2015	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents (1)	$	115,205	$	-	$	-	$	115,205
Total	$	115,205	$	-	$	-	$	115,205
Liabilities
Common stock warrants	$	-	$	-	$	766	$	766
Total	$	-	$	-	$	766	$	766
December 31, 2014	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents (1)	$	137,938	$	-	$	-	$	137,938
Total	$	137,938	$	-	$	-	$	137,938
Liabilities
Common stock warrants	$	-	$	-	$	711	$	711
Total	$	-	$	-	$	711	$	711

(1) Cash equivalents represent the fair value of the Company's investments in money market funds at March 31, 2015 and December 31, 2014.

Activity of the warrant liabilities

The following table presents a reconciliation of the Company's recurring fair value measurements categorized within Level 3 of the fair value hierarchy (liability-classified common stock warrants).

Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis – Common Stock Warrants

	Three Months Ended March 31,
(In thousands)	2015		2014
Beginning fair value	$	711	$	7,066
Change in fair value recognized in earnings		55		1,163
Exercises		-		(7,503	)
Ending Fair Value	$	766	$	726