Note 3 - Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Text Block]

3.  Fair Value Measurements

The following table presents the assets measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011 (in thousands):

	June 30, 2012			Level 1			Level 2			Level 3
Assets:
Cash equivalents		$	1,047		$	1,047		$	—		$	—
Short-term investments			491			491			—			—
Restricted short-term investments			1,000			1,000
Total assets at fair value		$	2,538		$	2,538		$	—		$	—

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

	December 31, 2011			Level 1			Level 2			Level 3
Assets:
Cash equivalents		$	310		$	310		$	—		$	—
Short-term investments			1,225			1,225			—			—
Total assets at fair value		$	1,535		$	1,535		$	—		$	—

Cash equivalents, short-term investments and restricted short-term investments include certificates of deposit, money market funds and commercial paper from corporations whose credit ratings are P-1 by Moody’s or A-1 by Standard & Poor’s. The carrying value of these cash equivalents, short-term investments and restricted short-term investments approximates fair value. For these securities, IPC uses quoted prices in active markets for identical assets to determine their fair value and are considered to be Level 1 instruments.