CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2012

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

NOTE 4 — CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash and cash equivalents comprise cash balances and readily marketable investments with original maturities of three months or less, such as money market funds, short-term government bonds, Treasury bills, marketable securities and commercial paper. The Company’s treasury policy is to invest excess cash in money market funds or other short-term investments, which are generally of a short-term duration based upon operating requirements. Income earned on these investments is recorded to interest income in the Company’s condensed consolidated statements of operations. As of June 30, 2012 and December 31, 2011, cash and cash equivalents totaled $8,136 and $13,340, respectively. These amounts consisted of cash balances and investments in municipal bonds with original maturities of three months or less.

Cash and cash equivalents consisted of the following as of June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Cash and cash equivalents:
Cash	$	7,426	$	11,127
Certificates of deposits	710		707
Municipal bonds	—		1,506
Total cash and cash equivalents	8,136		13,340