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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2012

Cash, Cash Equivalents, Marketable Securities and Long Term Investments

The following tables summarize cash, cash equivalents, marketable securities and long term investments (in thousands):

	December 31,
	2012		2011
Cash and cash equivalents:
Cash	$	2,198	$	2,153
Cash equivalents:
Money market funds		17,348		7,318
Commercial paper		4,000		4,549
Total cash and cash equivalents		23,546		14,020

Marketable securities:
U.S. government notes		4,009		3,665
U.S. government agencies		24,958		41,565
Municipal securities		4,206		6,134
Commercial paper		10,519		4,747
Corporate debt securities		18,334		18,555
Total marketable securities		62,026		74,666

Long-term investments in ARS		—		3,027
Total cash, cash equivalents, marketable securities and long term investments	$	85,572	$	91,713

Unrealized Gains and Losses Related to Marketable Investments and Long-term Investments

The following table summarizes unrealized gains and losses related to our marketable investments and long term investments, both designated as available-for-sale (in thousands):

December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Gains			Fair Market Value
Cash and cash equivalents	$	23,546	$	—	$	—		$	23,546

Marketable investments
U.S. government notes		4,005		4		—			4,009
U.S. government agencies		24,910		48		—			24,958
Municipal securities		4,184		23		(1	)		4,206
Commercial paper		10,515		4		—			10,519
Corporate debt securities		18,281		59		(6	)		18,334
Total marketable securities		61,895		138		(7	)		62,026

Long-term investments in ARS		—		—		—			—
Total cash, cash equivalents, marketable securities and long-term investments	$	85,441	$	138	$	(7	)	$	85,572

Decmber 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Gains			Fair Market Value
Cash and cash equivalents	$	14,020	$	—	$	—		$	14,020

Marketable investments
U.S. government notes		3,655		10		—			3,665
U.S. government agencies		41,535		44		(14	)		41,565
Municipal securities		6,091		44		(1	)		6,134
Commercial paper		4,747		1		(1	)		4,747
Corporate debt securities		18,574		15		(34	)		18,555
Total marketable securities		74,602		114		(50	)		74,666

Long-term investments in ARS		3,900		—		(873	)		3,027
Total cash, cash equivalents, marketable securities and long-term investments	$	92,522	$	114	$	(923	)	$	91,713

Realized Gains and Losses Associated with Short-term Investments

The realized gains and losses associated with short-term investments were as follows (in thousands):

	Year Ended December 31,
	2012		2011		2010
Realized gains on investments	$	19	$	5	$	78
Realized losses on investments		—		—		(4	)

Investments with Continuous Loss Position

The following table summarizes the fair value and the gross unrealized losses for investments that were in an unrealized loss position, aggregated by category and by the length in time that the individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months					12 Months or Greater				Total

December 31, 2012	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
U.S. government agencies	$	—	$	—		$	—	$	—	$	—	$	—
Municipal securities		299		(1	)		—		—		299		(1	)
Commercial paper		—		—			—		—		—		—
Corporate debt securities		4,844		(6	)		—		—		4,844		(6	)
Long-term investments in ARS		—		—			—		—		—		—
Total	$	5,143	$	(7	)	$	—	$	—	$	5,143	$	(7	)

	Less Than 12 Months					12 Months or Greater					Total

December 31, 2012	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
U.S. government agencies	$	12,758	$	(14	)	$	—	$	—		$	12,758	$	(14	)
Municipal securities		929		(1	)		—		—			929		(1	)
Commercial paper		999		(1	)		—		—			999		(1	)
Corporate debt securities		—		—			7,799		(34	)		7,799		(34	)
Long-term investments in ARS		—		—			3,027		(873	)		3,027		(873	)
Total	$	14,686	$	(16	)	$	10,826	$	(907	)	$	25,512	$	(923	)

Estimated Fair Value of Marketable Investments and Long-term Investments

The following table summarizes the estimated fair value of our marketable investments and long term investments classified by the contractual maturity date of the security as of December 31, 2012 (in thousands):

	Amount
Due in less than one year (fiscal year 2013)	$	28,651
Due in 1 to 3 years (fiscal year 2014- 2015)		33,375
Due in 3 to 5 years (fiscal year 2016-2017)		—
Due in 5 to 10 years (fiscal year 2018-2023)		—
Due in greater than 10 years (fiscal year 2024 and beyond)		—
	$	62,026

Financial Assets Measured at Fair Value on a Recurring Basis

The following table summarizes financial assets measured and recognized at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands):

December 31, 2012	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	17,438	$	—	$	—	$	17,348
Commercial paper		—		4,000		—		4,000
Short term marketable investments:
Available-for-sale securities		—		62,026		—		62,026
Long-term investments:
Available-for-sale ARS		—		—		—		—
Total assets at fair value	$	17,438	$	66,026	$	—	$	83,374

December 31, 2011	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	7,318	$	—	$	—	$	7,318
Commercial paper		—		4,549		—		4,549
Short term marketable investments:
Available-for-sale securities		—		74,666		—		74,666
Long-term investments:
Available-for-sale ARS		—		—		3,027		3,027
Total assets at fair value	$	7,318	$	79,215	$	3,027	$	89,560

Carrying Value Associated with Level 3 Financial Assets

The table presented below summarizes the change in carrying value associated with Level 3 financial assets, which represents the Company's investment in long term ARS, for the year ended December 31, 2012 (in thousands):

	Amount
Balance at December 31, 2010	$	6,784
Total gains or losses (realized or unrealized)
Included in other comprehensive income (loss)		668
Settlements		(4,425	)
Balance at December 31, 2011		3,027
Total gains or losses (realized or unrealized)
Included in other comprehensive income (loss)		262
Settlements		(3,289	)
Balance at December 31, 2012	$	—

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value measurement of assets 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 (loss), 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, issues, 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 asset.

+ References+ Details