Note 3 - Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2014

Disclosure Text Block Supplement [Abstract]

Cash, Cash Equivalents, and Marketable Securities [Text Block]

3.  CASH, CASH EQUIVALENTS AND INVESTMENTS

The following is a summary of the Company’s cash, cash equivalents, and short-term and long-term investments (in thousands):

	As of December 31,
	2014		2013
Cash, cash equivalents and investments:
Cash	$	66,188	$	62,625
Money market funds		60,078		35,588
Certificates of deposit		22,778		-
U.S. treasuries and government agency bonds		89,674		128,126
Auction-rate securities backed by student-loan notes		5,389		9,860
Total	$	244,107	$	236,199

	As of December 31,
	2014		2013
Reported as:
Cash and cash equivalents	$	126,266	$	101,213
Short-term investments		112,452		125,126
Long-term investments		5,389		9,860
Total	$	244,107	$	236,199

The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands):

	As of December 31,
	2014		2013
Due in less than 1 year	$	91,335	$	95,509
Due in 1 - 5 years		21,117		29,617
Due in greater than 5 years		5,389		9,860
Total	$	117,841	$	134,986

The following tables summarize unrealized gains and losses related to the Company's investments in marketable securities designated as available-for sale (in thousands):

	As of December 31, 2014
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	60,078	$	-	$	-		$	60,078	$	-
Certificates of deposit		22,778		-		-			22,778		-
U.S. treasuries and government agency bonds		89,689		14		(29	)		89,674		35,062
Auction-rate securities backed by student-loan notes		5,570		-		(181	)		5,389		5,389
Total	$	178,115	$	14	$	(210	)	$	177,919	$	40,451

	As of December 31, 2013
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	35,588	$	-	$	-		$	35,588	$	-
U.S. treasuries and government agency bonds		128,123		26		(23	)		128,126		42,880
Auction-rate securities backed by student-loan notes		10,220		-		(360	)		9,860		9,860
Total	$	173,931	$	26	$	(383	)	$	173,574	$	52,740

For the years ended December 31, 2014 and 2013, the Company redeemed $4.7 million and $2.0 million, respectively, of auction-rate securities at par. The underlying maturities of the outstanding auction-rate securities are up to 33 years. As of December 31, 2014 and 2013, the impairment was determined to be temporary based on the following management assessment:

(1) The decline in the fair value of these securities is not largely attributable to adverse conditions specifically related to these securities or to specific conditions in an industry or in a geographic area;

(2)	Management possesses both the intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value;
(3)	Management believes that it is more likely than not that the Company will not have to sell these securities before recovery of its cost basis;
(4)	Except for the credit loss of $70,000 recognized in the year ended December 31, 2009, the Company does not believe that there is any additional credit loss associated with these securities because the Company expects to recover the entire amortized cost basis;
(5)	There have been no further downgrades on these securities since 2009;
(6)	All scheduled interest payments have been made pursuant to the reset terms and conditions; and
(7)	All redemptions of these securities to date, representing 87% of the original portfolio, have been at par.