Note 3 - Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2015

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):

	December 31,
	2015		2014
Cash, cash equivalents and investments:
Cash	$	58,217	$	66,188
Money market funds		31,640		60,078
Certificates of deposit		21,574		22,778
U.S. treasuries and government agency bonds		123,532		89,674
Auction-rate securities backed by student-loan notes		5,361		5,389
Total	$	240,324	$	244,107

	December 31,
Reported as:	2015		2014
Cash and cash equivalents	$	90,860	$	126,266
Short-term investments		144,103		112,452
Long-term investments		5,361		5,389
Total	$	240,324	$	244,107

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

	December 31,
	2015		2014
Due in less than 1 year	$	110,898	$	91,335
Due in 1 - 5 years		33,205		21,117
Due in greater than 5 years		5,361		5,389
Total	$	149,464	$	117,841

The following tables summarize the unrealized gain and loss positions related to the Company’s investments in marketable securities designated as available-for sale (in thousands):

	December 31, 2015
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Total Fair Value		Fair Value of Investments in Unrealized Loss Position
Money market funds	$	31,640	$	-	$	-		$	31,640	$	-
Certificates of deposit		21,574		-		-			21,574		-
U.S. treasuries and government agency bonds		123,698		4		(170	)		123,532		110,720
Auction-rate securities backed by student-loan notes		5,570		-		(209	)		5,361		5,361
Total	$	182,482	$	4	$	(379	)	$	182,107	$	116,081

	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

Except for the auction-rate securities, there were no individual securities that had been in a continuous loss position for 12 months or longer as of December 31, 2015 and 2014.

There were no redemptions of auction-rate securities for the year ended December 31, 2015. For the year ended December 31, 2014, the Company redeemed $4.7 million of auction-rate securities at par. The underlying maturities of the outstanding auction-rate securities are up to 32 years. As of December 31, 2015 and 2014, the impairment of $0.2 million 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.