Investments

9 Months Ended

Sep. 30, 2012

Investments

3. Investments

At December 31, 2010, the amortized cost and fair value of investments, with gross unrealized gains and losses, were as follows:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	7,529	$	—	$	—		$	7,529
Commercial paper		6,748		1		—			6,749
Corporate securities		7,478		—		(3	)		7,475
U.S. government-backed securities		10,678		1		(2	)		10,677
U.S. treasury notes		1,274		—		—			1,274
Total investments	$	33,707	$	2	$	(5	)	$	33,704
Reported as:
Cash and cash equivalents								$	8,369
Marketable securities									24,852
Restricted cash									483
Total investments								$	33,704

At December 31, 2011, the amortized cost and fair value of investments, with gross unrealized gains and losses, were as follows:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds	$	2,973	$	—	$	—		$	2,973
Corporate securities		6,024		—		(2	)		6,022
U.S. government-backed securities		5,435		1		—			5,436
U.S. treasury notes		3,051		—		—			3,051
Total investments	$	17,483	$	1	$	(2	)	$	17,482
Reported as:
Cash and cash equivalents								$	2,768
Marketable securities									14,509
Restricted cash									205
Total investments								$	17,482

At September 30, 2012, the amortized cost and fair value of investments, with gross unrealized gains and losses, were as follows:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(unaudited)
Money market funds	$	5,733	$	—	$	—	$	5,733
Commercial paper		4,241		7		—		4,248
Corporate securities		5,263		1		—		5,264
U.S. government-backed securities		8,304		3		—		8,307
U.S. treasury notes		502		—		—		502
Total investments	$	24,043	$	11	$	—	$	24,054
Reported as:
Cash and cash equivalents							$	5,527
Marketable securities								18,322
Restricted cash								205
Total investments							$	24,054

As of December 31, 2010 and 2011, and September 30, 2012, all securities had remaining contractual maturities of less than one year and any securities in an unrealized loss position had been in such a position for less than one year. The unrealized losses were not attributed to credit risk. Based on the nature of the securities, the extent and duration of the unrealized losses and the fact that it is more likely than not that the Company will hold these investments for a period of time sufficient for a recovery of the cost basis, the Company concluded that the unrealized losses in the investment securities are not other-than-temporary.