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Cash Equivalents and Investments
 9 Months Ended
Sep. 30, 2012
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
3. Cash Equivalents and Investments

The amortized cost and fair value of cash and cash equivalents at September 30, 2012 were as follows (unaudited, in thousands):

 

                                 
    Amortized     Gross Unrealized     Fair  
    Cost     Gains     Losses     Value  

Money market funds

   $ 18,086     $ 2     $ —       $ 18,088  

Government-sponsored agencies

     6,006       2       (1 )      6,007  

Commercial paper

     32,132       —         —         32,132  

Corporate debt securities

     71,247       52       (4 )      71,295  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total available-for-sale securities

   $ 127,471     $ 56     $ (5 )    $ 127,522  
   

 

 

    

 

 

    

 

 

    

 

 

  

Classified as:

                                

Cash equivalents

                           $ 12,392  

Short-term investments

                             112,357  

Long-term investments

                             2,773  
                           

 

 

  

Total available-for-sale securities

                           $ 127,522  
                           

 

 

  

The amortized cost and fair value of cash and cash equivalents at December 31, 2011 were as follows (in thousands):

 

                                 
    Amortized     Gross Unrealized     Fair  
    Cost     Gains     Losses     Value  

Money market funds

   $ 41,266     $ —       $ —       $ 41,266  

Government-sponsored agencies

     9,042       2       —         9,044  

Commercial paper

     12,540       1       —         12,541  

Corporate debt securities

     32,528       9       (43 )     32,494  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total available-for-sale securities

   $ 95,376     $ 12     $ (43 )   $ 95,345  
   

 

 

    

 

 

    

 

 

    

 

 

  

Classified as:

                                

Cash equivalents

                           $ 39,414  

Short-term investments

                             49,335  

Long-term investments

                             6,596  
                           

 

 

  

Total available-for-sale securities

                           $ 95,345  
                           

 

 

  

All available-for-sale securities held as of September 30, 2012, had contractual maturities of less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. No available-for-sale securities held as of September 30, 2012, have been in a continuous unrealized loss position for more than 12 months. As of September 30, 2012, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.