Marketable Securities

9 Months Ended

Sep. 30, 2011

8. Marketable Securities

As of September 30, 2011 and December 31, 2010, the marketable securities are recorded at amortized cost which approximates fair market value which was based on Level 1 inputs. All investments mature in one year or less.


	September 30, 2011						December 31, 2010
			Gross		Gross				Gross		Gross
	Fair		Unrealized		Unrealized		Fair		Unrealized		Unrealized
	Value		Losses		Gains		Value		Losses		Gains

U.S. government and agency obligations	$	13,758	$	14	$	2	$	39,926	$	18	$	5
Corporate obligations		14,986		5		—		24,108		18		3
FDIC-insured certificates of deposit		4,446		1		—		3,837		3		—

	$	33,190	$	20	$	2	$	67,871	$	39	$	8

The Company would recognize an impairment loss when the decline in the estimated fair value of a marketable security below the amortized cost is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration of time and the severity to which the fair value has been less than the amortized cost, any adverse changes in the issuer’s financial conditions and the Company’s intent to sell or whether it is more likely than not that it would be required to sell the marketable security before its anticipated recovery. Investments with unrealized losses have been in an unrealized loss position for less than a year.

As of September 30, 2011 and December 31, 2010, the gross unrealized losses of $20 and $39, respectively, were primarily due to changes in interest rates and not credit quality of the issuer. Accordingly, the Company has determined that the gross unrealized losses are not other-than-temporary at September 30, 2011 and there has been no recognition of impairment losses in its condensed consolidated statements of operations for the three and nine months ended September 30, 2011 and 2010.