4.	Cash, Cash Equivalents, and Short-Term Investments

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash on hand, highly liquid investments in commercial paper, money market funds and various deposit accounts.

The Company considers all high quality investments purchased with original maturities at the date of purchase greater than three months to be short-term investments. Investments are available to be used for current operations and are, therefore, classified as current assets even though maturities may extend beyond one year. Cash equivalents and short-term investments are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity in its condensed consolidated balance sheets, until realized. The Company uses the specific-identification method to compute gains and losses on the investments. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included as a component of other income (expense), net in the condensed consolidated statements of operations.

Cash, cash equivalents and short-term investments consist of the following (in thousands):


	As of March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	32,595	$	—	$	—	$	32,595
Commercial paper		20,600		—		1		20,599
Bank deposits		10,180		—		—		10,180
Money market funds		7,373		—		—		7,373

Total	$	70,748	$	—	$	1	$	70,747

Short-term investments:
Commercial paper	$	1,004	$	1	$	—	$	1,005
Corporate debt obligations		23,908		21		11		23,918
Bank deposits		10,244		—		—		10,244

Total	$	35,156	$	22	$	11	$	35,167


	As of December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	41,973	$	—	$	—	$	41,973
Bank deposits		10,165		—		—		10,165
Commercial paper		21,948		—		1		21,947
Money market funds		2,619		—		—		2,619

Total	$	76,705	$	—	$	1	$	76,704

Short-term investments:
Corporate debt obligations	$	28,220	$	22	$	14	$	28,228
Bank deposits		10,153		—		—		10,153

Total	$	38,373	$	22	$	14	$	38,381

None of the Company’s short-term investments have been in an unrealized loss position for more than twelve months as of March 31, 2014 and December 31, 2013.

The following table summarizes the cost and estimated fair value of short-term investments based on stated effective maturities as of March 31, 2014 (in thousands):


	As of March 31, 2014
	Amortized Cost		Estimated Fair Value
Short-term investments:
Due within one year	$	24,442	$	24,459
Due within two years		10,714		10,708

Total	$	35,156	$	35,167

The Company reviews its short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than- temporary decline in fair value. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and its intent to sell, or whether it is more likely than not the Company will be required to sell, the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, the Company writes down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to other income (expense), net, in the Company’s condensed consolidated statements of operations. Any portion not related to credit loss would be recorded to accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity in the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2014, the Company did not consider any of its investments to be other-than-temporarily impaired.