Investments

3 Months Ended

Mar. 31, 2013

Investments

Investments

Note 4—Investments

Available-for-sale investments are carried at fair value, inclusive of unrealized gains and losses. Net unrealized gains and losses are included in other comprehensive income (loss), net of applicable income taxes. Gains or losses on sales of available-for-sale investments are recognized on the specific identification basis.

The Company reviews available-for-sale investments for other-than-temporary declines in fair value below their cost basis each quarter, and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below its cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security. As of March 31, 2013, the Company believes its cost bases for its available-for-sale investments are properly recorded.

Short-term investments as of December 31, 2012 are summarized as follows:

	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Municipal bonds & notes	$	23,755	$	(105	)	$	23,650
Corporate bonds	4,557		(53		)	4,504
Total available-for-sale securities	28,312		(158		)	28,154
Certificate of deposits	10,021		—			10,021
Total short-term investments	$	38,333	$	(158	)	$	38,175

Short-term investments as of March 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Losses		Estimated Fair Value
Municipal bonds & notes	$	23,698	(158	)	$	23,540
Zero coupon bonds	124		—		124
Corporate bonds	4,277		(37	)	4,240
Total available-for-sale securities	28,099		(195	)	27,904
Certificate of deposits	10,062		—		10,062
Total short-term investments	$	38,161	(195	)	$	37,966