Fair Value Measurements

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

(3) Fair Value Measurements

The following table presents the Company’s hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2012 (in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	35,309	$	—	$	—	$	35,309
Commercial paper		—		40,932		—		40,932
Short-term investments:
Commercial paper		—		36,648		—		36,648
Corporate notes and bonds		—		100,814		—		100,814
U.S. government agency securities		—		2,023		—		2,023
Total	$	35,309	$	180,417	$	—	$	215,726

The Company determines the fair value of its security holdings based on pricing from its service provider. The service provider values the securities based on “consensus pricing,” using market prices from a variety of industry standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs), such as yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.