3. Marketable Securities

Available-for-sale marketable securities consisted of the following (in thousands):

	June 30, 2013
	Amortized Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
Domestic corporate debt securities	$	5,812	$	—	$	(2	)	$	5,810
Domestic corporate commercial paper	11,243		5		—			11,248
Total	$	17,055	$	5	$	(2	)	$	17,058

	December 31, 2012
	Amortized Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities:
Domestic corporate commercial paper	$	4,000	—		—		$	4,000
Total	$	4,000	$	—	$	—	$	4,000

The Company held four debt securities at June 30, 2013 that have been in an unrealized loss position for less than 12 months. The fair value of these securities was $5.8 million. The Company evaluated the securities for other-than-temporary impairment based upon quantitative and qualitative factors and determined that the decline in the market value of the securities was most likely due to current economic and market conditions. In addition, the Company believes that it is not more likely than not that it will be required to sell these securities and it does not intend to sell them before the recovery of the amortized cost basis. Based upon the Company’s analysis, it does not consider these investments to be other-than-temporarily impaired as of June 30, 2013.

The contractual term to maturity of all marketable securities held by the Company as of June 30, 2013 is less than one year.