Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Fair value of asset measured on a recurring basis

The fair value of the Company’s financial assets measured at fair value on a recurring basis was determined using the following inputs at September 30, 2012 (in thousands):



	Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds ⁽¹⁾	$	4,233	$	4,233	$	—	$	—
U.S. government securities⁽²⁾	43,981		—		43,981		—
Total	$	48,214	$	4,233	$	43,981	$	—

The fair value of the Company’s financial assets measured at fair value on a recurring basis was determined using the following inputs at December 31, 2011 (in thousands):



	Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds ⁽¹⁾	$	5,215	$	5,215	$	—	$	—
U.S. government securities⁽²⁾	45,999		—		45,999		—
Total	$	51,214	$	5,215	$	45,999	$	—

⁽¹⁾ Included in cash and cash equivalents in the Company’s condensed consolidated balance sheets


⁽²⁾	Represents our portfolio of available for sale securities and is included in either cash and cash equivalents or short-term investments in the Company’s condensed consolidated balance sheets

Fair value of short term investment unrealized holdings and gains

As of September 30, 2012, the Company’s available-for-sale securities had contractual maturities from six to twelve months and an average remaining term to maturity of eight months. As of September 30, 2012, the amortized cost basis, aggregate fair value, and gross unrealized holding gains and losses of the Company’s short-term investments by major security type were as follows (in thousands):



	Amortized Cost		Aggregate Fair Value		Unrealized Holding Gains		Unrealized Holding Losses
U.S. government and agency securities	$	43,977	$	43,981	$	4	$	—

The amortized cost basis, aggregate fair value and gross unrealized holding gains and losses for the Company’s available-for-sale short-term investments, by major security type, were as follows as of December 31, 2011 (in thousands):



	Amortized Cost		Aggregate Fair Value		Unrealized Holding Gains		Unrealized Holding Losses
U.S. government securities	$	45,997	$	45,999	$	3	$	1

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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