Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Company's recurring financial assets and liabilities subject to fair value measurements

The Company's recurring financial assets and liabilities subject to fair value measurements are as follows:

	Fair Value Measurements as of September 30, 2014
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	220,197	$	220,197	$	—	$	—
Certificates of deposit	3,462		—		3,462		—
Bonds	5,093		5,093		—		—
Investment securities available for sale							—
Equity securities	143,964		143,403		561		—
Mutual funds invested in fixed income securities	60,051		60,051		—		—
Fixed income securities
U.S. Government securities	44,220		—		44,220		—
Corporate securities	50,913		6,525		44,388		—
U.S. mortgage backed securities	297		—		297		—
Commercial mortgage-backed securities	15,561		—		15,561		—
U.S. asset backed securities	14,671		—		14,671		—
U.S. Government agencies	2,900		—		2,900		—
Index-linked U.S. bonds	1,306		—		1,306		—
Total fixed income securities	129,868		6,525		123,343		—
Warrants (1)	2,638		—		—		2,638
Total	$	565,273	$	435,269	$	127,366	$	2,638
Liabilities:
Fair value of derivatives embedded within convertible debt	$	183,470	$	—	$	—	$	183,470

(1) Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $2,638 as of September 30, 2014 and are included in "Other assets". The Company recognized income of $868 for the nine months ended September 30, 2014 related to the change in fair value of the Warrants.

	Fair Value Measurements as of December 31, 2013
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	130,733	$	130,733	$	—	$	—
Certificates of deposit	2,961		—		2,961		—
Bonds	5,337		5,337		—		—
Investment securities available for sale							—
Equity securities	118,474		117,737		737		—
Fixed income securities							—
U.S. Government securities	13,990		—		13,990		—
Corporate securities	29,923		6,497		23,426		—
U.S. mortgage backed securities	495		—		495		—
Commercial mortgage-backed securities	6,822		—		6,822		—
U.S. asset backed securities	2,081		—		2,081		—
Index-linked U.S. bonds	749		—		749		—
Total fixed income securities	54,060		6,497		47,563		—
Warrants (1)	1,935		—		—		1,935
Total	$	313,500	$	260,304	$	51,261	$	1,935
Liabilities:
Fair value of derivatives embedded within convertible debt	$	112,062	$	—	$	—	$	112,062

(1) Warrants include 1,000,000 of LTS Warrants received on November 4, 2011 which were carried at $1,758 as of December 31, 2013 and are included in "Other assets". The Company recognized income of $172 for the nine months ended September 30, 2013 related to the change in fair value of the Warrants.

Unobservable inputs related to the valuations of the Level 3 assets and liabilities

The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at September 30, 2014:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	September 30, 2014		Valuation Technique	Unobservable Input	Range (Actual)
Warrants	$	2,638	Option model	Stock price	$	4.24
				Exercise price	$	1.68
				Term (in years)	2.1
				Volatility	44.76		%
				Dividend rate	—
				Risk-free return	0.70		%
Fair value of derivatives embedded within convertible debt	$	183,470	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed annual cash dividend	$	1.60
				Stock price	$	22.18
				Convertible trading price	111.63		%
				Volatility	16		%
				Implied credit spread	5.0% - 6.0% (5.5%)

The unobservable inputs related to the valuations of the Level 3 assets and liabilities are as follows at December 31, 2013:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2013		Valuation Technique	Unobservable Input	Range (Actual)
Warrants	$	1,935	Option model	Stock price	$	3.13
				Exercise price	$	1.68
				Term (in years)	2.8
				Volatility	53.82		%
				Dividend rate	—
				Risk-free return	0.72		%
Fair value of derivatives embedded within convertible debt	$	112,062	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed annual cash dividend	$	1.60
				Stock price	$	16.37
				Convertible trading price	118.70		%
				Volatility	18		%
				Implied credit spread	7.5% - 8.5% (8.0%)