Marketable Securities

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(5) Marketable Securities

The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at June 30, 2013 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value*
Corporate bonds	$	3,004		-	$	(3)	$	3,001
	$	3,004		-	$	(3)	$	3,001

* Included in current marketable securities at June 30, 2013.

 The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at December 31, 2012 were as follows (in thousands):

	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value*
Corporate bonds	$	86,769	$	82	$	(11)	$	86,840
Commercial paper		30,482		8		-		30,490
U.S. government-sponsored agency		2,057		4		-		2,061
	$	119,308	$	94	$	(11)	$	119,391

* Included in current marketable securities at December 31, 2012.

All marketable securities are classified as available-for-sale.

Maturities of marketable debt securities, based on contractual maturity, at June 30, 2013 were as follows (in thousands):

	Amortized Cost		Fair Value
Due in one year or less	$	3,004	$	3,001
	$	3,004	$	3,001

For the three months and six months ended June 30, 2013, the Company realized gains from the sale of marketable securities of $39,000 and  approximately  $0.3 million, respectively. For the three months ended June 30, 2012, the Company realized net gains from the sale of marketable securities of $16,000. For the six months ended June 30, 2012, the Company realized net losses from the sale of marketable securities of $19,000. The Company includes realized gain and losses, if any, in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss), in Interest and Other Income.

Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. As of June 30, 2013 and December 31, 2012, marketable securities with fair value of $3.0 million and $38.1 million respectively were in an unrealized loss position. However, none of the underlying investments has been in a continuous loss position longer than twelve months, and no other-than-temporary impairment is deemed to have occurred.

As of June 30, 2013 and December 31, 2012, the Company’s marketable securities are all valued based on Level 2 inputs. Fair value is determined from available Level 2 vendor quoted prices utilizing observable inputs based on active markets. The Company utilizes a financial institution to provide pricing for securities in the Company’s portfolio, and reviews documentation from the sources that detailed the pricing techniques and methodologies used by these sources and determines if their policies adequately considered market activity, either based on specific transactions for the particular security type or based on modeling of securities with similar credit quality, duration, yield and structure that were recently transacted. The Company continues to monitor any changes or modifications to their process by reviewing their documentation on internal controls for pricing and market reviews.