Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2011

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

2. Cash, Cash Equivalents and Marketable Securities

As of June 30, 2011, we held substantially all of our cash, cash equivalents and marketable securities at major financial institutions, which must invest our funds in accordance with our investment policy with the principal objectives of such policy being preservation of capital, fulfillment of liquidity needs and above market returns commensurate with preservation of capital. Our investment policy also requires that investments in marketable securities be in only highly rated instruments, which are primarily US treasury bills or US treasury backed securities, with limitations on investing in securities of any single issuer. To a limited degree, the Federal Deposit Insurance Corporation and third party insure these investments. However, these investments are not insured against the possibility of a complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. We manage such risks on our portfolio by investing in highly liquid, highly rated instruments and not investing in long-term maturity instruments.

Cash, cash equivalents and investments in marketable securities, including long term bank certificates of deposits, totaled $118.5 million and $104.2 million as of June 30, 2011 and December 31, 2010, respectively. Long term bank certificates of deposit include a $500,000 restricted certificate of deposit that collateralizes tenant improvement obligations to the lessor of our principal offices. The following is a summary of such investments (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated fair				Marketable Security
	Cost		Gains		Losses		Value		Cash		Current		Long Term
June 30, 2011
Cash and cash equivalents	$	67,049	$	—	$	—	$	67,049	$	67,049	$	—	$	—
Bank CDs (including restricted certificate of deposit of $500)		29,984		—		—		` 29,984		—		15,889		14,095
Money market currency funds		20,748		—		—		20,748		—		20,748		—
U.S. Government securities		751		—		—		751		—		751		—
Other securities (included in other assets)		26		—		18		8		—		—		8
Total investments	$	118,558	$	—	$	18	$	118,540	$	67,049	$	37,388	$	14,103
December 31, 2010
Cash and cash equivalents	$	53,557	$	—	$	—	$	53,557	$	53,557	$	—	$	—
Bank CDs (including restricted certificate of deposit of $500)		29,985		—		—		` 29,985		—		21,416		8,569
Money market currency funds		15,488		—		—		15,488		—		15,488		—
U.S. Government securities		2,909		—		—		2,909		—		2,909		—
Corporate debt securities		2,304		—		—		2,304		—		2,304		—
Other securities (included in other assets)		35		—		9		26		—		—		26
Total investments	$	104,278	$	—	$	9	$	104,269	$	53,557	$	42,117	$	8,595