Cash, Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2013

Cash And Cash Equivalents [Abstract]

Cash, Equivalents and Marketable Securities

3. Cash, Equivalents and Marketable Securities

As of June 30, 2013, we held substantially all of our 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. We maintain cash balances in excess of federally insured limits in reputable financial institutions. To a limited degree, the Federal Deposit Insurance Corporation and third parties 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 limit investing in long-term maturity instruments.

Cash, equivalents and marketable securities, including long term bank certificates of deposits, and investments totaled $127.9 million and $145.5 million as of June 30, 2013 and December 31, 2012, respectively. Long term bank certificates of deposit include a $250,000 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 000’s):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated fair Value		Cash		Marketable Security
											Current		Long Term
June 30, 2013
Cash and equivalents	$	121,103	$	—	$	—	$	121,103	$	121,103	$	—	$	—
Bank CDs (including restricted certificate of deposit of $250)		252		—		—		252		—		252		—
Money market currency funds		3,060		—		—		3,060		—		3,060		—
Other securities (included in other assets)		1,747		1,702		—		3,449		—		—		3,449
Total investments	$	126,162	$	1,702	$	—	$	127,864	$	121,103	$	3,312	$	3,449
December 31, 2012
Cash and equivalents	$	139,698	$	—	$	—	$	139,698	$	139,698	$	—	$	—
Bank CDs (including restricted certificate of deposit of $250)		987		—		—		987		—		987		—
Money market currency funds		2,323		—		—		2,323		—		2,323		—
Other securities (included in other assets)		1,747		733		—		2,480		—		—		2,480
Total investments	$	144,755	$	733	$	—	$	145,488	$	139,698	$	3,310	$	2,480

As of June 30, 2013, none of the securities had been in a continuous unrealized loss position longer than one year.