Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2014

Notes to Financial Statements

Fair Value Measurement (Tables)

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company's financial assets (only marketable investment securities) that are required to be measured at fair value as of March 31, 2014 and December 31, 2013 (in thousands):

As of March 31, 2014:		Level 1		Level 2		Level 3		Total
Certificate of deposits	$	-	$	13,523	$	-	$	13,523
Corporate		-		92,634		-		92,634
Government agencies		-		21,280		-		21,280
Money market funds		17,369		-		-		17,369
Total assets at fair value	$	17,369	$	127,437	$	-	$	144,806

As of December 31, 2013:		Level 1		Level 2		Level 3		Total
Certificate of deposits	$	-	$	13,020	$	-	$	13,020
Corporate		-		91,887		-		91,887
Government agencies		-		27,131		-		27,131
Money market funds		23,043		-		-		23,043
Total assets at fair value	$	23,043	$	132,038	$	-	$	155,081

Fair and Carrying Value of Debt Instruments

The fair and carrying value of our debt instruments are detailed as follows (in thousands):

		As of March 31, 2014				As of December 31, 2013
		Fair		Carrying		Fair		Carrying
		Value		Value		Value		Value
5.75% Convertible Notes*	$	91,031	$	16,545	$	92,338	$	16,545
Sensipar Notes		47,406		47,580		54,097		54,395
rhPTH 1-84-Secured Debt		52,028		42,790		50,058		42,790
Regpara-Secured Debt		35,192		33,341		37,348		35,202
Total	$	225,657	$	140,256	$	233,841	$	148,932
* See Note 1.