Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Summary of short-term investments

A summary of the Company’s short-term investments at June 30, 2013 and December 31, 2012 is as follows (in thousands):

	As of June 30, 2013									As of December 31, 2012
	Cost		Gross Gains		Gross Losses			Fair Value		Cost		Gross Gains		Gross Losses			Fair Value
Municipal Debt Securities	$	15,660	$	4	$	—		$	15,664	$	12,520	$	—	$	(116	)	$	12,404
Corporate Debt Securities	30,324		—		(51		)	30,273		26,575		—		(139		)	26,436
Commercial Paper	18,934		9		—			18,943		18,464		—		(2		)	18,462
Certificates of Deposits	—		—		—			—		19,047		—		—			19,047
Total	$	64,918	$	13	$	(51	)	$	64,880	$	76,606	$	—	$	(257	)	$	76,349

A summary of the Company’s long-term investments at June 30, 2013 and December 31, 2012 is as follows (in thousands):

	As of June 30, 2013									As of December 31, 2012
	Cost		Gross Gains		Gross Losses			Fair Value		Cost		Gross Gains		Gross Losses			Fair Value
Auction Rate Securities	$	4,700	$	—	$	(484	)	$	4,216	$	4,700	$	—	$	(541	)	$	4,159
Total	$	4,700	$	—	$	(484	)	$	4,216	$	4,700	$	—	$	(541	)	$	4,159

Schedule of financial assets measured at fair value on a recurring basis

Financial assets measured at fair value on a recurring basis as of June 30, 2013 were as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Money Market Funds (1)	$	28,968	$	—	$	—	$	28,968
Corporate Debt Securities (2)	—		30,273		—		30,273
Commercial Paper (2)	—		18,943		—		18,943
Municipal Debt Securities (2)	—		15,664		—		15,664
Auction rate notes (3)	—		—		4,216		4,216
Total	$	28,968	$	64,880	$	4,216	$	98,064

Financial assets measured at fair value on a recurring basis as of December 31, 2012 were as follows (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Money Market Funds (1)	$	13,845	$	—	$	—	$	13,845
Certificates of Deposits (2)	19,047		—		—		19,047
Corporate Debt Securities (2)	—		26,436		—		26,436
Commercial Paper (2)	—		18,462		—		18,462
Municipal Debt Securities (2)	—		12,404		—		12,404
Auction rate notes (3)	—		—		4,159		4,159
Total	$	32,892	$	57,302	$	4,159	$	94,353

__________

(1) Included in cash and cash equivalents

(2) Included in short-term investments

(3) Included in long-term investments

Schedule of changes in Level 3 securities

For the six months ended June 30, 2013, the changes in the Company’s Level 3 securities (consisting of auction rate notes) were as follows (in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Beginning balance, December 31, 2012	$	4,159
Transfers in and/or out of Level 3	—
Total unrealized gains, before tax effect	57
Settlements	—
Ending balance, June 30, 2013	$	4,216