Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of short-term investments

A summary of the Company’s short-term investments at June 30, 2014 and December 31, 2013 was as follows (in thousands):

	As of June 30, 2014								As of December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Municipal Securities	$	12,838	$	7	$	—	$	12,845	$	13,858	$	—	$	(2	)	$	13,856
Corporate Debt Securities	36,617		9		—		36,626		36,947		10		—			36,957
Commercial Paper	16,473		6		—		16,479		13,991		2		—			13,993
Total	$	65,928	$	22	$	—	$	65,950	$	64,796	$	12	$	(2	)	$	64,806

Summary of long-term investments

A summary of the Company’s long-term investments at June 30, 2014 and December 31, 2013 was as follows (in thousands):

	As of June 30, 2014									As of December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Auction Rate Notes	$	1,800	$	—	$	(68	)	$	1,732	$	4,700	$	—	$	(505	)	$	4,195

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, 2014 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)	$	9,412	$	—	$	—	$	9,412
Corporate Debt Securities (2)	—		36,626		—		36,626
Commercial Paper (2)	—		16,479		—		16,479
Municipal Securities (2)	—		12,845		—		12,845
Auction-rate notes (3)	—		—		1,732		1,732
Total	$	9,412	$	65,950	$	1,732	$	77,094

Financial assets measured at fair value on a recurring basis as of December 31, 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)	$	16,945	$	—	$	—	$	16,945
Corporate Debt Securities (2)	—		36,957		—		36,957
Commercial Paper (2)	—		13,993		—		13,993
Municipal Securities (2)	—		13,856		—		13,856
Auction-rate notes (3)	—		—		4,195		4,195
Total	$	16,945	$	64,806	$	4,195	$	85,946

__________

(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, 2014, 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, 2013	$	4,195
Transfers in and/or out of Level 3	—
Total unrealized gains, before tax, included in other comprehensive income	437
Sales	(2,900		)
Ending balance, June 30, 2014	$	1,732