Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Jun. 30, 2012

Cash Cash Equivalents And Marketable Securities

Cash, Cash Equivalents and Marketable Securities

Note 5 — Cash, Cash Equivalents and Marketable Securities

The following table sets forth our cash and cash equivalents at June 30, 2012 and 2011 (in thousands):

	June 30, 2012		June 30, 2011
Cash – demand deposits	$	93,916	$	60,778
Cash equivalents – money market funds		103,980		26,979
Total cash and cash equivalents	$	197,896	$	87,757

The following is a summary of our available-for-sale securities at June 30, 2012 and 2011 (in thousands):

As of June 30, 2012	Cost Basis			Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	103,980		$	-	$	-		$	103,980
US agency securities – FDIC insured		5,720			-		(9	)		5,711
Subtotal		109,700			-		(9	)		109,691
Less: cash equivalents		(103,980	)		-		-			(103,980	)
Total marketable securities	$	5,720		$	-	$	(9	)	$	5,711

As of June 30, 2011	Cost Basis			Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	26,979		$	-	$	-		$	26,979
Government agency securities		16,014			11		-			16,025
US agency securities – FDIC insured		8,579			-		(32	)		8,547
Subtotal		51,572			11		(32	)		51,551
Less: cash equivalents		(26,979	)		-		-			(26,979	)
Total marketable securities	$	24,593		$	11	$	(32	)	$	24,572

For the years ended June 30, 2012, 2011 and 2010, no impairment charges on marketable securities related to other-than-temporary declines in market value were recorded.  In determining whether a decline is other than temporary, we consider various factors including the length of time and extent to which the market value has been less than cost, the financial condition and near-term prospects of the issuer and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.

Gross realized losses and gains on the sale of available-for-sale securities during the years ended June 30, 2012, 2011 and 2010, were not material.

At June 30, 2012, our marketable securities had the following remaining contractual maturities (in thousands):

	Amortized Cost		Estimated Fair Value
Less than one year	$	5,720	$	5,711

The following table sets forth the basis of fair value measurements for our available-for-sale securities as of June 30, 2012 and 2011 (in thousands):

			Fair Value Measurements at Reporting Date Using
	June 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	103,980	$	103,980	$	-	$	-
US agency securities – FDIC Insured		5,711		-		5,711		-
Total cash equivalents and marketable securities	$	109,691	$	103,980	$	5,711	$	-

			Fair Value Measurements at Reporting Date Using
	June 30, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	26,979	$	26,979	$	-	$	-
Government agency securities		16,025		-		16,025		-
US agency securities – FDIC Insured		8,547		-		8,547		-
Total cash equivalents and marketable securities	$	51,551	$	26,979	$	24,572	$	-

We had no other assets or liabilities required to be measured and recorded at fair value at June 30, 2012 or 2011.  Additionally, there were no transfers between levels of the fair value hierarchy during the years ended June 30, 2012, 2011 or 2010.