Investments

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

Note 6 – Investments

Marketable securities classified as available-for-sale as of September 30, 2014 and December 31, 2013 were comprised of (in thousands):

	September 30, 2014									December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Auction rate security	$	—	$	—	$	—		$	—	$	1,175	$	615	$	—	$	1,790
Asset-backed securities		50,316		--		(16	)		50,300	$	—	$	—	$	—	$	—
Corporate debt securities		105,517		21		(32	)		105,506		11,806		1		—		11,807
Total	$	155,833	$	21	$	(48	)	$	155,806	$	12,981	$	616	$	—	$	13,597

As of September 30, 2014, the Company held securities in an unrealized loss position with a fair value of approximately $106 million. All of these securities have been in a continuous unrealized loss position for less than one year. The Company has determined that the decline in fair value of these investments is temporary as the Company does not intend to sell these securities and it is not likely that the Company will be required to sell the securities before the recovery of their amortized cost basis.

The following table summarizes maturities of the Company's marketable securities as of September 30, 2014:

	Marketable Securities
	Amortized Cost			Fair Value
Less than one year	$	143,634	$	143,617
Due in year two		12,199		12,189
Total	$	155,833	$	155,806

The Company's investments in asset-backed securities have effective maturity dates of less than one year and greater than one year and accordingly, have been included in both short-term investments available-for-sale and investments available-for-sale, respectively, on the consolidated balance sheets.

In January 2014, the Company sold its auction rate security and received proceeds of $1.8 million resulting in a realized gain of $0.6 million.