Cash, Cash Equivalents, and Investments

9 Months Ended

Sep. 30, 2014

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Investments

2. Cash, cash equivalents, and investments

The following tables summarizes the Company’s cash, cash equivalents and held-to-maturity investments at September 30, 2014 and December 31, 2013 (in thousands):

	As of September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	36,392	$	—	$	—		$	36,392	$	36,392	$	—	$	—
Level 1:
Money market funds		2,223		—		—			2,223		2,223		—		—
Corporate bonds		15,455		3		(20	)		15,438		—		12,811		2,644
Subtotal		17,678		3		(20	)		17,661		2,223		12,811		2,644
Level 2:
State and municipal obligations		17,466		21		—			17,487		—		14,689		2,777
Certificates of deposit		2,473		—		—			2,473		—		1,483		990
Subtotal		19,939		21		—			19,960		—		16,172		3,767
Total	$	74,009	$	24	$	(20	)	$	74,013	$	38,615	$	28,983	$	6,411
	As of December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	37,196	$	—	$	—		$	37,196	$	37,196	$	—	$	—
Level 1:
Money market funds		5,030		—		—			5,030		5,030		—		—
Corporate bonds		7,743		3		(14	)		7,732		—		1,102		6,641
Subtotal		12,773		3		(14	)		12,762		5,030		1,102		6,641
Level 2:
State and municipal obligations		10,807		14		—			10,821		45		5,626		5,136
Certificates of deposit		2,619		—		—			2,619		—		2,373		246
Subtotal		13,426		14		—			13,440		45		7,999		5,382
Total	$	63,395	$	17	$	(14	)	$	63,398	$	42,271	$	9,101	$	12,023

The Company believes the unrealized losses on the Company’s investments are due to interest rate fluctuations. As these investments are either short-term in nature, are expected to be redeemed at par value and/or because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at September 30, 2014. None of Company’s investments have been in an unrealized loss position for more than one year.

The following table summarizes the amortized cost and fair value of the short-term and long-term investments held by the Company at September 30, 2014 by contractual maturity (in thousands):

	Amortized Cost		Fair Value
Due in less than one year	$	28,983	$	28,989
Due after one year, through two years		6,163		6,167
Due after two years		248		242
Total short-term and long-term investments	$	35,394	$	35,398