Marketable Securities

6 Months Ended

Jun. 30, 2011

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 3: MARKETABLE SECURITIES

Marketable securities consist of certificates of deposits, corporate bonds and securities and U.S. government sponsored enterprise securities. The Company determines the appropriate classification of marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 320 “Investments- Debt and Equity Securities,” the Company classifies marketable securities as available-for-sale securities. Available-for-sale securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, net of taxes. Realized gains and losses on sales of marketable securities, as determined on a specific identification basis, are included in the interim condensed consolidated statements of operations. The Company has classified all marketable securities as short-term, even though the stated maturity date may be one year or more beyond the current balance sheet date, because it may sell these securities prior to maturity to meet liquidity needs or as part of risk versus reward objectives.

The Company periodically assesses whether its investments with unrealized losses are other than temporarily impaired (“OTTI”). OTTI charges exist when the Company has the intent to sell a security, the Company will more likely than not be required to sell a security before anticipated recovery or the Company does not expect to recover the entire amortized cost basis of a security (that is, a credit loss exists). OTTI is determined based on the specific identification method and is reported in the interim condensed consolidated statements of operations.

	As at June 30, 2011 (Unaudited)
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			value
Available-for-sale — matures within one year:
Certificates of deposits	$	1,037	$	3	$	—		$	1,040
Corporate bonds and securities		25,097		135		(1	)		25,231
		26,134		138		(1	)		26,271
Available-for-sale — matures after one year through three years:
Government sponsored enterprises		599		2		—		$	601
Corporate bonds and securities		53,089		344		(138	)		53,295
		53,688		346		(138	)		53,896
Total	$	79,822	$	484	$	(139	)	$	80,167

	As at December 31, 2010 (Audited)
			Gross		Gross
	Amortized		unrealized		unrealized			Fair
	cost		gains		losses			value
Available-for-sale — matures within one year:
Certificates of deposits	$	5,358	$	3	$	—		$	5,361
Corporate bonds and securities		25,909		112		(23	)		25,998
		31,267		115		(23	)		31,359
Available-for-sale — matures after one year through three years:
Corporate bonds and securities		42,468		216		(169	)		42,515
		42,468		216		(169	)		42,515
Total	$	73,735	$	331	$	(192	)	$	73,874

Of the unrealized losses outstanding as of June 30, 2011, $7 of the unrealized losses was outstanding for more than 12 months and $132 of the unrealized losses was outstanding for less than 12 months. The total fair value of marketable securities with outstanding unrealized losses for more than 12 months as of June 30, 2011 amounted to $2,233, and marketable securities with outstanding unrealized losses for less than 12 months as of June 30, 2011 amounted to $17,308. Of the unrealized losses outstanding as of December 31, 2010, $3 of the unrealized losses was outstanding for more than 12 months and $189 of the unrealized losses was outstanding for less than 12 months. The total fair value of marketable securities with outstanding unrealized losses for more than 12 months as of December 31, 2010 amounted to $1,154, and marketable securities with outstanding unrealized losses for less than 12 months as of December 31, 2010 amounted to $27,249.

As of June 30, 2011 and December 31, 2010, management believes the impairments are not other than temporary and therefore the impairment losses were recorded in accumulated other comprehensive income (loss). The Company has no intent to sell these marketable securities and it is more likely than not that the Company will not be required to sell these marketable securities prior to the recovery of the entire amortized cost basis.

Proceeds from maturity and sales of available-for-sale marketable securities during the six months ended June 30, 2011 were $16,477 and $3,998, respectively, as compared to $13,339 and $10,189 for the comparable period in 2010. Gross realized gains and losses from the sale of available-for sale securities for the three months ended June 30, 2011 were $16 and $6, respectively, as compared to $39 and $31 for the comparable period in 2010. Gross realized gains and losses from the sale of available-for sale securities for the six months ended June 30, 2011 were $17 and $10, respectively, as compared to $52 and $38 for the comparable period in 2010.