FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2012

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

17.FAIR VALUE MEASUREMENTS

The Company accounts for certain assets and liabilities at fair value. The authoritative guidance defines fair value as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities as of December 31 2013, and 2012.

	Fair Value Measurements at December 31, 2013 Using
	Level 1		Level 2		Level 3
Cash and cash equivalents	$	169,207	$	—	$	—
Time deposits and restricted cash		—		1,711		—
Employee loans		—		—		6,390
Total	$	169,207	$	1,711	$	6,390

	Fair Value Measurements at December 31, 2012 Using
	Level 1		Level 2		Level 3
Cash and cash equivalents	$	118,112	$	—	$	—
Time deposits and restricted cash		—		2,133		—
Employee loans		—		—		429
Total	$	118,112	$	2,133	$	429

During the years ended December 31, 2013 and 2012, the Company issued a total of $8,963 and $566 of loans to its employees, respectively, and received $3,088 and $640 in loan repayments during the same periods, respectively.

During the years ended December 31, 2013 and 2012, there were no transfers amongst Level 1, Level 2, or Level 3 financial assets and liabilities.