SHORT-TERM INVESTMENTS

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

The Company's short-term investments as of September 30, 2015 are comprised of available-for-sale marketable securities which are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss). The amortized cost of debt securities in this category are adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. As of December 31, 2014, the Company owned available-for-sale marketable equity securities that were carried at fair value which have subsequently been sold.

Investments consist of the following (in thousands):

	September 30, 2015		December 31, 2014
Marketable Equity Securities:
Common Stock	$	—	$	9,556
Marketable Other than Equity Securities:
Commercial paper	11,930		—
Corporate debt securities	72,746		—
Securities of government sponsored entities	10,005		—
Total Marketable Securities:	$	94,681	$	9,556

The following is a summary of short-term marketable securities classified as available-for-sale as of September 30, 2015 (in thousands):

	Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Marketable Other than Equity Securities:
Commercial paper	Less than 1	$	11,935	$	—	$	(5	)	$	11,930
Corporate debt securities	Less than 1	34,123		1		(42		)	34,082
Securities of government-sponsored entities	Less than 1	5,003		—		—			5,003
Total maturity less than 1 year		51,061		1		(47		)	51,015
Corporate debt securities	1 to 2	38,732		17		(85		)	38,664
Securities of government-sponsored entities	1 to 2	5,000		2		—			5,002
Total maturity 1 to 2 years		43,732		19		(85		)	43,666
Total available-for-sale securities		$	94,793	$	20	$	(132	)	$	94,681

The following is a summary of short-term marketable securities classified as available-for-sale as of December 31, 2014 (in thousands):

	Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Marketable Equity Securities:
Common Stock	$	5,160	$	4,499	$	(103	)	$	9,556
Total available-for-sale securities	$	5,160	$	4,499	$	(103	)	$	9,556

The following table presents information about available-for-sale investments in an unrealized loss position as of September 30, 2015 (in thousands):

	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
September 30, 2015
Commercial paper	$	11,930	$	(5	)	$	—	$	—	$	11,930	$	(5	)
Corporate debt securities	62,492		(127		)	—		—		62,492		(127		)
Securities of government-sponsored entities	3,002		—			—		—		3,002		—
Total	$	77,424	$	(132	)	$	—	$	—	$	77,424	$	(132	)

The primary objective of the Company’s investment portfolio is to enhance overall returns while preserving capital and liquidity. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.

The Company reviews the available-for-sale investments for other-than-temporary declines in fair value below cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below the cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security, and the intent to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. As of September 30, 2015 and December 31, 2014, the Company believed the cost basis for available-for-sale investments were recoverable in all material respects.