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Fair Value Measurements
 3 Months Ended
Mar. 31, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
5.  
Fair Value Measurements
 
The Company measures fair value and provides required disclosures about fair value measurements as it relates to financial and nonfinancial assets and liabilities in accordance with a framework specified by GAAP. This framework addresses how companies should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes under GAAP. The framework also includes additional guidance to provide greater clarity about the credit and noncredit component of an other-than-temporary impairment event.
 
The fair value framework requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
 
Level 1:  quoted market prices in active markets for identical assets and liabilities
 
Level 2:  observable market based inputs or unobservable inputs that are corroborated by market data
 
Level 3:  unobservable inputs that are not corroborated by market data
 
The carrying value of cash and cash equivalents, accounts receivable and trade payables approximates the fair value due to their short-term maturities.
 
For recognition purposes, on a recurring basis, the Company measures available for sale short-term and long-term investments at fair value. Approximately $1.7 million of the unrealized losses in short-term investments as of March 31, 2012 have been in a loss position for more than 12 months.  The fair value of the following investments is determined using quoted prices in active markets (Level 1):
 
Level 1 Investments
 at March 31, 2012
(In thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Short term investments:
  Investment funds - debt securities
$
222,794
$
122
$
(2,704
)
$
220,212
  Corporate bonds
9,598
9
(3
)
 9,604
    Total short term investments
$
232,392
$
131
$
(2,707
)
$
229,816
Long term investments:
  Corporate bonds
$
6,351
$
14
$
(10
)
$
6,355
Level 1 Investments
 at December 31, 2011
(In thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Short term investments:
  Investment funds - debt securities
$
220,778
$
30
$
(4,881
)
 
$
215,927
  Corporate bonds
 
 
8,851
 
 
1
 
 
 (7
)
 
 
8,845
    Total short term investments
 
$
229,629
 
$
31
 
$
(4,888
)
 
$
224,772

 
The fair value of long-term investments in auction rate securities is based on a Level 3 valuation technique that includes the present value of future cash flows (principal and interest payments), review of the underlying collateral, and considers relevant probability weighted and risk adjusted observable inputs and minimizes the use of unobservable inputs. The fair values of auction rate securities at March 31, 2012 and December 31, 2011 were $15.5million and $15.0 million, respectively.
 
During the three months ended March 31, 2012 and 2011 there were no charges due to other-than-temporary reductions in the value of investments in auction rate securities. The Company also recognized pre-tax credits of $453,000 and $111,000 in other comprehensive income during the three months ended March 31, 2012 and 2011, respectively, due to temporary increases in the value of its investments in auction rate securities.
 
Cumulatively to date, the Company has incurred $4.7 million in pre-tax charges due to other-than-temporary reductions in the value of its investments in auction rate securities, realized losses of $8.8 million from sales of auction rate securites and pre-tax temporary impairment charges of $2.6 million reflected in other comprehensive income. As of March 31, 2012, the fair value of the Company's investments in auction rate securities was below cost by approximately $7.3 million. The fair value of the auction rate securities has been below cost for more than one year.
 
For disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. The fair value of outstanding debt is determined using quoted prices in active markets. The fair value of long-term debt, based on quoted market prices, was $93.5 million at both March 31, 2012 and December 31, 2011.