Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Fair Value Measurements

Fair Value Measurements

(5)  Fair Value Measurements

The following tables set forth the Company’s financial assets subject to fair value measurements:

	As of September 30, 2011		Level 1		Level 2		Level 3
	(In thousands)
Money market funds and cash equivalents	$	12,554	$	12,554	—		—
Marketable securities	49,677		—		$	49,677	—
	$	62,231	$	12,554	$	49,677	—

	As of December 31, 2010		Level 1		Level 2		Level 3
	(In thousands)
Money market funds and cash equivalents	$	10,975	$	10,975	—		—
Marketable securities	39,811		—		$	39,811	—
	$	50,786	$	10,975	$	39,811	—

There have been no transfers of assets or liabilities between the fair value measurement classifications.  The Company’s financial instruments consist mainly of cash and cash equivalents, marketable securities, short-term accounts receivable, accounts payable and debt obligations.  Marketable securities have been valued from independent pricing services which normally drive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions.  At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. Short-term accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximates fair value due to the short-term nature of these instruments.  Based on current market interest rates available to the Company for long-term liabilities with similar terms and maturities, the Company believes the fair value approximates the carrying value of the principal portion of the Term Loan and note payable at September 30, 2011.