Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Fair Value Measurements

(4)  Fair Value Measurements

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

	As of March 31, 2012		Level 1		Level 2		Level 3
	(In thousands)
Money market funds and cash equivalents	$	21,723	$	21,723	—		—
Marketable securities	$	69,374	—		$	69,374	—
	$	91,097	$	21,723	$	69,374	—

	As of December 31, 2011		Level 1		Level 2		Level 3
	(In thousands)
Money market funds and cash equivalents	$	11,038	$	11,038	—		—
Marketable securities	$	41,413	—		$	41,413	—
	$	52,451	$	11,038	$	41,413	—

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. The Company values its marketable securities utilizing independent pricing services which normally derive 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.  Our Term Loan is valued based on level 2 inputs.  Based on these calculations, the fair value approximates the carrying value of the Term Loan and note payable at March 31, 2012.