INVESTMENTS

Investments at December 31, 2013 and 2012 primarily include corporate equity securities and auction-rate securities.

All marketable securities are deemed by management to be available-for-sale and are reported at fair value, with the exception of certain auction-rate securities as described below. Net unrealized gains and losses that are deemed to be temporary are reported within stockholders’ equity on the Company’s consolidated balance sheets as a component of accumulated other comprehensive income. Unrealized losses that are deemed to be other-than-temporary are recorded in the consolidated statements of operations in the period such determination is made. Gross realized gains or losses are recorded based on the specific identification method. For the years ended December 31, 2013 and 2011, the Company's gross realized gains and losses on short-term investments were not significant. For the year ended December 31, 2012, the Company's gross realized gains were not significant and the Company had a $1.2 million loss related to an "other-than-temporary impairment" in connection with an equity investment. The Company’s investments are further detailed in the table below:



	December 31, 2013					December 31, 2012
	Adjusted Cost			Fair Value		Adjusted Cost		Fair Value
	(in thousands)
Corporate equity securities	$	2,687		$	2,181	$	2,687	$	2,687
Auction-rate security	983			1,066		983		1,066
	3,670			3,247		3,670		3,753
Unrealized gains	83					83
Unrealized losses	(506		)			—
Net unrealized (losses) gains	(423		)			83
Fair value	$	3,247				$	3,753
Amount included in short-term investments				$	2,181			$	2,687
Amount included in other assets				1,066				1,066
				$	3,247			$	3,753

The Company's corporate equity securities include an investment in a European publicly-traded company, which was acquired by the Company through the sale of corporate assets. In the fourth quarter of 2012, the Company recorded an impairment charge of $1.2 million on this investment, which it concluded to be other-than-temporary.

The Company's only available-for-sale debt security had a contractual maturity greater than 10 years and totaled $1.0 million (at adjusted cost) as of December 31, 2013.

During the year ended December 31, 2012, the Company redeemed a portion of its auction-rate securities in the open market, resulting in an insignificant gain. During 2013, auctions for the Company's sole auction-rate security continued to fail and as a result this security continues to be illiquid. The Company concluded that its remaining $1.0 million (adjusted cost) of auction-rate security is unlikely to be liquidated within the next twelve months and classified this security as long-term investment, which is included in other assets on the consolidated balance sheets.

The Company has classified all investments with original maturity dates of 90 days or more as short-term as it has the ability and intent to liquidate them within the year, with the exception of the Company’s remaining auction-rate securities, which have been classified as long-term investments and included in other assets on the consolidated balance sheets.