CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2015

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

4. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The average maturity of the Company’s available-for-sale securities as of March 31, 2015 and December 31, 2014 was less than 12 months.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:

	As of March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	21,537	$	—	$	—		$	21,537
Commercial paper		37,399		—		(1	)		37,398
Government and government agency bonds		77,232		—		(3	)		77,229
Corporate bonds		30,072		—		(13	)		30,059
Total	$	166,240	$	—	$	(17	)	$	166,223
As reported:
Cash and cash equivalents		74,436		—		—			74,436
Short-term investments		91,804		—		(17	)		91,787
Total	$	166,240	$	—	$	(17	)	$	166,223

	As of December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	73,551	$	—	$	—		$	73,551
Commercial paper		2,997		—		—			2,997
Government and government agency bonds		75,289		—		(39	)		75,250
Corporate bonds		58,602		—		(56	)		58,546
Total	$	210,439	$	—	$	(95	)	$	210,344
As reported:
Cash and cash equivalents		73,551		—		—			73,551
Short-term investments		136,888		—		(95	)		136,793
Total	$	210,439	$	—	$	(95	)	$	210,344