Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

6 Months Ended

Jun. 30, 2015

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

5. Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

The Company considers all highly liquid investments with original maturities of 90 days or less at the time of purchase to be cash equivalents and investments with original maturities of between 91 days and one year to be short-term investments. In order to manage exposure to credit risk, the Company invests in high-quality investments rated at least A2 by Moody’s Investors Service or A by Standard & Poor.

Restricted cash, consisting of a money market account used as collateral securing a letter of credit under the terms of the corporate office operating lease that commenced in 2010 and expired in April 2015, was $0 and $250,000 as of June 30, 2015 and December 31, 2014, respectively.

The Company held no investments at June 30, 2015 and December 31, 2014 as it sold all its investment securities during 2014. There were no realized gains or losses for the six months ended June 30, 2015 or 2014.

Cash, cash equivalents and restricted cash consist of the following:

	June 30, 2015		December 31, 2014
	(unaudited)
	(In thousands)
Cash	$	1,851	$	1,511
Money market		69,261		33,255
Total cash and cash equivalents		71,112		34,766
Total restricted cash	$	—	$	250
Total	$	71,112	$	35,016