Note 4 - Cash Equivalents, Short-term and Long-term Investments

6 Months Ended

Jun. 30, 2012

Cash, Cash Equivalents, and Marketable Securities [Text Block]

4. Cash Equivalents and Investments

As of June 30, 2012, and December 31, 2011, we had invested our excess cash balances primarily in money market funds, corporate debt securities, commercial paper, U.S. government sponsored agency bonds and U.S. treasury securities. Our securities are classified as available-for-sale and are carried at estimated fair value, with unrealized gains and losses, net of estimated taxes, reported in accumulated other comprehensive income (loss) in stockholders’ deficit. See Note 3 for fair value measurement information. The cost of securities sold is based on the specific identification method. To date, we have not experienced credit losses on investments in these instruments and we do not require collateral for our investment activities.

Summary of Available-For-Sale Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
(In thousands)
June 30, 2012:
Money market funds	$	127,068	$	-	$	-		$	127,068
Corporate debt securities		37,263		52		(1	)		37,314
Commercial paper		-		-		-			-
U.S. government sponsored agency bonds		2,002		6		-			2,008
U.S. treasury securities		5,498		7		-			5,505
Total	$	171,831	$	65	$	(1	)	$	171,895
December 31, 2011:
Money market funds	$	163,368	$	-	$	-		$	163,368
Corporate debt securities		44,863		57		(43	)		44,877
Commercial paper		8,997		-		(1	)		8,996
U.S. government sponsored agency bonds		2,003		12		-			2,015
U.S. treasury securities		5,494		19		-			5,513
Total	$	224,725	$	88	$	(44	)	$	224,769

Classification on Condensed Consolidated Balance Sheets:	June 30, 2012		December 31, 2011
(In thousands)
Cash equivalents	$	127,068	$	165,367
Short-term investments		43,812		42,301
Long-term investments		1,015		17,101
Total	$	171,895	$	224,769

Available-For-Sale Debt Securities by Contractual Maturity	June 30, 2012				December 31, 2011
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
(In thousands)
Less than one year	$	43,754	$	43,812	$	44,262	$	44,300
Greater than one year but less than five years		1,009		1,015		17,095		17,101
Total	$	44,763	$	44,827	$	61,357	$	61,401

We did not recognize any gains or losses on sales of available-for-sale securities for the three and six months ended June 30, 2012 and 2011. The net unrealized gain on investments included in other comprehensive income, net of tax, was approximately $42,000 as of June 30, 2012. No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of these securities. Based on our review of these securities, we believe we had no other-than-temporary impairments on these securities as of June 30, 2012. Our 2012 investments in a loss position at June 30, 2012, reflected unrealized losses of less than $1,000, net of tax.