Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value of Financial Instruments

Schedule of estimated fair values of financial instruments outstanding

The estimated fair values of financial instruments outstanding were as follows (in thousands):

	March 31, 2013
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	5,279	$	—	$	—		$	5,279
Short-term investments:
U.S. government debt securities	$	10,888	$	6	$	—		$	10,894
Corporate notes	11,190		16		(1		)	11,205
Certificates of deposit	3,080		2		(1		)	3,081
Total short-term investments	$	25,158	$	24	$	(2	)	$	25,180
Long-term investments:
U.S. government debt securities	$	4,507	$	—	$	(2	)	$	4,505
Corporate notes	2,109		—		(6		)	2,103
Certificates of deposit	240		1		—			241
Total long-term investments	$	6,856	$	1	$	(8	)	$	6,849

	December 31, 2012
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	2,529	$	—	$	—		$	2,529
Short-term investments:
U.S. government debt securities	$	15,852	$	6	$	(2	)	$	15,856
Corporate notes	14,471		8		(4		)	14,475
Certificates of deposit	467		—		—			467
Total short-term investments	$	30,790	$	14	$	(6	)	$	30,798
Long-term investments:
U.S. government debt securities	$	6,330	$	2	$	—		$	6,332
Corporate notes	1,050		1		—			1,051
Total long-term investments	$	7,380	$	3	$	—		$	7,383

Schedule of cost and fair value of investments based on maturity groups

Cost and fair value of investments based on two maturity groups were as follows (in thousands):

	March 31, 2013
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	25,158	$	24	$	(2	)	$	25,180
Due in 1-2 years	6,856		1		(8		)	6,849
Total	$	32,014	$	25	$	(10	)	$	32,029

	December 31, 2012
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	30,790	$	14	$	(6	)	$	30,798
Due in 1-2 years	7,380		3		—			7,383
Total	$	38,170	$	17	$	(6	)	$	38,181

Schedule of fair value hierarchy for financial assets (cash equivalents and investments)

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) as of March 31, 2013 and December 31, 2012 (in thousands):

	March 31, 2013
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	1,159	$	1,159	$	—	$	—
Certificates of deposit	3,802		—		3,802		—
Corporate notes	13,308		—		13,308		—
U.S. government debt securities	17,630		—		17,630		—
Total assets	$	35,899	$	1,159	$	34,740	$	—

	December 31, 2012
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	1,407	$	1,407	$	—	$	—
U.S. government debt securities	22,289		—		22,289		—
Corporate notes	16,226		—		16,226		—
Certificates of deposit	467		—		467		—
Total assets	$	40,389	$	1,407	$	38,982	$	—