Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Available-for-Sale Marketable Securities

The available-for-sale marketable securities as of March 31, 2014 and December 31, 2013 consist of the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2014
U.S. treasuries	$	36,838	$	54	$	(12	)	$	36,880
Mutual funds		500		8		-			508
Total investments	$	37,338	$	62	$	(12	)	$	37,388
December 31, 2013:
U.S. treasuries	$	35,900	$	38	$	(20	)	$	35,918
Mutual funds		500		8	–				508
Total investments	$	36,400	$	46	$	(20	)	$	36,426

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis (in thousands):

	Total Fair Value		Level I		Level II		Level III
Assets:
March 31, 2014
Certificate of deposit	$	2,859	$	2,859	–		$	-
U.S. treasuries		36,880		36,880	–		–
Mutual funds		508		508	–		–
Interest rate cap		25	–		25		–
Total	$	40,272	$	40,247	$	25	$	-
December 31, 2013:
Certificate of deposit	$	2,858	$	2,858	$	-	$	-
U.S. treasuries		35,918		35,918	–		–
Mutual funds	508		508		–		–
Interest rate cap	47		–		47		–
Total	$	39,331	$	39,284	$	47	$	0