Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS AND MARKETABLE SECURITIES (Tables)

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FAIR VALUE MEASUREMENTS AND MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2012
Financial Assets at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of December 31, 2012 and 2011:

 

    Fair Value as of
December 31,
2012		     Basis of Fair Value Measurements  
    (in thousands)       Level 1         Level 2         Level 3    

Money market funds

   $ 5,886      $ 5,886      $ —        $ —    

Certificates of deposit

     1,185        —          1,185        —    

Corporate debt securities

     20,242        —          20,242        —    

Government securities

     27,899        —          27,899        —    

Commercial paper

     15,613        —          15,613        —    
 

 

 

    

 

 

    

 

 

    

 

 

  

Total cash equivalents and marketable securities

   $ 70,825      $ 5,886      $ 64,939      $ —    
 

 

 

    

 

 

    

 

 

    

 

 

  

 

    Fair Value as of
December 31,
2011		     Basis of Fair Value Measurements  
    (in thousands)       Level 1         Level 2         Level 3    

Money market funds

   $ 4,050      $ 4,050      $ —      $ —    

Corporate debt securities

     4,690        —          4,690        —    

Government securities

     5,970        —          5,970        —    

Commercial paper

     5,548        —          5,548        —    
 

 

 

    

 

 

    

 

 

    

 

 

  

Total cash equivalents and marketable securities

   $ 20,258      $ 4,050      $ 16,208      $ —    
 

 

 

    

 

 

    

 

 

    

 

 

  
Summary of Company's Available-for-Sale Securities

The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2012 and 2011:

 

    As of December 31, 2012 (in thousands):    Cost Basis     Unrealized
Gain		      Unrealized
Loss		     Fair
Value		  

Money market funds

    $ 5,886      $ —         $ —        $ 5,886   

Certificates of deposit

      1,185        —           —          1,185   

Corporate debt securities

      20,237        6         (1 )      20,242   

Government securities

      27,893        12         (6 )      27,899   

Commercial paper

      15,613        —           —          15,613   
  

 

 

    

 

 

     

 

 

    

 

 

  
     70,814        18         (7 )      70,825   

Less cash equivalents

      (11,006 )      —           —          (11,006 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Total marketable securities

    $ 59,808      $ 18       $ (7 )    $ 59,819   
  

 

 

    

 

 

     

 

 

    

 

 

  

 

    As of December 31, 2011 (in thousands):    Cost Basis     Unrealized
Gain		      Unrealized
Loss		     Fair
Value		  

Money market funds

    $ 4,050      $ —         $ —        $ 4,050   

Corporate debt securities

      4,693        —           (3 )      4,690   

Government securities

      5,968        2         —          5,970   

Commercial paper

      5,548        —           —          5,548   
  

 

 

    

 

 

     

 

 

    

 

 

  
     20,259        2         (3 )      20,258   

Less cash equivalents

      (5,850 )      —           —          (5,850 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Total marketable securities

    $ 14,409      $ 2       $ (3 )    $ 14,408   
  

 

 

    

 

 

     

 

 

    

 

 

  
Marketable Securities with Unrealized Losses

The following table provides the breakdown of the marketable securities with unrealized losses at December 31, 2012 (in thousands):

 

    As of December 31, 2012 (in thousands):    In loss position for less
than twelve months		  
     Fair
Value		      Unrealized
Loss		  

Government securities

    $ 1,118       $ (6 ) 

Corporate debt securities

      6,449         (1 ) 
  

 

 

     

 

 

  

Total marketable securities

    $ 7,567       $ (7 )