|
Fair Value Measurements and Marketable Securities (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Fair Value Disclosures [Abstract] |
|
| 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 June 30, 2013 and December 31,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair Value as of
June 30,
2013
|
|
|
Basis of Fair Value Measurements |
|
| (in thousands) |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3
|
|
|
Money market
funds
|
|
$ |
2,177 |
|
|
$ |
2,177 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Certificates of
deposit
|
|
|
2,125 |
|
|
|
— |
|
|
|
2,125 |
|
|
|
— |
|
|
Corporate debt
securities
|
|
|
56,204 |
|
|
|
— |
|
|
|
56,204 |
|
|
|
— |
|
|
U.S. Government
securities
|
|
|
30,664 |
|
|
|
— |
|
|
|
30,664 |
|
|
|
— |
|
|
Municipal
securities
|
|
|
1,419 |
|
|
|
— |
|
|
|
1,419 |
|
|
|
— |
|
|
Commercial paper
|
|
|
4,896 |
|
|
|
— |
|
|
|
4,896 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and
marketable securities
|
|
$ |
97,485 |
|
|
$ |
2,177 |
|
|
$ |
95,308 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
— |
|
|
U.S. Government
securities
|
|
|
27,899 |
|
|
|
— |
|
|
|
27,899 |
|
|
|
— |
|
|
Commercial paper
|
|
|
15,613 |
|
|
|
— |
|
|
|
15,613 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and
marketable securities
|
|
$ |
70,825 |
|
|
$ |
5,886 |
|
|
$ |
64,939 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 June 30, 2013 and December 31,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2013 (in
thousands): |
|
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Money market
funds
|
|
$ |
2,177 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,177 |
|
|
Certificates of
deposit
|
|
|
2,125 |
|
|
|
— |
|
|
|
— |
|
|
|
2,125 |
|
|
Corporate debt
securities
|
|
|
56,231 |
|
|
|
4 |
|
|
|
(31 |
) |
|
|
56,204 |
|
|
U.S. Government
securities
|
|
|
30,664 |
|
|
|
6 |
|
|
|
(6 |
) |
|
|
30,664 |
|
|
Municipal
securities
|
|
|
1,419 |
|
|
|
— |
|
|
|
— |
|
|
|
1,419 |
|
|
Commercial paper
|
|
|
4,896 |
|
|
|
— |
|
|
|
— |
|
|
|
4,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,512 |
|
|
|
10 |
|
|
|
(37 |
) |
|
|
97,485 |
|
|
Less cash
equivalents
|
|
|
3,686 |
|
|
|
— |
|
|
|
— |
|
|
|
3,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable
securities
|
|
$ |
93,826 |
|
|
$ |
10 |
|
|
$ |
(37 |
) |
|
$ |
93,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
U.S. 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marketable Securities with Unrealized Losses |
The following
table provides the breakdown of the marketable securities with
unrealized losses at June 30, 2013 (in thousands):
|
|
|
|
|
|
|
|
|
| As of June 30, 2013
(in thousands): |
|
In loss position for
less
than twelve months |
|
| |
Fair Value |
|
|
Unrealized Loss |
|
|
U.S. Government
securities
|
|
$ |
9,242 |
|
|
$ |
(6 |
) |
|
Corporate debt
securities
|
|
|
41,002 |
|
|
|
(31 |
) |
|
|
|
|
|
|
|
|
|
|
Total marketable
securities
|
|
$ |
50,244 |
|
|
$ |
(37 |
) |
|
|
|
|
|
|
|
|
|
|