Note 2 - Cash and Cash Equivalents and Short-term Investments

9 Months Ended

Sep. 30, 2014

Disclosure Text Block Supplement [Abstract]

Cash, Cash Equivalents, and Short-term Investments [Text Block]

2.	Cash and Cash Equivalents and Short-term Investments

The Company considers all highly liquid investments with original or remaining maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash balances held by our wholly-owned subsidiaries as well as the Company’s variable interest entity (VIE). Refer to Note 11 for more information regarding the Company’s consolidated VIE.

At September 30, 2014 and December 31, 2013, the Company had no short-term investments.

At September 30, 2013, gains and losses realized on short-term investment securities were included in “Gain on sale of securities” in the accompanying condensed consolidated statements of operations. Unrealized gains (losses) on short-term investments were included in accumulated other comprehensive income in stockholders’ equity, net of tax, as the gains and losses were considered temporary. For the three and nine months ended September 30, 2013, total proceeds from sales of short-term investments were $0.3 million and $28.9 million, respectively, with no gross realized gains and $0.5 million gross realized gains for the three and nine month period, respectively. There were immaterial gross realized losses during both periods. Accumulated other comprehensive income (loss) at September 30, 2013 included unrealized losses on short-term investments of $0.3 million less the associated tax benefit of less than $0.1 million.

Upon the sale of short-term investments, the cost basis used to determine the gain or loss is based on the specific security sold. All items included in accumulated other comprehensive income are at the corporate level, and no portion is attributable to noncontrolling interests.

The Company earned interest income of $0.2 million and $0.7 million for the three and nine months ended September 30, 2013, respectively, on its cash, cash equivalents and short-term investments. These amounts were included in interest income in the Company’s condensed consolidated statement of operations.