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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and fair value of the long-term debt
The carrying amount and fair value of the 2019 Notes and 2022 Notes are as follows (in thousands):
Financial Liabilities Carried at Historical Cost
 
Carrying Value
 
Fair Value Measurements Using
June 30, 2017
 
 
Level 1
 
Level 2
 
Level 3
2.375% convertible senior notes due 2022 (1)
 
$
269,238

 
$
—

 
$
368,072

 
$
—

3.25% convertible senior notes due 2019 (2)
 
$
319

 
$
—

 
$
654

 
$
—



(1) The closing price of the Company’s common stock was $47.70 per share at June 30, 2017 compared to a conversion price of $66.89 per share. Currently, the conversion price is above the stock price. The maximum conversion premium that can be due on the 2022 Notes is approximately 5.2 million shares, which assumes no increases in the conversion rate for certain corporate events.

(2) The closing price of the Company’s common stock was $47.70 per share at June 30, 2017 compared to a conversion price of $24.82 per share which, if converted, would result in an approximate conversion premium of less than 0.1 million shares or $0.3 million of cash. The maximum conversion premium that can be due on the 2019 Notes is less than 0.1 million shares, which assumes no increases in the conversion rate for certain corporate events.
Schedule of short-term investments
The following summarizes the Company’s investments at June 30, 2017 and December 31, 2016 (in thousands): 
June 30, 2017 Debt Securities
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
Short-term:
 
 
 
 
 
 
 
 
   Asset-backed securities
 
$
69,984

 
$
—

 
$
(15
)
 
$
69,969

   Commercial paper
 
35,896

 
3

 
(1
)
 
35,898

   Corporate bonds
 
222,812

 
21

 
(72
)
 
222,761

      Total
 
$
328,692

 
$
24

 
$
(88
)
 
$
328,628

December 31, 2016 Debt Securities
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
Short-term:
 
 
 
 
 
 
 
 
   Asset-backed securities
 
$
9,012

 
$
—

 
$
(2
)
 
$
9,010

   Commercial paper
 
39,530

 
8

 
(15
)
 
39,523

   Corporate bonds
 
88,141

 
11

 
(32
)
 
88,120

      Total
 
$
136,683

 
$
19

 
$
(49
)
 
$
136,653