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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 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 Company’s convertible senior notes are as follows (in thousands):
Financial Liabilities Carried at Historical Cost
 
Carrying
Value
 
Fair Value Measurements Using
December 31, 2017
 
 
Level 1
 
Level 2
 
Level 3
2.375% convertible senior notes due 2022 (1)
 
$
276,173

 
$
—

 
$
361,526

 
$
—

3.25% convertible senior notes due 2019 (2)
 
$
324

 
$
—

 
$
644

 
$
—


(1) The closing price of the Company’s common stock was $45.65 per share at December 31, 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 of the Company’s common stock, which assumes no increases in the conversion rate for certain corporate events.
(2) The closing price of the Company’s common stock was $45.65 per share at December 31, 2017 compared to a conversion price of $24.82 per share which, if converted, would result in a conversion premium of less than ten thousand shares of the Company’s common stock or $0.3 million of cash. The maximum conversion premium that can be due on the 2019 Notes is approximately ten thousand shares of the Company’s common stock, 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 December 31, 2017 and 2016 (in thousands):
December 31, 2017 Debt Securities:
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
   Short-term:
 
 
 
 
 
 
 
 
      Asset-backed securities
 
$
28,338

 
$
—

 
$
(37
)
 
$
28,301

      Commercial paper
 
48,999

 
—

 
(23
)
 
48,976

      Corporate bonds
 
180,119

 
—

 
(175
)
 
179,944

         Subtotal
 
257,456

 
—

 
(235
)
 
257,221

   Long-term:
 
 
 
 
 
 
 
 
    Asset-backed securities
 
23,836

 
—

 
(79
)
 
23,757

    Corporate bonds
 
36,430

 
—

 
(140
)
 
36,290

         Subtotal
 
60,266

 
—

 
(219
)
 
60,047

         Total
 
$
317,722

 
$
—

 
$
(454
)
 
$
317,268

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