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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2018
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
June 30, 2018
 
 
Level 1
 
Level 2
 
Level 3
2.375% convertible senior notes due 2022 (1)
 
$
283,258

 
$
—

 
$
322,351

 
$
—

3.25% convertible senior notes due 2019 (2)
 
$
330

 
$
—

 
$
446

 
$
—



(1) The closing price of the Company’s common stock was $32.05 per share at June 30, 2018 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 $32.05 per share at June 30, 2018 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 $0.1 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 June 30, 2018 and December 31, 2017 (in thousands): 
June 30, 2018 Debt Securities
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(Level 2)
Short-term:
 
 
 
 
 
 
 
 
   Asset-backed securities
 
$
47,341

 
$
—

 
$
(152
)
 
$
47,189

   Commercial paper
 
72,447

 
8

 
(3
)
 
72,452

   Corporate bonds
 
135,206

 
—

 
(397
)
 
134,809

      Subtotal
 
254,994

 
8

 
(552
)
 
254,450

Long-term:
 
 
 
 
 
 
 
 
   Corporate bonds
 
1,602

 
—

 
(1
)
 
1,601

      Subtotal
 
1,602

 
—

 
(1
)
 
1,601

         Total
 
$
256,596

 
$
8

 
$
(553
)
 
$
256,051

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