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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

FAIR VALUE MEASUREMENTS

Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at September 30, 2013 were as follows:

					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
		(In thousands)
Included in cash and cash equivalents:
Money market funds		$	5,997		$	—		$	—		$	5,997
Restricted cash:
Certificates of deposit		$	795		$	—		$	—		$	795
Marketable securities (due in less than 1 year):
Government-sponsored enterprise securities		$	7,319		$	1		$	—		$	7,320
Commercial paper		15,741			9			—			15,750
Corporate notes		33,569			—			(22		)	33,547
		$	56,629		$	10		$	(22	)	$	56,617

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2012 were as follows:

					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
		(In thousands)
Included in cash and cash equivalents:
Money market funds		$	15,660		$	—		$	—		$	15,660
Corporate notes		3,136			—			(1		)	3,135
		$	18,796		$	—		$	(1	)	$	18,795
Restricted cash:
Certificates of deposit		$	794		$	—		$	—		$	794
Marketable securities (due in less than 1 year):
Government-sponsored enterprise securities		$	8,618		$	5		$	—		$	8,623
Commercial paper		20,623			21			—			20,644
Corporate notes		44,190			22			(7		)	44,205
		$	73,431		$	48		$	(7	)	$	73,472

Schedule of marketable securities with unrealized losses

		Less Than 12 Months						12 Months or Greater						Total
					Gross						Gross						Gross
		Estimated			Unrealized			Estimated			Unrealized			Estimated			Unrealized
		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
		(In thousands)
As of September 30, 2013:
Corporate notes (due in less than 1 year)		$	31,654		$	(22	)	$	—		$	—		$	31,654		$	(22	)
As of December 31, 2012:
Corporate notes (due in less than 1 year)		$	27,045		$	(8	)	$	—		$	—		$	27,045		$	(8	)

Schedule of non-employee options to purchase common stock considered as derivatives and classified as current liabilities

At September 30, 2013

At December 31, 2012

Number

Fair

Number

Fair

Issuance

Exercise

Exercisable

Expiration

of

Value

of

Value

Date

Price

Date

Date

Shares

(In thousands)

Shares

(In thousands)

March 2005

$

6.39

January 2007

March 2015

284,600

$

258

284,600

$

51

Schedule of assumptions used to estimate the fair value of derivatives

		September 30, 2013		December 31, 2012
Dividend yield		None		None
Expected volatility		0.955		0.828
Risk-free interest rate		0.33%		0.25%
Expected term		2 yrs		2 yrs

Schedule of financial instruments measured at fair value on recurring basis

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of September 30, 2013 and indicates the fair value category assigned.

		Fair Value Measurements at Reporting Date Using
		Quoted Prices in			Significant
		Active Markets			Other			Significant
		for Identical			Observable			Unobservable
		Assets / Liabilities			Inputs			Inputs
(In thousands)		Level 1			Level 2			Level 3			Total
Assets
Money market funds (1)		$	5,997		$	—		$	—		$	5,997
Government-sponsored enterprise securities (2)		—			7,320			—			7,320
Commercial paper (2)		—			15,750			—			15,750
Corporate notes (2)		—			33,547			—			33,547
Total		$	5,997		$	56,617		$	—		$	62,614
Liabilities
Derivatives (3)		$	—		$	—		$	258		$	258

(1) Included in cash and cash equivalents on our condensed consolidated balance sheets.

(2) Included in current marketable securities on our condensed consolidated balance sheets.

(3) Included in fair value of derivatives on our condensed consolidated balance sheets.

Schedule of rollforward of the balance sheet amounts for financial instruments in Level 3 category

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Three Months Ended September 30, 2013

Change in

Unrealized Loss

Total

Related to

Unrealized

Transfers

Financial

Fair Value at

Loss

Purchases

In and/or

Fair Value at

Instruments

June 30,

Included in

and

Sales and

Out of

September 30,

Held at

(In thousands)

2013

Earnings (1)

Issuances

Settlements

Level 3

2013

September 30, 2013 (1)

Derivative liabilities

$

50

$

208

$

—

$

—

$

—

$

258

$

208

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Nine Months Ended September 30, 2013

Change in

Unrealized Loss

Total

Related to

Unrealized

Transfers

Financial

Fair Value at

Loss

Purchases

In and/or

Fair Value at

Instruments

December 31,

Included in

and

Sales and

Out of

September 30,

Held at

(In thousands)

2012

Earnings (1)

Issuances

Settlements

Level 3

2013

September 30, 2013 (1)

Derivative liabilities

$

51

$

207

$

—

$

—

$

—

$

258

$

207

(1)   Reported as unrealized loss on derivatives in our condensed consolidated statements of operations.

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