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Marketable Securities

9 Months Ended

Sep. 30, 2011

Marketable Securities [Abstract]

Marketable Securities

NOTE 3: MARKETABLE SECURITIES

Marketable securities consist of certificates of deposits, corporate bonds and securities and government securities. The Company determines the appropriate classification of marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 320 "Investments- Debt and Equity Securities," the Company classifies marketable securities as available-for-sale securities. Available-for-sale securities are stated at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss), a separate component of stockholders' equity, net of taxes. Realized gains and losses on sales of marketable securities, as determined on a specific identification basis, are included in the interim condensed consolidated statements of operations. The Company has classified all marketable securities as short-term, even though the stated maturity date may be one year or more beyond the current balance sheet date, because it may sell these securities prior to maturity to meet liquidity needs or as part of risk versus reward objectives.

The Company periodically assesses whether its investments with unrealized losses are other than temporarily impaired ("OTTI"). OTTI charges exist when the Company has the intent to sell a security, the Company will more likely than not be required to sell a security before anticipated recovery or the Company does not expect to recover the entire amortized cost basis of a security (that is, a credit loss exists). OTTI is determined based on the specific identification method and is reported in the interim condensed consolidated statements of operations.


		As at September 30, 2011 (Unaudited)
		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale - matures within one year:
Certificates of deposits		$	1,033			$	4			$	—			$	1,037
Corporate bonds and securities			28,040				26				(172	)			27,894

			29,073				30				(172	)			28,931
Available-for-sale - matures after one year through three years:
Certificates of deposits			1,715				—				(2	)			1,713
Government securities			597				—				(5	)			592
Corporate bonds and securities			49,685				118				(1,029	)			48,774

			51,997				118				(1,036	)			51,079
Total		$	81,070			$	148			$	(1,208	)		$	80,010


		As at December 31, 2010 (Audited)
		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale - matures within one year:
Certificates of deposits		$	5,358			$	3			$	—			$	5,361
Corporate bonds and securities			25,909				112				(23	)			25,998

			31,267				115				(23	)			31,359
Available-for-sale - matures after one year through three years:
Corporate bonds and securities			42,468				216				(169	)			42,515

			42,468				216				(169	)			42,515
Total		$	73,735			$	331			$	(192	)		$	73,874

Of the unrealized losses outstanding as of September 30, 2011, $25 of the unrealized losses was outstanding for more than 12 months and $1,183 of the unrealized losses was outstanding for less than 12 months. The total fair value of marketable securities with outstanding unrealized losses for more than 12 months as of September 30, 2011 amounted to $1,413, and marketable securities with outstanding unrealized losses for less than 12 months as of September 30, 2011 amounted to $53,940. Of the unrealized losses outstanding as of December 31, 2010, $3 of the unrealized losses was outstanding for more than 12 months and $189 of the unrealized losses was outstanding for less than 12 months. The total fair value of marketable securities with outstanding unrealized losses for more than 12 months as of December 31, 2010 amounted to $1,154, and marketable securities with outstanding unrealized losses for less than 12 months as of December 31, 2010 amounted to $27,249.

As of September 30, 2011 and December 31, 2010, management believes the impairments are not other than temporary and therefore the impairment losses were recorded in accumulated other comprehensive income (loss). The Company has no intent to sell these marketable securities and it is more likely than not that the Company will not be required to sell these marketable securities prior to the recovery of the entire amortized cost basis.

Proceeds from maturity and sales of available-for-sale marketable securities during the nine months ended September 30, 2011 were $21,089 and $4,398, respectively, as compared to $17,551 and $12,114 for the comparable period in 2010. Gross realized gains and losses from the sale of available-for sale securities for the three months ended September 30, 2011 were $1 and $0, respectively, as compared to $20 and $0 for the comparable period in 2010. Gross realized gains and losses from the sale of available-for sale securities for the nine months ended September 30, 2011 were $18 and $10, respectively, as compared to $72 and $38 for the comparable period in 2010.