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Fair-Value Measurements
 6 Months Ended
Jun. 30, 2013
Fair-Value Measurements
Fair-Value Measurements
On a recurring basis, we measure certain financial assets at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required:
Level 1—Observable inputs for identical assets or liabilities, such as quoted prices in active markets;
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3—Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.
Our fair-value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:
 
 
June 30, 2013
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Money-market funds classified as cash equivalents
$
19

 
$
—

 
$
—

 
$
19

Money-market funds classified as current restricted cash
193

 
—

 
—

 
193

Money-market funds classified as non-current restricted cash
679

 
—

 
—

 
679

Money-market funds classified as short-term investments
18,346

 
—

 
—

 
18,346

Total
$
19,237

 
$
—

 
$
—

 
$
19,237

 
 
December 31, 2012
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Money-market funds classified as cash equivalents
$
21

 
$
—

 
$
—

 
$
21

Money-market funds classified as current restricted cash
193

 
—

 
—

 
193

Money-market funds classified as non-current restricted cash
679

 
—

 
—

 
679

Money-market funds classified as short-term investments
20,830

 
—

 
—

 
20,830

Total
$
21,723

 
$
—

 
$
—

 
$
21,723


Money-market funds classified as current restricted cash are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets. Cash of $1.7 million and $1.5 million is excluded from our fair-value hierarchy disclosure as of June 30, 2013 and December 31, 2012, respectively. There were no unrealized gains and losses associated with our short-term investments as of June 30, 2013 or December 31, 2012.