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CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 3 Months Ended
Mar. 31, 2012
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS  
CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

 

 

NOTE 4 — CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

 

Cash and cash equivalents comprise cash balances and readily marketable investments with original maturities of three months or less, such as money market funds, short-term government bonds, Treasury bills, marketable securities and commercial paper. The Company’s treasury policy is to invest excess cash in money market funds or other short-term investments, which are generally of a short-term duration based upon operating requirements. Income earned on these investments is recorded to interest income in the Company’s condensed consolidated statements of operations. As of March 31, 2012 and December 31, 2011, cash and cash equivalents totaled $10,857 and $13,340, respectively. These amounts consisted of cash balances and investments in municipal bonds with original maturities of three months or less.

 

Cash and cash equivalents consisted of the following as of March 31, 2012 and December 31, 2011:

 

 

 

March 31,

 

December 31,

 

 

 

2012

 

2011

 

Cash and cash equivalents:

 

 

 

 

 

Cash

 

$

10,149

 

$

11,127

 

Certificates of deposits

 

708

 

707

 

Municipal bonds

 

—

 

1,506

 

Total cash and cash equivalents

 

10,857

 

13,340