4. Investments and Fair Value Measurements

As of June 30, 2011 and December 31, 2010, the Company had $2.6 million and $2.8 million, respectively, in investments consisting of four separate auction rate securities with a par value of $4.3 million. As of December 31, 2010, these investments were classified as long-term investments on the balance sheet. On July 6, 2011, the Company sold these securities for $2.6 million. Accordingly, as of June 30, 2011 the Company adjusted the carrying value of these investments to be equal to the proceeds to be received and classified these investments as short-term investments on the balance sheet.

Marketable securities, which are classified as available-for-sale, are summarized below (in thousands):


			Gross		Aggregate		Classification on Balance Sheet
	Amortized		Unrealized		Fair		Short-Term		Long-Term
	Cost		Gain		Value		Investments		Investments
As of June 30, 2011:
Auction rate securities (Level 3)	$	2,380	$	211	$	2,591	$	2,591	$	—

	$	2,380	$	211	$	2,591	$	2,591	$	—


			Gross		Aggregate		Classification on Balance Sheet
	Amortized		Unrealized		Fair		Short-Term		Long-Term
	Cost		Gain		Value		Investments		Investments
As of December 31, 2010:
Auction rate securities (Level 3)	$	2,380	$	439	$	2,819	$	—	$	2,819

	$	2,380	$	439	$	2,819	$	—	$	2,819

There were no gross unrealized losses related to available-for-sale securities as of June 30, 2011 and December 31, 2010. The unrealized gains of $0.2 million as of June 30, 2011 will be recorded as realized gains upon the sale of the auction rate securities in the third quarter of 2011.

The following table provides a reconciliation of the beginning and ending balances for the major classes of assets measured at fair value using significant unobservable inputs (Level 3) (in thousands):


	Long-term
	Investments

Balance on December 31, 2010	$	2,819
Unrealized losses included in other comprehensive income		(228	)

Balance on June 30, 2011	$	2,591