4.	Investments and Fair Value Measurements

As of December 31, 2010, the Company had $2.8 million in long-term investments, respectively, consisting of four separate auction rate securities with a par value of $4.3 million. These securities were sold in July 2011 for $2.6 million. In connection with the sale of these securities, the Company recorded a realized gain of $0.2 million.

Marketable securities, including the fair value hierarchy, which are classified as available-for-sale, are summarized below (in thousands).


	Amortized Cost		Gross Unrealized Gain		Aggregate Fair Value		Classification on Balance Sheet
	Amortized Cost		Gross Unrealized Gain		Aggregate Fair Value		Short-Term Investments		Long-Term 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 December 31, 2010.

Cash equivalents have original maturity dates of three months or less. 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
Proceeds from sale of auction rate securities		(2,591	)
Unrealized gains previously included in other comprehensive income		(439	)
Realized gains on the sale of auction rate securities		211

Balance on December 31, 2011	$	—