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Fair Value Measurement
 3 Months Ended
Mar. 31, 2013
FAIR VALUE MEASUREMENT

NOTE 3: FAIR VALUE MEASUREMENT

As of March 31, 2013 and December 31, 2012, cash equivalents consisted of the following:

 

 

 

 

 

 

 

March 31, 2013 

 

 

 

Gross

Gross

Gross

Estimated

 

Amortized

Unrealized

Unrealized

Fair

 

Cost 

Gains 

(Losses) 

Value 

 

 

 

 

 

Commercial paper             

$              2,817             

$              -             

$              -             

$              2,817             

 

 

 

 

 

Total included in cash and cash equivalents             

$              2,817             

$              -             

$              -             

$              2,817             

 

 

 

 

 

 

 

 

December 31, 2012 

 

 

 

Gross

Gross

Gross

Estimated

 

Amortized

Unrealized

Unrealized

Fair

 

Cost 

Gains 

(Losses) 

Value 

 

 

 

 

 

Commercial paper             

$              2,009             

$              -             

$              -             

$              2,009             

 

 

 

 

 

Total included in cash and cash equivalents             

$              2,009             

$              -             

$              -             

$              2,009             

 

 

 

 

 

The Company measures certain financial assets, including cash equivalents, at fair value on a recurring basis. In accordance with FASB ASC 820-10-30, fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC 820-10-35 establishes a three-level hierarchy which prioritizes the inputs used in measuring fair value. The three hierarchy levels are defined as follows:

Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets. The Level 1 category at March 31, 2013 and December 31, 2012 primarily represents funds held in a commercial paper sweep account totaling $2,817 and $2,009, respectively, which are included in cash and cash equivalents in the consolidated balance sheet.

Level 2 — Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. At March 31, 2013 and December 31, 2012, the Company had no Level 2 financial assets on its consolidated balance sheet.

Level 3 — Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. At March 31, 2013 and December 31, 2012, the Company had no Level 3 financial assets on its consolidated balance sheet.

The hierarchy level assigned to each security in the Company’s cash equivalents is based on its assessment of the transparency and reliability of the inputs used in the valuation of such instruments at the measurement date. The Company did not have any financial liabilities that were covered by FASB ASC 820-10-30 as of March 31, 2013 and December 31, 2012.