Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of estimated fair values of financial instruments outstanding

The estimated fair values of financial instruments outstanding were as follows (in thousands):

	March 31, 2014
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	2,113	$	—	$	—		$	2,113
Short-term investments:
U.S. government debt securities	$	15,943	$	7	$	(1	)	$	15,949
Corporate notes	12,558		13		—			12,571
Certificates of deposit	4,219		1		(1		)	4,219
Total short-term investments	$	32,720	$	21	$	(2	)	$	32,739
Long-term investments:
U.S. government debt securities	$	2,801	$	—	$	(6	)	$	2,795
Corporate notes	6,838		4		(11		)	6,831
Certificates of deposit	1,200		—		(2		)	1,198
Total long-term investments	$	10,839	$	4	$	(19	)	$	10,824

	December 31, 2013
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	4,364	$	—	$	—		$	4,364
Short-term investments:
U.S. government debt securities	$	19,944	$	11	$	(1	)	$	19,954
Corporate notes	7,245		2		(2		)	7,245
Certificates of deposit	4,994		1		(2		)	4,993
Total short-term investments	$	32,183	$	14	$	(5	)	$	32,192
Long-term investments:
U.S. government debt securities	$	3,016	$	—	$	—		$	3,016
Corporate notes	9,466		9		(1		)	9,474
Certificates of deposit	1,440		—		(4		)	1,436
Total long-term investments	$	13,922	$	9	$	(5	)	$	13,926

Schedule of estimated fair values of available-for-sale securities with unrealized losses

The estimated fair values of available-for-sale securities with unrealized losses were as follows (in thousands):

	March 31, 2014
	Cost		Unrealized Losses			Fair Value
Short-term investments:
U.S. government debt securities	$	2,012	$	(1	)	$	2,011
Certificates of deposit	2,600		(1		)	2,599
Total short-term investments	$	4,612	$	(2	)	$	4,610
Long-term investments:
U.S. government debt securities	$	2,801	$	(6	)	$	2,795
Corporate notes	4,827		(11		)	4,816
Certificates of deposit	1,200		(2		)	1,198
Total long-term investments	$	8,828	$	(19	)	$	8,809

	December 31, 2013
	Cost		Unrealized Losses			Fair Value
Short-term investments:
U.S. government debt securities	$	5,289	$	(1	)	$	5,288
Corporate notes	3,844		(2		)	3,842
Certificates of deposit	3,080		(2		)	3,078
Total short-term investments	$	12,213	$	(5	)	$	12,208
Long-term investments:
U.S. government debt securities	$	1,253	$	—		$	1,253
Corporate notes	1,001		(1		)	1,000
Certificates of deposit	1,440		(4		)	1,436
Total long-term investments	$	3,694	$	(5	)	$	3,689

Schedule of cost and fair value of investments based on maturity groups

Cost and fair value of investments based on two maturity groups were as follows (in thousands):

	March 31, 2014
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	32,720	$	21	$	(2	)	$	32,739
Due in 1-2 years	10,839		4		(19		)	10,824
Total	$	43,559	$	25	$	(21	)	$	43,563

	December 31, 2013
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	32,183	$	14	$	(5	)	$	32,192
Due in 1-2 years	13,922		9		(5		)	13,926
Total	$	46,105	$	23	$	(10	)	$	46,118

Schedule of fair value hierarchy for financial assets (cash equivalents and investments)

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	1,167	$	1,167	$	—	$	—
Certificates of deposit	5,417		—		5,417		—
Corporate notes	19,902		—		19,902		—
U.S. government debt securities	18,744		—		18,744		—
Total assets	$	45,230	$	1,167	$	44,063	$	—

	December 31, 2013
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	3,012	$	3,012	$	—	$	—
U.S. government debt securities	22,970		—		22,970		—
Corporate notes	16,719		—		16,719		—
Certificates of deposit	6,429		—		6,429		—
Total assets	$	49,130	$	3,012	$	46,118	$	—