Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of estimated fair values of financial instruments outstanding

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

	March 31, 2015
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	7,020	$	—	$	—		$	7,020
Short-term investments:
U.S. government-sponsored enterprise bonds	$	8,710	$	—	$	(3	)	$	8,707
Corporate notes	10,835		2		(3		)	10,834
Municipal bonds	3,071		1		—			3,072
Certificates of deposit	2,953		1		—			2,954
Commercial paper	499		—		—			499
Total short-term investments	$	26,068	$	4	$	(6	)	$	26,066
Long-term investments:
U.S. government-sponsored enterprise bonds	$	1,001	$	—	$	(1	)	$	1,000
Corporate notes	6,598		2		(3		)	6,597
Total long-term investments	$	7,599	$	2	$	(4	)	$	7,597

	December 31, 2014
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	3,110	$	—	$	—		$	3,110
Short-term investments:
U.S. government-sponsored enterprise bonds	$	1,250	$	—	$	—		$	1,250
Municipal bonds	841		—		—			841
Corporate notes	15,921		2		(6		)	15,917
Certificates of deposit	2,430		1		—			2,431
Total short-term investments	$	20,442	$	3	$	(6	)	$	20,439
Long-term investments:
U.S. government-sponsored enterprise bonds	$	1,000	$	—	$	(2	)	$	998
Corporate notes	1,252		—		(5		)	1,247
Total long-term investments	$	2,252	$	—	$	(7	)	$	2,245

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 (in thousands):

	March 31, 2015
	Cost		Unrealized Losses			Fair Value
Short-term investments:
U.S. government-sponsored enterprise bonds	$	6,597	$	(3	)	$	6,594
Corporate notes	4,387		(3		)	4,384
Total short-term investments	$	10,984	$	(6	)	$	10,978
Long-term investments:
U.S. government-sponsored enterprise bonds	$	1,001	$	(1	)	$	1,000
Corporate notes	3,299		(3		)	3,296
Total long-term investments	$	4,300	$	(4	)	$	4,296

	December 31, 2014
	Cost		Unrealized Losses			Fair Value
Short-term investments:
Corporate notes	$	13,006	$	(6	)	$	13,000
Total short-term investments	$	13,006	$	(6	)	$	13,000
Long-term investments:
U.S. government-sponsored enterprise bonds	$	1,000	$	(2	)	$	998
Corporate notes	1,252		(5		)	1,247
Total long-term investments	$	2,252	$	(7	)	$	2,245

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

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

	March 31, 2015
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	26,068	$	4	$	(6	)	$	26,066
Due in 1-2 years	7,599		2		(4		)	7,597
Total	$	33,667	$	6	$	(10	)	$	33,663

	December 31, 2014
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	20,442	$	3	$	(6	)	$	20,439
Due in 1-2 years	2,252		—		(7		)	2,245
Total	$	22,694	$	3	$	(13	)	$	22,684

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, 2015 and December 31, 2014 (in thousands):

	March 31, 2015
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	5,002	$	5,002	$	—	$	—
U.S. government-sponsored enterprise bonds	9,707		—		9,707		—
Corporate notes	17,431		—		17,431		—
Municipal bonds	4,205		—		4,205		—
Certificates of deposit	2,954		—		2,954		—
Commercial paper	599		—		599		—
Total assets	$	39,898	$	5,002	$	34,896	$	—

	December 31, 2014
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	1,837	$	1,837	$	—	$	—
U.S. government-sponsored enterprise bonds	2,248		—		2,248		—
Municipal bonds	1,243		—		1,243		—
Corporate notes	17,164		—		17,164		—
Certificates of deposit	2,676		—		2,676		—
Total assets	$	25,168	$	1,837	$	23,331	$	—