Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of estimated fair values of financial instruments outstanding

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

	June 30, 2015
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents	$	5,602	$	—	$	—		$	5,602

Short-term investments:
U.S. government-sponsored enterprise bonds	$	8,197	$	—	$	(1	)	$	8,196
Corporate notes	13,482		1		(4		)	13,479
Municipal bonds	3,101		—		—			3,101
Certificates of deposit	1,108		—		—			1,108
Commercial paper	500		—		—			500

Total short-term investments	$	26,388	$	1	$	(5	)	$	26,384

Long-term investments:
Corporate notes	3,291		—		(5		)	3,286

Total long-term investments	$	3,291	$	—	$	(5	)	$	3,286

	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):

	June 30, 2015
	Cost		Unrealized Losses			Fair Value
Short-term investments:
U.S. government-sponsored enterprise bonds	$	3,617	$	(1	)	$	3,616
Corporate notes	8,180		(4		)	8,176


Total short-term investments	$	11,797	$	(5	)	$	11,792

Long-term investments:
Corporate notes	3,291		(5		)	3,286

Total long-term investments	$	3,291	$	(5	)	$	3,286

	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):

	June 30, 2015
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Due within 1 year	$	26,388	$	1	$	(5	)	$	26,384
Due in 1-2 years	3,291		—		(5		)	3,286

Total	$	29,679	$	1	$	(10	)	$	29,670

	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 June 30, 2015 and December 31, 2014 (in thousands):

	June 30, 2015
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	4,043	$	4,043	$	—	$	—
U.S. government-sponsored enterprise bonds	8,196		—		8,196		—
Corporate notes	16,765		—		16,765		—
Municipal bonds	3,101		—		3,101		—
Certificates of deposit	1,223		—		1,223		—
Commercial paper	500		—		500		—

Total assets	$	33,828	$	4,043	$	29,785	$	—

	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	$	—