Fair Value Measurements of Financial Assets and Liabilities (Tables)

The following table represents information about the Company’s investments measured at fair value (in thousands).


	Fair value of investments as of September 30, 2014
	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds ⁽¹⁾	$	2,709	$	2,709	$	—	$	—
Corporate bonds ⁽²⁾		34,930		—		34,930		—

	$	37,639	$	2,709	$	34,390	$	—


	Fair value of investments as of December 31, 2013
	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds ⁽¹⁾	$	6,088	$	6,088	$	—	$	—
Term deposits ⁽¹⁾		7,122		7,122		—		—
Commercial paper ⁽²⁾		4,498		—		4,498		—
Corporate bonds ⁽²⁾		32,652		—		32,652		—
Federal and municipal obligations ⁽³⁾		4,000		—		4,000		—

	$	54,360	$	13,210	$	41,150	$	—

(1)	Included in cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheet.

(2)	Included in short-term investments in the Company’s Condensed Consolidated Balance Sheet.

(3)	Of this amount, approximately $3 million was included in cash equivalents at December 31, 2013 and the remainder was included in short-term investments in the Company’s Condensed Consolidated Balance Sheet.

The Company’s cash, cash equivalents, and short-term investments are as follows (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Balance at September 30, 2014
Classified as cash and cash equivalents:
Cash	$	20,697	$	—	$	—		$	20,697
Money market funds		2,709		—		—			2,709

		23,406		—		—			23,406
Classified as short-term investments:
Corporate bonds ⁽⁴⁾		34,973		8		(51	)		34,930

		34,973		8		(51	)		34,930

Total	$	58,379	$	8	$	(51	)	$	58,336

(4)	Securities totaling approximately $18.9 million were in an unrealized loss position at September 30, 2014. None of these securities were in a continuous unrealized loss position for greater than 12 months.


	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Balance at December 31, 2013
Classified as cash and cash equivalents:
Cash	$	25,540	$	—	$	—		$	25,540
Term deposits		7,122		—		—			7,122
Money market funds		6,088		—		—			6,088
Federal and municipal obligations		3,000		—		—			3,000

		41,750		—		—			41,750
Classified as short-term investments:
Commercial paper ⁽⁵⁾		4,498		—		—			4,498
Corporate bonds ⁽⁵⁾		32,654		—		(2	)		32,652
Federal and municipal obligations		1,000		—		—			1,000

		38,152		—		(2	)		38,150

Total	$	79,902	$	—	$	(2	)	$	79,900

(5)	Securities totaling approximately $18.1 million were in an unrealized loss position at December 31, 2013. None of these securities were in a continuous unrealized loss position for greater than 12 months.