Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v2.4.0.8
Fair Value Measurements
9 Months Ended
Sep. 30, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements
7. Fair Value Measurements
 
Financial assets measured at fair value on a recurring basis are classified in one of the three following categories, which are described below:
 
Level 1 - Valuations based on unadjusted quoted prices for identical assets in an active market
 
Level 2 - Valuations based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets
 
Level 3 - Valuations based on inputs that are unobservable and involve management judgment and our own assumptions about market participants and pricing
 
The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands):
 
 
 
   
Fair Value Measurement at Reporting Date Using
 
Description
 
September 30, 2013
   
Quoted Prices in Active Markets for Identical Assets
(Level 1)
   
Significant Other Observable Inputs
(Level 2)
   
Significant Unobservable Inputs
(Level 3)
 
 
               
Cash equivalents
 
$
65,183
   
$
65,183
   
$
   
$
 
Available-for-sale debt securities
   
18,361
     
     
18,361
         
Total
 
$
83,544
   
$
65,183
   
$
18,361
   
$
 
 
                               
 
 
 
   
Fair Value Measurement at Reporting Date Using
 
Description
 
December 31, 2012
   
Quoted Prices in Active Markets for Identical Assets
(Level 1)
   
Significant Other Observable Inputs
(Level 2)
   
Significant Unobservable Inputs
(Level 3)
 
 
               
Cash equivalents
 
$
29,576
   
$
29,576
   
$
   
$
 
Available-for-sale debt securities
   
17,043
     
     
17,043
     
 
Total
 
$
46,619
   
$
29,576
   
$
17,043
   
$
 
 
                               
 
The fair value of our available-for-sale debt securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well established independent pricing vendors and broker-dealers.
 
There were no non-financial assets or liabilities that were required to be measured at fair value as of September 30, 2013.