Marketable Securities

The Company has investments in available-for-sale marketable securities which are recorded at fair market value. The change in the fair value of available-for-sale equity investments is recognized in our unaudited condensed consolidated statements of loss and the change in the fair value of all other available-for-sale investments is recorded as other comprehensive income (loss) in shareholders’ (deficit) equity, net of income tax effects.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of June 30, 2019 and December 31, 2018, respectively:



	June 30, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	4,166	$	—	$	(128	)	$	4,038
Money market funds	46,314		719		—			47,033
Corporate bonds	3,611		54		(1		)	3,664
Government securities - U.S.	5,122		114		(2		)	5,234
Other fixed-income securities	2,154		29		(1		)	2,182
Total	$	61,367	$	916	$	(132	)	$	62,151



	December 31, 2018
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	10,101	$	—	$	(956	)	$	9,145
Money market funds	52,733		316		(53		)	52,996
Corporate bonds	6,411		7		(79		)	6,339
Government securities - U.S.	12,714		66		(79		)	12,701
Other fixed-income securities	9,400		22		(13		)	9,409
Total	$	91,359	$	411	$	(1,180	)	$	90,590

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We reflect these gains and losses as a component of investment income in the accompanying unaudited condensed consolidated statements of loss.

We recognized gross realized gains of $174 and $22 for the three months ended June 30, 2019, and 2018, respectively. These realized gains were offset by realized losses of $0 and $194 for the three months ended June 30, 2019, and 2018, respectively. We recognized gross realized gains of $268 and $235 for the six months ended June 30, 2019, and 2018, respectively. These realized gains were offset by realized losses of $147 and $328 for the six months ended June 30, 2019 and 2018, respectively. We reflect these gains and losses as a component of investment income in the accompanying condensed consolidated statements of income (loss).

The following table summarizes the estimated fair value of our investments in marketable debt securities, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities as of June 30, 2019:



	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	735	$	2,929	$	—	$	—	$	3,664
Government securities - U.S.	—		4,798		—		436		5,234
Other fixed-income securities	426		1,756		—		—		2,182
Total	$	1,161	$	9,483	$	—	$	436	$	11,080

The Company has classified our investment in available-for-sale marketable securities as current assets in the unaudited condensed consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in our investment portfolio.