MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2016

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

	March 31, 2016
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Municipal bonds	$	50,156	$	103	$	(10	)	$	50,249
Corporate bonds		49,513		84		(15	)		49,582
Certificates of deposit		1,901		1		—			1,902
	$	101,570	$	188	$	(25	)	$	101,733
	December 31, 2015
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Municipal bonds	$	57,394	$	7	$	(66	)	$	57,335
Corporate bonds		66,960		2		(147	)		66,815
Certificates of deposit		1,903		—		(1	)		1,902
	$	126,257	$	9	$	(214	)	$	126,052

The Company considers debt securities with maturities of three months or less from the purchase date to be cash equivalents. Interest is recorded when earned. All of the Company’s investments are classified as available-for-sale and are carried at fair value. Unrealized gains and losses considered to be other-than-temporary in nature are recorded as a component of accumulated other comprehensive loss, net of related income taxes. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the unaudited condensed consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. As of March 31, 2016, the Company did not hold any investments with unrealized gains and losses that are considered to be other-than-temporary.

As of March 31, 2016, remaining maturities of marketable debt securities ranged from June 2016 to January 2019, with a weighted-average remaining maturity of approximately 18 months.

During the first quarter of 2016, the Company sold $10.1 million of marketable securities, which did not settle until April 2016 and are reflected in other current assets in the accompanying unaudited condensed consolidated balance sheets.