MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2016

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

	September 30, 2016
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Municipal bonds	$	35,717	$	34	$	(24	)	$	35,727
Corporate bonds		26,655		30		(16	)		26,669
Certificates of deposit		950		1		—			951
	$	63,322	$	65	$	(40	)	$	63,347

	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 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 September 30, 2016, the Company did not hold any investments with unrealized losses that are considered to be other-than-temporary.

As of September 30, 2016, remaining maturities of marketable debt securities ranged from October 2016 to August 2019, with a weighted-average remaining maturity of approximately 16 months.