3. Cash Equivalents and Restricted Cash and Securities

The following is a summary of cash equivalents and restricted cash and securities (in thousands):


			Unrealized		Estimated
			Holding		Market
March 31, 2016	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	714	$	--	$	714
Restricted cash and securities:
Money market funds		812		--		812

			Unrealized		Estimated
			Holding		Market
December 31, 2015	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	549	$	--	$	549
Restricted cash and securities:
Cash		5,000		--		5,000
Money market funds		830		--		830

As of March 31, 2016 and December 31, 2015 $812,000 and $830,000, respectively, of the Company’s money market funds were designated as short-term restricted securities due to a contractual commitment to hold the securities as pledged collateral relating primarily to international tax obligations. As of December 31, 2015 $5.0 million of the Company’s cash was designated as long-term restricted cash due to a financial covenant requirement under the Company’s debt agreement. As of March 31, 2016 the Company no longer had a financial covenant requirement for restricted cash under the Company’s amended debt agreement. See further discussion of the Company’s debt agreements in Note 11.

There were no gross realized gains or losses on cash equivalents in the three months ended March 31, 2016 and 2015. As of March 31, 2016 $241,000 of the Company’s restricted securities had a maturity date within three months and $571,000 had a maturity date between three months and one year. As of December 31, 2015 $595,000 of the Company’s restricted securities had a maturity date within three months and $235,000 had a maturity date between three months and one year. As of December 31, 2015 $5.0 million of the Company’s long-term restricted cash had no maturity date.