Short Term Investments

3 Months Ended

Mar. 31, 2017

Investments Schedule [Abstract]

Short Term Investments

SHORT TERM INVESTMENTS

Short-term investments at March 31, 2017 consisted of U.S Treasury Bills totaling $42.9 million that mature through September 14, 2017.  Short-term investments at December 31, 2016 consisted of U.S. Treasury Bills totaling $42.9 million that mature through June 15, 2017. The interest rate on the U.S. Treasury Bills is less than one percent. The investments are classified as held-to-maturity and recorded at cost plus accrued interest, which approximates fair value. The fair value of the U.S. Treasury Bills at March 31, 2017 and December 31, 2016 were classed as Level 1, as they are traded with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. For further discussion of fair value, refer to Note 14 – Fair Value of Financial Instruments.