Note 3. Inventories

The components of inventories are summarized below (in thousands):


	March 31,		December 31,
	2018		2017
Inventories:
Raw materials	$	25,626	$	23,554
Work in process		23,805		20,135
Finished goods		1,691		2,151
	$	51,122	$	45,840

As of March 31, 2018 and December 31, 2017, carrying values of inventories were net of inventory reserves of $13.7 million and $13.3 million, respectively, for excess and obsolete inventory and $322,000 and $291,000, respectively, for lower of cost or net realizable value reserves.