Cash, Cash Equivalents and Investments

The following tables summarize the Company's cash, cash equivalents, and held-to-maturity investments at December 31 (in thousands):



	As of December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	44,260	$	—	$	—		$	44,260	$	44,260	$	—	$	—

Level 1:
Money market funds	3,932		—		—			3,932		3,932		—		—
Corporate bonds	20,388		—		(34		)	20,354		—		15,656		4,732
Subtotal	24,320		—		(34		)	24,286		3,932		15,656		4,732

Level 2:
State and municipal obligations	19,145		18		—			19,163		175		15,891		3,079
Certificates of deposit	2,712		—		—			2,712		—		1,227		1,485
Subtotal	21,857		18		—			21,875		175		17,118		4,564
Total	$	90,437	$	18	$	(34	)	$	90,421	$	48,367	$	32,774	$	9,296



	As of December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	37,196	$	—	$	—		$	37,196	$	37,196	$	—	$	—

Level 1:
Money market funds	5,030		—		—			5,030		5,030		—		—
Corporate bonds	7,743		3		(14		)	7,732		—		1,102		6,641
Subtotal	12,773		3		(14		)	12,762		5,030		1,102		6,641

Level 2:
State and municipal obligations	10,807		14		—			10,821		45		5,626		5,136
Certificates of deposit	2,619		—		—			2,619		—		2,373		246
Subtotal	13,426		14		—			13,440		45		7,999		5,382
Total	$	63,395	$	17	$	(14	)	$	63,398	$	42,271	$	9,101	$	12,023

The Company believes the unrealized losses on the Company’s investments are due to interest rate fluctuations. As these investments are either short-term in nature, are expected to be redeemed at par value and/or because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at December 31, 2014. None of Company’s investments have been in an unrealized loss position for more than one year.

The following table summarizes the amortized cost and fair value of the short-term and long-term investments held by the Company at December 31, 2014 by contractual maturity (in thousands):



	Amortized Cost		Fair Value
Due in less than one year	$	32,774	$	33,773
Due after one year, through two years	9,048		9,032
Due after two years	248		248
Total short-term and long-term investments	$	42,070	$	43,053