Cash, Cash Equivalents and Investments

The following tables summarize the Company's cash, cash equivalents, and held-to-maturity investments at March 31, 2015 and December 31, 2014 (in thousands):



	As of March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	44,113	$	—	$	—		$	44,113	$	44,113	$	—	$	—

Level 1:
Money market funds	2,054		—		—			2,054		2,054		—		—
Corporate bonds	36,548		—		(54		)	36,494		—		26,162		10,386
Subtotal	38,602		—		(54		)	38,548		2,054		26,162		10,386

Level 2:
State and municipal obligations	19,108		13		—			19,121		681		15,580		2,847
Certificates of deposit	2,950		—		—			2,950		—		1,470		1,480
Subtotal	22,058		13		—			22,071		681		17,050		4,327
Total	$	104,773	$	13	$	(54	)	$	104,732	$	46,848	$	43,212	$	14,713



	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

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 March 31, 2015. 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 March 31, 2015 by contractual maturity (in thousands):



	Amortized Cost		Fair Value
Due in less than one year	$	43,212	$	43,190
Due after one year, through two years	14,713		14,694
Due after two years	—		—
Total short-term and long-term investments	$	57,925	$	57,884